Testnet

By CoinGecko | Updated on Mar 03, 2020

Testnets are alternative blockchain network that mirros the consensus protocol on the main network (Mainnet). Testnets are useful for developers or people who want to experiment with transactions, smart contracts or various other operations in a test environment without fearing loss of cryptocurrency.

Related Terms

Cloud Mining

Mining on blockchains through rented processing power rented from companies that host the physical equipment.

Bagholder

A person who is holding a large quantity of cryptocurrency which is declining in value or becoming worthless

Byzantine Generals’ Problem

A term used to describe the situation a single strategy which requires consensus from all members within a group who cannot be trusted or verified

Kimchi Premium

The kimchi premium is the price difference between South Korean exchanges and other global exchanges for bitcoin.

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