cryptographer, digital asset researcher, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cypherpunk/">cypherpunk. He was the developer of Hashcash, a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">proof-of-work system</strong></strong></a> that is used for <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining/">Bitcoin mining</strong></a> and was mentioned in the Bitcoin whitepaper.</p>\n<p>In 2014, Back co-founded Blockstream, a blockchain technology company that provides products and services for blockchain-based digital assets. In 2020, Blockstream launched Liquid.net which provides support for the Liquid Network.</p>\n<p>The Liquid Network is a <strong>sidechain</strong> project for traders and exchanges that provides interoperability between the Bitcoin blockchain and the Liquid sidechain. It has a broad federation of members, such as Coincheck, Ledger, and Xapo.</p>\n<p>Another project launched by Blockstream is the Blockstream Scam Database. It protects the Blockstream brand from hijacking attempts by scammers.</p>","level":"easy","meta_title":"Who is Adam Back? Definition & Meaning | Crypto Wiki","meta_description":"Adam Back meaning: Adam Back - British cryptographer, cypherpunk, digital asset researcher, and inventor of Hashcash.","meta_keywords":null,"language":"en","created_at":"2022-02-10T13:05:08.000000Z","updated_at":"2022-05-13T14:32:22.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/who-is-adam-back"},"prevSection":{"id":8,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Account?","slug":"what-is-account","section":"A","keyword":"Account","status":"published","definition":"a record-tool that tracks the financial activities of a specific asset or revenue.","content":"<p>An <strong>account</strong> is a record or a statement logged in a management system. It's used to track the financial expenditures of a specific asset, <strong>equity</strong>, expense, liability, or revenue. The financial records can fluctuate by increasing or decreasing based on specific events that occur throughout the accounting period.</p>\n<p>Each account is stored in a general <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-central-ledger/">ledger. From there, the accounts can be used to prepare financial statements for specific accounting periods.</p>\n<p>In the context of crypto, an account refers specifically to a <strong>cryptocurrency account</strong>. Users require a crypto account to access and utilize <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-centralized-exchange-cex/">cryptocurrency exchanges</strong></a>.</p>\n<p>A cryptocurrency account provides the owner with access to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hot-wallet/">hot wallets</strong></a>, which allow them to buy, sell, and trade cryptocurrencies. An account also acts as an identifier or a way to keep <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-public-key/">public keys</strong></a> during the exchange process.</p>\n<p><strong>Account holders</strong> can receive special promotions. On the users&rsquo; end, accounts can be used to manage everything on the platform or exchange. The account acts as a configurative console that can be adjusted based on the user&rsquo;s needs. Users can customize their spending limits or other personal preferences.</p>","level":"easy","meta_title":"What is Account? Definition & Meaning | Crypto Wiki","meta_description":"Account meaning: Account - a record tracking the financial activities of a specific asset or revenue.","meta_keywords":null,"language":"en","created_at":"2022-02-10T12:56:48.000000Z","updated_at":"2022-05-16T05:24:42.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-account"},"currentChapter":"A","currentSection":"what-is-abstract","chapterTitle":"A","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-abstract","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
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Crypto Terms: Letter A

What is Abstract?

Abstract MEANING:
Abstract - is a concept or idea that does not have a physical representation.
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Let's find out Abstract meaning, definition in crypto, what is Abstract, and all other detailed facts.

The abstract term is obtained from a Latin word that means "separated" or "drawn apart". To be more specific, drawn away from the actual reality and the physical world.

An abstract is a concept or idea that does not have a physical representation. This idea can be used to summarize the most significant aspects of a bigger entity. Furthermore, it can be considered as a syllabus with plain principles and no extra elaboration.
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