cryptocurrency miners</strong></a> who provide <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes with enough storage to validate transactions and reach <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus/">consensus. They do that because storage mining enables miners to earn money by simply storing data. To become a node of the blockchain network, a miner must dedicate a particular quantity of its <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-storage-decentralized/">storage space. Storage miners have the option of dedicating either cloud storage or hardware storage. This makes acquiring additional storage power and moving up the node rankings extremely <strong>simple</strong>.</p>\n<p>Filecoin (FIL) is one of the most well-known <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrencies that rely on storage mining for its operations. 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":716,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Soft Peg?","slug":"what-is-soft-peg","section":"S","keyword":"Soft Peg","status":"published","definition":"a strategy of maintaining the value of a currency against a reserve currency by utilizing an exchange rate mechanism.","content":"<p>To put things simply, <strong>a peg is a monetary policy instrument</strong> that enables a currency value to be set relative to another currency or asset. Pegging is utilized in cryptocurrency as a device to control stability in the market against price fluctuations. However, <strong>the soft peg approach is not the same as \"free-floating,\"</strong> in which a currency is not pegged to another currency.</p>\n<p><strong>The Chinese Yuan</strong>, which was pegged to the US dollar from 1994 to 2005, is the&nbsp;most well-known soft-pegged currency. The Yuan's value was permitted to fluctuate within a small band around its predetermined target value under the soft-pegging method. In 2005, China revalued its currency, causing it to advance 2.1% versus the US dollar.</p>\n<p>Moreover, the soft peg technique allows for <strong>minor variations in the value of the pegged currency and its peg</strong>. The <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hard-peg/">hard peg</strong></a> technique, on the other hand, does not allow for any <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volatility/">volatility, and the value of the pegged cryptocurrency is always proportional to its peg.</p>\n<p>The soft peg technique is an exchange rate mechanism used to maintain the value of a currency against a fixed currency or reserve currency. Besides soft peg, there are other techniques such as the above-mentioned hard peg or a flexible peg.</p>\n<p>A soft peg approach has a number of advantages. Foreign currency markets can benefit from soft pegging in terms of <strong>stability and consistency</strong>. It is very useful to nations with incredibly volatile currencies or high <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-inflation/">inflation rates.</p>\n<p>The Chinese government used soft pegging to keep its economy stable throughout times of high inflation and to keep it from trading substantially less than its official exchange rate.</p>\n<p>In addition, soft pegs seek to address this issue by tightly connecting cryptocurrencies to more dependable <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat currencies</strong></a>, such as the US dollar or gold. Consumers will be able to utilize their crypto tokens in a similar way to regular cash by securing their value in this manner.&nbsp;</p>\n<p>Soft pegs are popular in today's cryptocurrency exchanges. In comparison to conventional currencies such as the US dollar, <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin has traditionally been pretty unpredictable. It indicates that the value can go up and down dramatically at any time.</p>\n<p>This helps traders who wish to profit from short-term price changes, but it causes complications for individuals who wish to use their cryptocurrency as a daily means of payment.</p>\n<p><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-tether-usdt/">Tether <strong>is also an illustration of a cryptocurrency that has both hard and soft pegs</strong>. It has a hard peg of $1 and a soft peg that permits it to go up or down by 2%.</p>","level":"medium","meta_title":"What is Soft Peg? Definition & Meaning | Crypto Wiki","meta_description":"Soft Peg meaning: Soft Peg - is a strategy of maintaining the value of a currency against a reserve currency by utilizing an exchange rate mechanism.","meta_keywords":null,"language":"en","created_at":"2022-03-30T12:40:20.000000Z","updated_at":"2022-11-16T08:06:40.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-soft-peg"},"prevSection":{"id":714,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Social Engineering?","slug":"what-is-social-engineering","section":"S","keyword":"Social Engineering","status":"published","definition":"is a malicious act that uses human behavioral psychology to mislead people into making bad decisions that jeopardize their personal data.","content":"<p>Social engineering is a <strong>harmful act</strong> that manipulates people's behavior to cause them to make poor judgments that compromise their personal information. In a wider context, any type of manipulation is connected to interactions that happen between people. Nevertheless, it does not always lead to fraudulent or criminal activities.</p>\n<p>Despite the fact that there are other different exploiting tactics, social engineering <strong>relies on human mistakes</strong>, which makes it difficult to detect. Errors committed by genuine users may be far more unexpected than malware-based invasions, which rely primarily on flaws in software and operating systems.</p>\n<p>Since human mistakes are unavoidable, <strong>social engineering provides thieves a higher chance of evading security precautions.</strong></p>\n<p>Social engineers are frequently referred to as \"cybercriminals\" since they are employed to steal online identities. By engineering, cybercriminals manage to get personal data from users that aren&rsquo;t aware of <strong>internet security aspects</strong> and are considered to be the easiest targets.</p>\n<p>Besides, these malicious actors tend to psychologically influence their victims by portraying a company executive and gaining entrance to private information. The majority of internet users who do not use <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-antivirus/">antivirus software</strong></a> and do not take extra efforts to protect themselves from hacking are frequently <strong>victims of such illegal actions</strong>.</p>\n<h3>Social Engineering Attacks in Crypto World</h3>\n<p>Cybercriminals in the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">crypto realm primarily attack social media accounts of significant figures in the crypto business. They acquire entrance and then utilize the <strong>pre-built confidence of these characters</strong> to abuse individuals in various methods. Furthermore, they attempt to gain access to users' <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-wallet/">private wallets</strong></a>.</p>\n<p>Excessive ambitions might be risky in financial markets because traders and investors are more exposed to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-phishing/">phishing attacks, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-ponzi-scheme/">Ponzi or <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-pyramid-scheme/">pyramid schemes, and other sorts of frauds. Besides, within the blockchain sector, the <strong>enthusiasm generated by cryptocurrencies</strong> draws a large number of newbies in a very short amount of time (especially during <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-bull-market/">bull markets</strong></a>).</p>\n<h3>Different Sorts of Social Engineering</h3>\n<p>The main tool of the malicious actors using social engineering is the emotions of individuals. There are several sorts of attacks:</p>\n<ul>\n<li><strong>Baitings</strong> - this is carried out by misleading people with something they desire and then taking it away from them once their guard is down.</li>\n<li>Pretexting - this happens on the internet when someone impersonates another person.</li>\n<li>Phishing and spear-phishing - emails that frequently seem like they came from a real company, such as a major bank chain, a renowned online retailer, or an email service provider.</li>\n<li>Scareware - this typically happens when false alerts are generated in an attempt to fool users into installing counterfeit software that appears legitimate or entering a website that attacks their devices.</li>\n</ul>\n<p>Every one of these assaults is based on establishing confidence and trust, creating a <strong>feeling of urgency</strong>, and then manipulating emotions to trick the user into making an error so that the cybercriminal spearheading the attack could steal the victim's identity.</p>\n<h3>The Strategy of Social Engineering</h3>\n<p>A social engineering attack cycle is a methodical approach <strong>to gaining access to confidential information</strong> from individuals by exploiting their susceptibility. In this case, thieves avoid using<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-brute-force-attack-bfa/"> brute force tactics</strong></a> because it allows them to monitor what users are doing on their computers or phones without being caught by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-antivirus/">antivirus software</strong></a>.</p>\n<p>For instance, the cycle entails obtaining background information about someone before creating trust using interactions launched either directly or by engagements seeded at different moments throughout<strong> online chats/conversations </strong>or via email attachments. After that, the attacker leverages the user's trust and manipulates them to do the requested action. Eventually, after everything is completed, the attacker disconnects from the user.</p>\n<h3>How to Protect Yourself From Social Engineering?</h3>\n<p>The first thing you can do is <strong>set spam filters</strong> on all email accounts so that, even if attackers get access to them, they can't easily send messages or obtain important information.</p>\n<p>Also, keep in mind that numerous accounts in the cryptocurrency industry have been hacked as a result of using the same password throughout multiple accounts. Therefore, you should always pick different passwords that are hard to guess.</p>\n<p>In addition, make sure to set up a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-two-factor-authentication-2fa/">two-factor authentication (2FA) system</strong></strong></a> and multi-factor authentication if it is available. And finally, make security training a part of the syllabus to teach everyone about these concerns.</p>","level":"hard","meta_title":"What is Social Engineering? Definition & Meaning | Crypto Wiki","meta_description":"Social Engineering meaning: Social Engineering - is a malicious act that uses human behavioral psychology to mislead people into making bad decisions that jeopardize their personal data.","meta_keywords":null,"language":"en","created_at":"2022-03-30T12:20:07.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-social-engineering"},"currentChapter":"S","currentSection":"what-are-storage-miners","chapterTitle":"S","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-are-storage-miners","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Crypto Terms: Letter S

What are Storage Miners?

Storage Miners MEANING:
Storage Miners - crypto miners that rely on providing enough storage for nodes to validate transactions and establish consensus.
Medium
2 minutes

Let's find out Storage Miners meaning, definition in crypto, what are Storage Miners, and all other detailed facts.

Storage miners are cryptocurrency miners who provide nodes with enough storage to validate transactions and reach consensus. They do that because storage mining enables miners to earn money by simply storing data. To become a node of the blockchain network, a miner must dedicate a particular quantity of its storage space. Storage miners have the option of dedicating either cloud storage or hardware storage. This makes acquiring additional storage power and moving up the node rankings extremely simple.

Filecoin (FIL) is one of the most well-known cryptocurrencies that rely on storage mining for its operations. In order to choose suitable nodes, the Filecoin blockchain relies on the storage capacity of its miners. These nodes then operate as transaction verifiers and miners for newly added blocks to the chain. Validators for nodes are chosen based on the amount of storage capacity they can provide to the network. For successful block creation in Filecoin, storage miners win FIL tokens.

Members of the Filecoin blockchain use the storage that miners contribute to the network. That’s the reason why the consensus method requires all approved notes to demonstrate that they have the necessary storage capacity and that they always keep an up-to-date copy of the entire system on their servers.

Though it is not a common thing in the crypto world to entrust the node-selection process to a consensus method based on storage. Well-known blockchains usually rely on Proof-of-Stake (PoS) or Proof-of-Work (PoW) consensus methods.

Even though storage-based consensus mechanisms are rarely used in the blockchain sector, Filecoin is proof that they actually work. Besides, the criteria for the type of storage power requested by the network is customizable, which provides great flexibility for storage miners. More established consensus mechanisms do not usually allow such flexibility in node requirements.