In this fast moving Crypto Scene there are alot of new words, that people don`t understand. We decided to make a Dictionary with all the new Crypto Words.
51% Attack
This is attack on the network of crypto currencies (as long as it is based on blockchain technology). If more then 51% of the hash power (computer/asiscs mining that currencies) is owned by a person or a group, that person/group can manipulate the transaction in there favor.
If they manage to do it, they can prevent new transaction on that network, reverse transaction so in theory then can be spend second time (double spend).
2FA or TWO Factor Authentication
This is second layer of defence and security (besides your username and password) that is made to verify the user before giving him access to the account.
Even if you have super strong password that includes lower and upper case letters, numbers and even special symbols it can still be stolen by a keyloger or trojan/rat on your system. Here where this 2FA comes in place. Here is a brief example how it works:
You login with your username and password.
The websites ask you to verify that this is you and ask for your 2FA.
It can be a Program Generated, SMS, EMAIL CODE or even hardware 2FA (most bank use hardware 2FA to confirm logins and transfers).
Unfortunately in the recent years SMS prove to be hackable (hackers make SIM swap and receive your SMS code). That is the main reason most bank switched to there own hardware 2FA.
Airdrop
Airdrop is a process used to advertise new cryptocurrency or token, by giving some of it to people who register to receive it. Even BITCOIN were giving 0.10 BTC (that is around 1000 EUR today) for free around 2016.
When a new token or crypto coin is created, it needs to generate users who want to use it. In order to get more users fast, the new born crypto is doing the airdrop and generates advertisement using mouth to mouth and online sharing method.
Most of the new tokens are using the ETH blockchain.
NOTE: Beware of any website that asks for your private keys. DO NOT share your private keys!