Decryptopedia™

Terms that start with “S”

1. Sam Bankman-Fried (SBF)

   At one point one of the richest people in crypto, Sam Bankman-Fried and cryptocurrency exchange FTX have come crashing down to earth in a matter of days following reporting that his Alameda Research hedge fund was undercapitalized and he allegedly took customer funds out of FTX illegally and funneled them to Alameda Research.

2. Satoshi (Sat)

   A Satoshi is the smallest unit of measure for the price of bitcoin. A single satoshi, or “Sat”, is equal to 100 millionths of a bitcoin. A bitcoin (BTC) can be divided all the way down to 8 decimal places or 0.00000001 BTC. 100 million sats are equivalent to 1 bitcoin. Satoshis are named after […]

3. Satoshi Nakamoto

   Satoshi Nakamoto is the name of the person (or persons) credited for the creation of bitcoin (BTC). His or her true identity is unknown even to this day, although several people have come forward claiming to be Nakamoto.

4. Securities and Exchange Commission (SEC)

   The Security and Exchange Commission (SEC) is a U.S. government agency that’s responsible for regulating the securities markets and protecting investors. Securities include things like capital stock in a company, government and corporate bonds, certificates of deposit (CDs), and loans

5. Seed Phrase

   A collection of random words generated during wallet creation that lets you get back into your crypto wallet if you lose access or delete it. Knowing your seed phrase ultimately gives you access to your private key, which verifies your ownership of your cryptocurrency. Anyone who knows your seed phrase can use it to make a copy of your wallet and add it to their own device.  Once that happens, they can empty all of your funds from your wallet.

6. Shiba Inu (SHIB)

   Shiba Inu (SHIB) is an ERC-20 token built on Ethereum that’s reported to be 100% run by its community. “The Dogecoin killer” is the second most famous altcoin and meme coin behind Dogecoin, even though it has a faithful army of 500,000 members called the SHIB Army promoting it on social media.

7. Shill

   Crypto slang for promoting bitcoin or an altcoin for your own benefit. A person who does the shilling can be called a shill (and other things, too!).

8. Shitcoin

   A crypto altcoin that’s got no real purpose for existing. Shitcoins, while subjective labeled as such, promise you the world, maintain price or even increase in price while the hype around them is high. However, shortly after buying a bag, the sh*tcoin takes a fat nosedive off a cliff as the altcoin is sold off into oblivion by traders looking for profits.

9. Soft Fork

   In relation to blockchain technology, a soft fork involves introducing changes to a blockchain’s underlining protocol or software that are minor in nature. These software updates can take the form of new blockchain functionality, upgrades to network performance, enhancements that correct security issues, or even changes to the consensus rules that govern how blocks are created and validated on a blockchain. Forks are necessary for providing decentralized blockchains a way to make changes to the blockchain since there isn’t a central authority governing all aspects of blockchain development and evolution.

10. Software Wallet

    A form of cryptocurrency wallet that’s based on software, so installed as a mobile app or accessed via a website, or installed as software on a desktop or laptop computer. The software itself stores your private keys that are used to access your cryptocurrency funds.

11. Solana (SOL)

    Solana is a decentralized blockchain platform similar to Ethereum, that is built with a hybrid consensus protocol that includes both delegated proof-of-stake (DPoS) and proof-of-history (PoH) and offers smart contract capabilities.

12. Solidity 

    Solidity is the programming language of choice in Ethereum and specifically smart contracts. It was created by the Ethereum Team to help them develop decentralized applications (dapps) on the Ethereum Blockchain.