Soft Fork
By CoinGecko | Updated on Aug 12, 2021
Due to the decentralized nature of peer-to-peer cryptocurrency netowork, any updates or changes must be agreed by all participating nodes. Such code changes in the blockchain occur via chain forks, whereby when the network virtually splits in 2, each following different sets of rules. A soft fork event refers to when a fork occurred but old nodes can still participate in the network.
Related Terms
PFP
It means both 'profile pic' and 'picture for proof'.
Dump
A common term used to describe downward market movement, or to describe the action of selling an individuals holdings.
Seed
A value used to initiate generation of pseudorandom number, ususally a string of 12 commen English words.
Cryptocurrency Act of 2020
The Cryptocurrency Act of 2020 is a bill which aims to clarify which federal agencies would regulate which type of crypto assets.
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.