Common Terms and Meaning in Blockchain Vocabulary (Beginners Guide)

Hello steemians...
This article will help enlighten you on the terms and meanings commonly used in this platform and the world of cryptocurrency.

I too was confused with these words and meanings but with my thorough research I was able to decipher this common problem, I have made this article to make it easier for everyone.

let's go straight to the terms and their meanings:

STEEM
It Is a Tradeable tokens that may be transferred anywhere at anytime. Steem can be converted to STEEM POWER SP in a process called powering up PP.
STEEM is the liquid currency, much as electricity is the final product from a conventional steam power plant.
*You can transfer it, spend it, or Power Up into SP. *

STEEM POWER
It Is the influence tokens which give you more control over post payouts and allow you to earn on curation rewards.
Part of your STEEM POWER is currently delegated to you.
Delegation is donated for influence or to help new users perform actions on steemit. Your delegation amount can fluctuate, +27.000 STEEM in most cases. without this delegated SP it will almost be imposibble for new users to upvote any post and to get curation rewards.
SP gives you more voting influence increasing your curation reward

UPVOTE
This is similar to LIKE on Facebook and other social platform, but have this in mind, your upvotes are not unlimited that means it can be exhausted and devalued so don't upvote everything you see.
upvote wisely
In order to replenish your voting power you will need to stay beneath the 10 votes per day and your voting power will then increase by 20% per day untill it is fully replenished, provided you don't vote beyond the 10 votes per day

STEEM DOLLAR
These are tokens worth about $1.00 of STEEM, the the value of SD varies with the corresponding value STEEM in the crypto cap market. Remember STEEM is the steemit cryptocurrency and its value is not always constant, it can increase in value and its value can also fall.
Steem Dollars are the price-stable currency tokens that represent about $1 each in value. You will get paid partly in Steem Dollars (SD or SBD). There are so many possibilities with SD. You can spend these in the virtual economy which is soon to come, you can hold them and accumulate a 10% return, or you can sell or transfer them into Steem, Bitcoin, or other currencies.

RESTEEM

This is the act of reposing a friends post or a post you find interesting and want to share with others to learn or benefit from the post this post is copied to your blog feed for all your followers to see, so RESTEEMING a post gives the post more exposure and more tendency of being upvoted.

A WALLET
This is a file that contains a collection of private keys.

A PRIVATE KEY
It is a string of data that shows you have access to bitcoins in a specific wallet. Private keys can be thought of as a password; private keys must never be revealed to anyone but you, as they allow you to spend the bitcoins from your bitcoin wallet through a cryptographic signature.

DAPP (i.e DSOUND, DTUBE)
It is a decentralized application that must be completely open-source, it must operate autonomously, and with no entity controlling the majority of its tokens. In the case of DSOUND it is used to upload sounds (mix, covers etc) in a given format while DTUBE does the same with videos.

CRYPTOCURRENCY
This is a form of digital currency based on mathematics, where encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Furthermore, cryptocurrencies operate independently of a central bank.

CRYPTOCURRENCY ADDRESS
These are used to receive and send transactions on the network. An address is a string of alphanumeric characters, but can also be represented as a scannable QR code.

BLOCKCHAIN
It is a type of distributed ledger, comprised of unchangable, digitally recorded data in packages called blocks (rather like collating them on to a single sheet of paper). Each block is then ‘chained’ to the next block, using a cryptographic signature. This allows block chains to be used like a ledger, which can be shared and accessed by anyone with the appropriate permissions.

BITCOIN
It is a well known cryptocurrency, based on the proof-of-work blockchain.

I hope this has helped clarify questions you usually seek the answer to, please tag a new steemian