Explain Like I'm Five (ELI5)
By CoinGecko | Updated on Mar 03, 2020
Stands for “Explain Like I’m 5”, typically used in cases where technical/difficult scenarios are broken down into simple, and easy to understand terms. In a way, the goal is literally explain a concept in a manner that is simple enough for a five-year-old to understand.
Related Terms
Faucet
A faucet usually represents a site or app where a user can navigate to for small rewards repeated over time.
Cold Storage
Offline storage of cryptocurrencies which is arguably safer as they also require physical access (eg. hardware wallet, paper wallets)
Smart contracts
Self executing contracts on the blockchain without needing human executors or notary.
Application-Specific Integrated Circuit (ASIC)
Refers to specialized computers that are made to do a very specific task (eg. calculate hashes for Bitcoin's Proof-of-Work)
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