📝Terminology and Definitions

Welcome to our Terminology and Definitions page, where you'll find a comprehensive collection of key terms and their explanations related to iRaz, Web3 and Cryptocurrency as a whole.

Raffle

A raffle is a type of lottery or game of chance where participants purchase tickets or entries for a chance to win a prize or multiple prizes. In a raffle, the winning ticket or entry is typically drawn randomly, either manually or through a computerized system, ensuring fairness and equal opportunity for all participants. The prize awarded in a raffle can vary widely, ranging from physical items, such as products or experiences, to intangible assets like digital collectibles or virtual goods.

Cryptocurrency

Cryptocurrency is a type of digital or virtual money that uses advanced technology to keep transactions secure and verify the transfer of funds. It is not controlled by any government or bank, and instead operates on a decentralized system called a blockchain. This technology keeps track of all transactions and ensures they are legitimate. Popular cryptocurrencies like Bitcoin and Ethereum offer features such as transparency and security, and can be used for things like buying goods or investing in them.

Ethereum

Ethereum is a decentralized blockchain platform that enables the creation of smart contracts and decentralized applications (DApps). It introduced the concept of programmable contracts that automatically execute transactions when conditions are met. With its native cryptocurrency Ether (ETH), Ethereum has become a popular platform for various applications like DeFi, NFTs, and more, offering a global network for developers and users to interact and innovate.

NFT (Non-Funglible Token)

NFT stands for Non-Fungible Token, which is a type of digital asset that represents ownership or proof of authenticity of a unique item or piece of content, such as artwork, music, videos, virtual real estate, and more, using blockchain technology. Unlike cryptocurrencies like Bitcoin or Ethereum, which are fungible and can be exchanged on a one-to-one basis, NFTs are distinct and cannot be exchanged on a like-for-like basis because each NFT has a unique identifier and specific properties. This uniqueness and scarcity make NFTs desirable as collectors' items and have gained popularity in the art and digital content industries.

DApp (Decentralized App)

DApp (Decentralized Application) refers to an application that operates on a decentralized network or blockchain, rather than being controlled by a central authority or organization. DApps leverage the principles of blockchain technology, such as transparency, immutability, and distributed consensus, to enable secure and trustless interactions between users. Unlike traditional applications, DApps often utilize smart contracts, which are self-executing contracts with predefined rules and conditions, to automate and enforce agreements. DApps cover a wide range of use cases, including decentralized finance (DeFi), gaming, social media, and more, offering users the ability to directly participate and have control over their data and assets without relying on intermediaries.

Chainlink VRF

ChainLink VRF (Verifiable Random Function) is a secure and tamper-proof component of the ChainLink oracle network. It generates unbiased random numbers within smart contracts, ensuring fairness and transparency in applications such as gaming and lotteries. The VRF is cryptographically designed to prevent manipulation and allows anyone to independently verify the authenticity of the randomness.