Description of main conceptions, words, abbreviations
Escrow keeps the money in safekeeping until a transaction is completed. An escrow fee covers the cost of the service being provided.
An exchange is a digital marketplace where traders can buy and sell cryptocurrencies using different fiat currencies or altcoins. Cryptocurrency exchange platforms match buyers with sellers. Like a traditional stock exchange, traders can opt to buy and sell cryptocurrency by inputting either a market order or a limit order.
ETH or Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Like Bitcoin, Ethereum is a distributed public blockchain network. the Ethereum blockchain focuses on running the programming code of any decentralized application. In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network.
Fiat or fiat money is a currency that a government has declared to be legal tender, but it is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material from which the money is made. Fiat money only has value because the government maintains that value, or because two parties agree on said value. Fiat money was first introduced as an alternative to commodity-backed money.
Google authenticator (GA)
Google Authenticator is a mobile application that implements two-step verification services using the time-based one-time password algorithm and HMAC-based one-time password algorithm for authenticating users of mobile applications by Google.
Authenticator provides a six- to eight-digit one-time password which users must provide in addition to their username and password to log into Google services or other sites. The Authenticator can also generate codes for third-party applications, such as password managers or file hosting services. Previous versions of the software were open-sourced but subsequent releases are proprietary.
A hash is a mathematical function that generates unique identifiers needed to solve blockchain computations and secure the network.