Cryptionary Alphabet: Letter P

A peg is a monetary policy tool that allows a crypto coin or token’s value to be fixed to that of another asset, currency, or commodity

In the world of cryptocurrency and blockchain, a public key is a unique string of characters generated by a crypto wallet’s algorithm. It is used to encrypt data. 

A private key in cryptocurrency serves as the master password to your wallet and all the crypto associated with it.

Polkadot is a decentralized protocol. It’s the native blockchain of the cryptocurrency with the same name, polkadot (DOT). 

A private blockchain is a distributed ledger that allows only a select group of participants. It is not available to the public.

Proof of Stake (PoS) is a consensus mechanism used by blockchains to verify and validate transactions and blocks.

A public blockchain is a decentralized protocol that anyone can join and participate in. Today, most major blockchains are public.

Peer-to-peer (P2P) refers to a system/interaction where participants deal directly with one another. There is no third-party intermediary. 

A paper wallet is a printed piece of paper containing public and private keys. It stores these keys offline, making it a form of cold storage

What is Proof of Work? Proof of Work (or PoW) is a type of consensus mechanism used by specific blockchains.