In order to provide an educational platform within Plutus, we would like to provide our users, who may be new to the cryptosphere, with some commonly used terms and their definitions.
This is the generalised term for a digital currency. Currencies such as Bitcoin, Ether, and Pluton are all forms of cryptocurrency.
A decentralised exchange is an exchange in which the trades occur directly between users in a peer to peer format rather than through a third party. This exchange format ensures maximum security and allows our users to stay in control of their own funds.
BTC, ETH or PLU
In addition to being represented by their names - Bitcoin, Ether, and Pluton - cryptocurrencies are often represented by three capital letters such as BTC, ETH and PLU.
This is a form of currency which has been issued value from a central governing body such as the US Federal Reserve (USD) and the Bank of England (GBP). It refers to most 'traditional' currencies such as the Euro, United States Dollar, and Great British Pound.
A blockchain is, essentially, a publicly available ledger which shows, monitors, and facilitates all transactions of a particular cryptocurrency.
Mining Fees (Transaction Fees)
These are fees which are paid to the miners of the blocks. Often gas fees are very low and are a crucial part of both the Bitcoin and Ethereum networks. On the PlutusDEX these fees will be paid for by the individual who is sending the crypto - not those who are receiving it.
To clarify, gas fees are not charged by Plutus. These fees are charged by the network in return for the processing of the blocks by miners.
This is a software program which is used to store a user's cryptocurrencies. They can come in a variety of forms, users can utilise hardware wallets, local software wallets, and online web-based wallets. Here at Plutus, we recommend utilising a wallet that you have full control over and not an exchange wallet.