Proof-of-Stake (PoS)</strong></strong></a> algorithms. A user can earn more of the same token by keeping their assets locked up for the long term. Staking is a means for users to make extra money by contributing to the network's security and decentralization in exchange for <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-reward/">rewards./nYield farming</strong></a> (or liquidity mining) also allows cryptocurrency holders to earn additional rewards while simultaneously supplying liquidity to <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-liquidity-pool/">pools. By doing that, <strong>liquidity providers (LPs)</strong> earn an <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-liquidity-provider-tokens-lp-tokens/">LP token</strong></a> that represents their pool share. 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to take place, two or more parties must arrange and agree to deal with each other. Besides, there is no need for a central server to facilitate and maintain such communication.</p>\n<p><strong>All peers are treated equally</strong> and have access to the same benefits. To use a P2P system, all you need is an internet connection and a copy of the software (or protocol). In the absence of a central server processing requests and managing resources/tasks, peers often make all or part of their resources available to the network.</p>\n<p>In the context of cryptocurrencies and blockchain, P2P is especially important. For example, <strong>Bitcoin's</strong> <strong>whitepaper</strong> describes its protocol as a <em>\"Peer-to-Peer Electronic Cash System,\"</em> which refers to all members participating in a mutually beneficial and equal manner without the use of any <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-intermediary-middleman/">intermediaries.
/nMiners that provide processing power to the network instead of block subsidies and transaction fees have a more complete copy of the data. However, all peers or nodes of a blockchain <strong>typically have the same copy of account and transaction history records.</strong></p>\n<p>While <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin is truly a peer-to-peer protocol that does not rely on a centralized third party, <strong>P2P doesn't always have to be blockchain-based. </strong>For example, despite the fact that <a href=https://www.bitdegree.org/"https://en.wikipedia.org/wiki/<strong>BitTorrent</strong>/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>BitTorrent</strong></a> was not originally built on the blockchain, it is now one of the most popular decentralized peer-to-peer systems.</p>","level":"easy","meta_title":"What is Peer-to-Peer (P2P)? Definition & Meaning | Crypto Wiki","meta_description":"Peer-to-Peer (P2P) meaning: Peer-to-Peer (P2P) - the splitting of duties or workloads between peers through decentralized interactions in a distributed network.","meta_keywords":null,"language":"en","created_at":"2022-03-24T13:41:29.000000Z","updated_at":"2022-09-19T07:16:57.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p"},"prevSection":{"id":570,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Parachain?","slug":"what-is-parachain","section":"P","keyword":"Parachain","status":"published","definition":"an application-based data structure that runs in parallel with other parachains on the Polkadot network.","content":"<p><strong>Parachain is an</strong> <strong>application-based data structure</strong> (which could take a form of a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain) that runs on the Polkadot network in parallel with other parachains. Parachains are connected to Polkadot in a way that allows developers to create new, independent networks that are powered by the same framework as the main chain.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-substrate/">Substrate, a new-generation framework for developing blockchains with Web3 capability, which is also used to build and develop Polkadot and Kusama, <strong>supports the technology behind parachains</strong>.</p>\n<p>Each parachain is connected to the main chain via the central <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-relay-chain/">Relay Chain</strong></a>, allowing them to operate independently without jeopardizing the network's integrity. <a href=https://www.bitdegree.org/"https://research.web3.foundation/en/latest/polkadot/XCMP/index.html/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Cross-Chain Message Passing (XCMP)</strong></a> allows the parachains to exchange messages with other parachains on the same Relay Chain. As it can have its own functionality, tokens, governance system, and other blockchain properties, <strong>parachain can be treated as a standard blockchain</strong>.</p>\n<p>Since each parachain is linked via Relay Chain, it can still benefit from the Polkadot network's security and be backed by its validator architecture. To put it in another way, maintaining a parachain doesn’t require the creation of one's own validator community.</p>\n<p>Validators are also assisted by <strong>collator nodes</strong> in securing parachains. Though collator nodes, unlike validators, do not secure the network. They keep track of all parachain data, choose new block candidates, and confirm the inputs and state of a parachain along with validators.</p>\n<p>Note that the <strong>economics of parachains might differ from those of the broader Polkadot ecosystem</strong>. This means that they can charge various transaction fees based on the preferences of their own community.</p>","level":"easy","meta_title":"What is Parachain? Definition & Meaning | Crypto Wiki","meta_description":"Parachain meaning: Parachain - an application-based data structure that runs in parallel with other parachains on the Polkadot network.","meta_keywords":null,"language":"en","created_at":"2022-03-24T11:59:00.000000Z","updated_at":"2022-09-27T05:40:18.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-parachain"},"currentChapter":"P","currentSection":"what-is-passive-income","chapterTitle":"P","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-passive-income","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter P
What is Passive Income?
Passive Income MEANING:
Passive Income -
income earned through investments during which the earner is not actively involved.
Let's find out Passive Income meaning, definition in crypto,
what is Passive Income,
and all other detailed facts.
Passive income is money earned through investments that do not require the earner to be actively involved. The goal of passive income is to create a consistent income stream without the demands of a full-time job. Traditionally, passive income is used in spheres like rental properties, royalties, peer-to-peer lending, dividend stocks, and so on. However, it can also be used in many other types of investments.
The expansion of crypto and decentralized finance (DeFi) businesses is creating possibilities for investors looking for innovative ways to earn a passive income. DeFi is offering crypto investors the chance to earn annual percentage yields (APYs) that put most bank deposits to shame.
There have been a number of options for investors to gain passive income since DeFi began in the summer of 2020, assisted by the sale of Compound's COMP token. Lending, staking, and yield farming are the main techniques for earning passive income in DeFi, and they all require crypto to do it.
The notion of lending is simple. Users lend their unused crypto assets to a platform, which is secured by a smart contract. In exchange, lending services give crypto holders an APY. Borrowers can access locked assets as loans, with interest paid back to the platform. There is no danger to the crypto lender if the borrower dodges to pay their loan because the process is governed by smart contracts. This means that anyone can withdraw their cryptocurrency assets at any time.
Staking is the process of a crypto holder locking or staking their assets in a smart contract. It originates from networks that use Proof-of-Stake (PoS) algorithms. A user can earn more of the same token by keeping their assets locked up for the long term. Staking is a means for users to make extra money by contributing to the network's security and decentralization in exchange for rewards.
Yield farming (or liquidity mining) also allows cryptocurrency holders to earn additional rewards while simultaneously supplying liquidity to pools. By doing that, liquidity providers (LPs) earn an LP token that represents their pool share. Trading expenses are frequently included in the benefits of being an LP when trades take place in the pool.
To receive additional rewards, LP tokens can be staked on a protocol or project. These rewards usually come in the form of the native token of the project or protocol. These tokens can then be staked for even more rewards, which makes yield farming a lucrative and passive income source. Though note that yield farming is often considered to be riskier than staking and lending.
