initial coin offerings (ICOs)</strong></a> where people have to purchase the tokens via a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat currency</strong></a>.&nbsp;</p>\n<p>After receiving their tokens through an IBO, people can either wait for them to grow in value or cash them out as soon as possible.</p>\n<p>Eligibility for an initial bounty offering is dependent on the individual contribution in high-skill areas such as business development, marketing, human resource management, or translations.</p>\n<p>Initial bounty offering takes advantage of people&rsquo;s emotional involvement to ensure they&rsquo;re committed to the project and want to see it succeed. Plus, when people contribute to improving the project themselves, it helps with creating and upholding a community.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-bug-bounty/">Bounty programs</strong></a> are often put to use after finishing an IBO project. They have been utilized by popular cryptocurrencies like Zcash and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum.&nbsp;

/n

A bounty program&rsquo;s goal is to receive feedback on the project&rsquo;s code. It&rsquo;s also used to reward someone&rsquo;s efforts in promoting the cryptocurrency.</p>\n<p>Additionally, there are bug bounty programs to reward anyone who identifies issues within the project&rsquo;s blockchain. These incentives can have a huge payoff for the programmers.</p>","level":"easy","meta_title":"What is Initial Bounty Offering (IBO)? Definition & Meaning | Crypto Wiki","meta_description":"Initial Bounty Offering (IBO) meaning: Initial Bounty Offering (IBO) - is an unconventional approach to project launches where people contribute skills instead of money.","meta_keywords":null,"language":"en","created_at":"2022-03-22T06:53:57.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-initial-bounty-offering-ibo"},"prevSection":{"id":461,"original_id":null,"author_id":43,"translator_id":null,"title":"What is Infinite Approval?","slug":"what-is-infinite-approval","section":"I","keyword":"Infinite Approval","status":"published","definition":"is defined as the action of programming smart contracts to allow spending an unlimited amount of coins or tokens.","content":"<p><strong>Infinite approval</strong> is a programming practice that <strong>enables <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</a> to spend an unlimited amount of funds on a user&rsquo;s account</strong>. In most cases, smart contracts are authorized to use a specific amount of funds. However, when an infinite approval is established, a smart contract asks to be granted access to an unlimited number of coins or tokens stored in the user&rsquo;s account.</p>\n<p>In the cryptocurrency world, <strong>this practice is quite controversial</strong>.</p>\n<p>To understand infinite approval better, let&rsquo;s have a look at a real-life example with Bancor.</p>\n<p>In order to be able to use the services, one of Bancor&rsquo;s users had authorized smart contracts so they could withdraw any amount of tokens from his account. However, unknowing to him, the smart contracts he had just authorized, were a major security risk. This type of vulnerability could have been exploited by hackers to get away with all of his tokens.</p>\n<p>Luckily, this didn&rsquo;t happen since Bancor became aware of this issue and made relevant changes. In this situation, the developer team ensured that the smart contracts will never ask for an unlimited amount of tokens during authorizations again. In order to make sure the user doesn&rsquo;t lose his funds, Bancor&rsquo;s programmers had to &ldquo;steal&rdquo; the user&rsquo;s tokens and return them at a later time.</p>\n<p>This incident brought out the fact that many <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications (dApps)</strong></a> used infinite or overly large approvals. It included Compound, Uniswap, bZX, Aave, Kyber, dYdX, and many other platforms whose programmers practiced infinite approvals.</p>","level":"easy","meta_title":"What is Infinite Approval? Definition & Meaning | Crypto Wiki","meta_description":"Infinite Approval meaning: Infinite Approval - is defined as the action of programming smart contracts to allow spending an unlimited amount of coins or tokens.","meta_keywords":null,"language":"en","created_at":"2022-03-21T15:15:49.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-infinite-approval"},"currentChapter":"I","currentSection":"what-is-inflation","chapterTitle":"I","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-inflation","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

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Crypto Terms: Letter I

What is Inflation?

Inflation MEANING:
Inflation - happens when the purchasing value of money decreases while the prices increase.
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Let's find out Inflation meaning, definition in crypto, what is Inflation, and all other detailed facts.

Inflation is the result of a process that includes a decrease in the purchasing value of money and an increase in price.
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