Central Bank Digital Currency (CBDC)
By Cryptomcmillan1 | Updated on May 24, 2020
It is a digital fiat currency issued by the central banks, contrary to cryptocurrency that issued by non-legislative party. It is centralized and many countries are already embracing the CBDC. For example, China is one the first few to pilot testing its CDBC "digital yuan" in 2020.
Related Terms
Composability
Composability refers to the ability to combine different components of a software stack.
Validator
A block-signing participant of a Proof of Stake blockchain network, whom have significant tokens staked on the network.
Encryption
In cryptography, encryption is a process of encoding information the original form of information called plaintext via an algorithm called cipher. The encrypted message is now called ciphertext. Only authorized parties can decipher the ciphertext and convert back it to the original plaintext.
EIP (Ethereum Improvement Proposal)
Refers to improvement proposals for Ethereum, used to introduce features or any updates on the Ethereum network.
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