NFT Domains

An NFT domain is an Internet domain based on blockchain technology.

The main difference between a classical domain and an NFT domain lies in the decentralisation of the latter.
Domains on blockchain are not managed by intermediaries or other centralised entities and do not rely on DNS to assign their domain name because their operation is governed by smart contracts, software developed on blockchain.
NFT domains are therefore unique digital products that cannot be reproduced, plagiarised or stolen.
Like any other NFT or cryptocurrency, domains on the blockchain can be bought, sold and traded, even on secondary marketplaces.

NFT domains represent a new form of digital identity that allows users to prove not only domain ownership, but also to have full control over the content of their website. Indeed, they are not subject to censorship practices or limitations like traditional domain names, but can be changed or updated solely by the domain owner. 

A domain on blockchain can be used for several functions: 

  • It can be associated with a wallet address
  • It can be used to access and register on decentralised applications (dApps)
  • It can perform the function of a traditional URL and thus uniquely identify a web page.

Correlated words

UTXO

The Unspent Transaction Output is the amount of cryptocurrency resulting from a transaction on certain blockchains, which can be the input for future transactions.

Account Model

On the Ethereum blockchain, accounts are the foundation of the decentralised ledger and they are usually associated with a wallet address.

Royalty

Financial compensation paid to the creator of an NFT following its secondary purchase.

Multisig Wallet

A multisig wallet is a type of crypto wallet that requires two or more private keys to perform transactions.

Custodial Wallet 

A type of crypto wallet in which third parties hold the owner's private keys.

Seed phrase

Sequence of 12 or 24 words used to retrieve access to a wallet.

Non custodial wallet

A crypto wallet in which the owner retains custody of the private keys.

Fan Token

Fan Tokens are utility tokens that allow sports teams to connect with their fans.

Minting

Minting is the process of registration and creation of new digital assets on the blockchain, like tokens of NFTs.

Metaverse

Digital platform in which users take part in shared experiences, immersed in an online virtual environment, sometimes based on blockchain

Delegated Proof-of-Stake

A variant of Proof-of-Stake in which the stake is transferred to delegates who act as validators. 

Pure Proof-of-Stake

It is a type of Proof-of-Stake in which validators are chosen randomly and anonymously thanks to the VRF function.

Liquid Proof-of-Stake

Proof-of-Stake variant in which tokens are not staked but liquid.

Stake

Total amount of cryptocurrency being staked

Staking Pool

The joint staking of several people's cryptocurrencies with the aim to increase the rewards

Cold Staking

Type of staking that requires the use of a cold wallet

Blockchain

A technology based on cryptography that enables decentralised and uncensored execution of any type of transaction.

Proof-of-Stake

A consensus mechanism based on putting cryptocurrencies at stake in order to contribute to the blockchain.

Genesis Block

This is the first block of a blockchain, sometimes referred to as block 0.

Block Height

The number of blocks in a blockchain starting from the genesis block.

Network

The set of interconnected computers, called nodes, on which the blockchain of a given cryptocurrency is based.

Transactions per second (TPS)

Literally 'transactions per second', it is a measure of the speed of a blockchain.

Transaction

Exchange of value, property or data between two parties.

Shard

Fragments' of blockchain operating in parallel.

Proof-of-Work

A consensus mechanism based on computational power to contribute to the blockchain.

Node

Device connected to a blockchain and participating in its network.

Off-chain

Transaction that is not performed on the blockchain.

On-chain

Any process performed on the blockchain.

Mining Pool

A company that bases its business on mining, by collecting a large number of powerful mining devices.

Mining

The process of adding new blocks to the blockchain and creating new bitcoins by miners.

Consensus Mechanism

A decentralised way to validate transactions on blockchain.

Hash

A cryptographic function that serves to identify each block of the blockchain.

Governance

In the cryptocurrency sector, it indicates the way and rules by which projects and blockchains are governed.

Fee

Commission paid for the execution of transactions.

Double Spending

The possibility for an attacker to spend the same amount twice if the payment system does not have a mechanism to prevent this.

DoS

A Denial of Service is a computer attack that aims to make a network or service inaccessible.

DLT

Distributed Ledger Technologies are technologies based on an immutable ledger of transactions, the control of which is distributed.

Decentralised

It is said of a system governed by the consensus of its participants and without a central authority or hierarchy.

Cold Wallet

Wallets that are not connected to the internet.

Bridge

In blockchain technology, it is a connection that allows interaction between different blockchains.

Financial Bubble

Increase in the value of an asset, in an excessive way, given its intrinsic value.

Blockchain Explorer

Software that allows users to view all transactions and data exchanged on a given blockchain.

Block

The set of encrypted transactions that, connected to other blocks, makes up a blockchain.

ASIC

Devices dedicated to mining certain cryptocurrencies.

Interoperability

The ability to exchange data with other platforms, including those based on different types of blockchain, as well as with the off-chain world.

51% Attack

When a node or group of nodes attempts to take control of the blockchain.

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