FAQ

Pi is the world's first cryptocurrency that can be mined using an app on your mobile. The cryptocurrency was created in 2019 by doctors from Stanford University. The project is registered in California. The Pi cryptocurrency was featured on CoinMarketCap but it was removed from the resource, as the Pi Network did not plan to conduct IDO. The Pi Network application has a wallet but it will be possible to sell and buy currency only when the project enters the third phase of development.

IDO is an Initial Token Offering that takes place on a decentralized platform. IDO implies crowdfunding, that is, fundraising to invest in a startup. The main difference between IDO and other fundraising methods for startups is that there are no listing fees in IDO. All funds are collected on the accounts of reputable exchanges such as Binance or Uniswap, which significantly increases the trust level in projects.

The principle of a cryptocurrency wallet operation is based on three terms such as wallet address, public keys, and private keys. The address is an alphanumeric code required to send crypto to a specific user's wallet. The address is generated based on the public key, and the private key, which is known only to the user, confirms that the crypto assets really belong to him. Transactions are encrypted, and to decrypt them, the recipient uses a public key that points to the wallet address for transferring coins.

DAPP is a decentralized, distributed, transparent application that is more resistant to attacks thanks to the use of blockchain technology. These applications ensure absolute confidentiality due to the transfer of data in an encrypted format. The application does not have a single center. Users can review open-source code, make changes to fix bugs, or vote for new code.

If you need to cash out cryptocurrency, you can use the services of exchanges and exchangers, payment terminals, and various types of electronic money. Also, users can agree among themselves on the exchange or cash out of cryptocurrency. Some crypto wallets can be linked to plastic cards, which allow you to pay for purchases over the Internet.

Bitcoin fork is a result of splitting a blockchain into several different chains. Based on bitcoin, new coins with improved characteristics are created, for example, with good scalability or greater memory. The fork of a new coin may work on a different algorithm. Bitcoins work on the Proof-of-Work algorithm, and their forks can use Proof-of-Stake.

Sandbox (SAND) is a play-to-earn game that combines blockchain technology with NFT and Defi in a 3D metaverse. The platform offers players free tools to create their own games and merchandise that can be monetized as NFTs and then sold for SAND tokens on its marketplace. The game was released by Pixowl as an alternative to Minecraft. In 2020, the project was restarted on the blockchain and became a real hit, competing with games such as Axie Infinity and Decentraland.

Illuvium (ILV) is an RPG blockchain game. The meaning of the game is to travel through fantasy worlds and collect creatures called illuvials. In total, the game features five different classes and accessories of illuvials. The more often players win battles with rivals, the stronger their heroes become. The game uses NFTs to display pets and various game accessories. They can be traded on external NFT marketplaces. The game is scheduled to launch in 2022.

Axie Infinity is an Ethereum-based blockchain collectible game created by Vietnamese startup Sky Mavis. The game uses its own Axie Infinity Shard token, which players can buy, trade, and win as a reward. Axies characters are owned and controlled by the players. Also in the game, there are various items and virtual lands, which are ERC-721 tokens. In the Axie Infinity ecosystem, players can choose between adventure mode to fight monsters or arena mode to fight real players. As a reward for winning, players receive Smooth Love Potion tokens, which can be used to breed Axies.

The term altcoin means an alternative coin that describes all digital assets that have become an alternative to bitcoin. Bitcoin is the first digital currency that was released by Satoshi Nakamoto in 2009. In 2011, the first altcoins began to appear, among which Litecoin and Namecoin became the most popular.

Decentraland is a virtual community founded in 2016 on blockchain technology. The ecosystem has its cryptocurrency MANA, which works on the Ethereum blockchain. Users can create land plots, non-fungible tokens, works of art, and take part in the decentralized autonomous organization of the system. Unlike most blockchain games, the rules of the game are under the players’ control. The DAO allows players to vote on organizational policy changes.

BscScan is an analytics platform created for the Binance Smart Chain network. This is a block explorer, which is the easiest and most convenient way to get network data. BscScan has all the tools you need to track Defi projects. Also, the platform can be used to check the status of transactions, the balance of wallets, the last added blocks, and to study the supply of cryptocurrencies and tokens.

Smooth Love Potion (SLP) is a type of ERC-20 gaming token used in the NFT game Axie Infinity. The token is the main source of income for players and has an unlimited supply. In-game, SLP can be used to breed digital Axie pets that can be sold as NFTs on the Axie Infinity marketplace. Also, SLP tokens can be traded on exchanges.

A “gray” cryptocurrency exchange is a platform that allows clients to trade using another exchange’s account. Such exchanges do not conduct operations on their own, acting as a bridge between the user and another exchange. Gray exchanges often offer easy verification procedures and do not guarantee the required level of security. Therefore, criminals often use them to launder money.

NFT staking is a passive income method in which NFT holders lock up their assets on Defi platforms, earning rewards without having to sell their non-fungible tokens. The Proof-of-Stake protocol is used to calculate rewards. Users receive income depending on the number of tokens in staking and taking into account the annual interest rate of APY.

An Initial Game Token Offering (IGO) is a move that the founders of the project use to raise capital for a blockchain game. This method is similar to ICO but differs in that when participating in IGO, users, along with tokens, receive privileged access to game assets, and can also participate in the project development. IGO assets can include mystery boxes, skins, characters, weapons, and other items.

Yield Guild Games (YGG) is a community that brings together fans of blockchain play-to-earn games who invest in NFT assets. The goal of the community is to create a network for gamers and investors to help each other actively develop in the field of gaming NFTs. A decentralized organization allows players in the same game to act together to increase their in-game profits. Community members can rent their NFT tokens to other users, receiving in return a part of the players' income.

Play-to-earn games allow users to play and earn cryptocurrencies and NFTs, which can then be sold. Some users regard blockchain games as the main source of income. But games usually require investments, since at the first stages it is necessary to purchase in-game characters. The funds received you can withdraw through the NFT marketplace or through exchanges such as Binance. The most popular blockchain games include Axie Infinity, Smooth Love Potion, and others.

DAOs are decentralized organizations that are used to manage crypto investment funds, applications, and various projects. To create a DAO, it is necessary to offer an effective technical solution that will allow you to manage the users’ votes and suggestions. The main way users interact with the DAO is the voting mechanism, which you can create yourself or use existing ready-made solutions, such as Aragon or Snapshot. You will also need governance tokens, which will give participants the right to vote.

COTI is a first-level blockchain network with a native COTI token, which is specifically designed for making payments. The system uses a unique Proof-of-Trust consensus algorithm, which allows you to minimize transaction costs and increase network throughput to 100,000 transactions per second.

A smart contract security audit is a process of checking and detailed analysis of smart contracts of a project to protect investments. The audit is widely used in the decentralized finance system. All transactions in the blockchain are irreversible, so in case of theft, the assets you cannot return your assets. Therefore, the project team orders an audit, during which auditors study the state of smart contracts, identify errors in their work, and provide a detailed report. Based on the report, the project founders make adjustments to ensure maximum safety and high performance of the project.

A smart contract is an automated contract based on an algorithm created using a computer code that provides information transfer. This is necessary for the conclusion of contracts in the blockchain environment, as well as compliance by both parties with the terms of these contracts. Smart contracts are represented as codes in the blockchain, which is managed by a powerful computer network.

AUDIUS is a decentralized music streaming platform based on the blockchain. The main goal of the platform is to provide authors and performers with maximum control over their works. By uploading content to the platform, its owners can create and use immutable records that will be protected by a decentralized network. AUDIUS allows artists to connect directly with their fans, eliminating the middleman in the music industry.

There are two ways to buy NFT land in the metaverse: through the NFT marketplace or at a project sale. To buy virtual land, you only need a digital wallet and the required amount of cryptocurrency. After purchasing NFT land, it can be sold on the marketplace if necessary. In the future, it will be possible to rent out NFT land.