Faucet
By CoinGecko | Updated on Apr 09, 2020
A faucet usually represents a site or app where a user can navigate to for small rewards repeated over time. Certain sites that monetize faucets involve requiring users to watch advertisements, or complete certain actions before earning their rewards.Faucets are commonly used during the early days of Bitcoin where users are able to request for Bitcoin for free, or in many different altcoins as a marketing move to get users interested in the coin.
Related Terms
Externally Owned Accounts (EOA)
Externally owned accounts (EOAs) are accounts that are controlled by a private key and have no coding associated with them.
Burned Tokens
Tokens which have been sent to addresses whose private key are not known, effectively becoming unusable.
Mining Pool
Combination of resources of several miners to obtain a higher mining power and thus achieve greater rewards for the opening of blocks.
Full Node
Full Nodes are computers that verify the set of rules that are built into the protocols of a given cryptocurrency.
Hungry for more knowledge?
Back to Glossary or Subscribe to our newsletter.