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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":762,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Sybil Attack?","slug":"what-is-sybil-attack","section":"S","keyword":"Sybil Attack","status":"published","definition":"is a form of hacking that happens when an online network is weakened by creating numerous IDs.","content":"<p>Interestingly, the name “Sybil” itself <strong>came from a medical case study of a woman that had dissociative identity disorder</strong>. Sybil attacks take place by weakening an online network by creating numerous IDs, accounts, and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes. /nSybil attack is not that difficult because it is similar to creating replica accounts on social media. However, it can also be like managing several nodes on a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain system, which is a bit more difficult. The main purpose of both of these methods is to hold power and influence a network.</p>\n<p>Creating a large number of identities on <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-peer-to-peer-p2p/">peer-to-peer networks</strong></a> might ultimately consolidate power over the network. This is the opposite of an eclipse attack, in which a hacker <strong>compromises only one node</strong> by controlling its activities.</p>\n<p>Sybil attacks, on the other hand, employ a large number of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes to modify data delivered or collected over a network. Given the particular dependence and interconnection of <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized systems</strong></a>, this can be extremely successful.</p>\n<p>Sybil attacks intend to centralize authority <strong>in decentralized networks</strong> such as:</p>\n<ul>\n<li>Blockchain technology, which is especially vulnerable to these attacks since operations are frequently automated.</li>\n<li><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-autonomous-organizations-dao/">DAOs, which are typically tiny groups of engineers and developers.</li>\n</ul>\n<p>Besides that, a malicious user in a blockchain system might also seek to destabilize the network's power structure by obtaining <strong>as many node IDs as possible</strong>.</p>","level":"easy","meta_title":"What is Sybil Attack? Definition & Meaning | Crypto Wiki","meta_description":"Sybil Attack meaning: Sybil Attack - is a form of hacking that happens when an online network is weakened by creating numerous IDs.","meta_keywords":null,"language":"en","created_at":"2022-03-31T13:27:58.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-sybil-attack"},"prevSection":{"id":753,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Synthetic Asset?","slug":"what-is-synthetic-asset","section":"S","keyword":"Synthetic Asset","status":"published","definition":"a hybrid of a digital currency and a traditional derivative.","content":"<p>Synthetic assets (also known as synths) are hybrids of digital currencies and traditional <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-derivative/">derivatives. To put it simply, they are <strong>tokenized derivatives. </strong></p>\n<p><strong>Traditional derivatives are</strong> <strong>stock or bond representations</strong> that a trader does not own but wishes to buy or sell. In other words, a trader can use a derivative to profit from the price changes of a stock he/she doesn't own. Derivatives are gaining popularity in the cryptocurrency market because they allow investors to speculate on the price movements of numerous tokens without having to hold any of them.</p>\n<p><strong>Synthetic assets push this a step further</strong> by putting the derivative's record on the blockchain and, in effect, generating a cryptocurrency token for it. Synths are gaining popularity among <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-defi/">DeFi fans because they introduce a tool used by regular traders to the world of crypto.</p>\n<p>Since traders use derivatives to attach values to already existent assets, and then construct tokens to represent these derivatives, synthetic assets allow them to tokenize or trade basically anything.</p>\n<p><strong>The security and traceability of synthetic assets</strong> are one of the key reasons why they are becoming a preferred technique of investing. Unlike traditional trading, which takes place on <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-centralized-exchange-cex/">centralized exchanges</strong></a>, all synthetic asset trades take place on the blockchain. Since all transactions are recorded in the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-distributed-ledger/">distributed ledger</strong></a>, this ensures traders' anonymity and security if they desire to remain anonymous.</p>\n<p>With the growing interest in synthetic assets, new synthetic asset exchanges are emerging to provide traders with maximum flexibility and lower gas prices. <strong>Synthetix</strong> is probably the most popular synthetic asset exchange because it is one of the first exchanges in the world to focus solely on trading tokenized derivatives. Other popular synthetic asset exchanges include <strong>MakerDAO and Cream Finance.</strong></p>","level":"easy","meta_title":"What is Synthetic Asset? Definition & Meaning | Crypto Wiki","meta_description":"Synthetic Asset meaning: Synthetic Asset - a hybrid of a digital currency and a traditional derivative.","meta_keywords":null,"language":"en","created_at":"2022-03-31T07:03:43.000000Z","updated_at":"2022-10-05T07:27:48.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-synthetic-asset"},"currentChapter":"S","currentSection":"what-is-substrate","chapterTitle":"S","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-substrate","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter S
What is Substrate?
Substrate MEANING:
Substrate -
a framework that allows the development of customized blockchains.
Let's find out Substrate meaning, definition in crypto,
what is Substrate,
and all other detailed facts.
A substrate is a blockchain or a web app framework for developing customized blockchains. It was created by Parity Technologies that enable software developers to create decentralized systems.
The substrate has a few advantages such as safe and efficient blockchain reasoning, rich user experience for any chain, interoperability with the Polkadot environment, and compatibility for other smart contract platforms like the Ethereum Virtual Machine (EVM).
Substrate-created projects may be simply launched on the Polkadot environment, allowing them to take leverage of the developing network for larger application adoption. The substrate is also compatible with just about any browser or desktop device.
Polkadot is currently one of the major blockchain projects that use Substrate as the base of their network because Polkadot was the first protocol developed on its foundation. It should be highlighted that Substrate is not a component of Polkadot and that anybody can create a new blockchain that is unrelated to the Polkadot network.
Their dApps, though, would be interoperable with Polkadot because they are based on the same architecture. The substrate has mostly been used to construct projects that improve the Polkadot environment.
Substrate offers a powerful database that developers can use to launch and manage blockchain-based apps. It also has a flexible peer-to-peer networking architecture that allows for quicker transaction throughput across blockchain networks and its members.
Furthermore, it provides features that may be modified to meet the demands of an application, such as transaction queues and runtime modules.
