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Best Practices

Proven methods and approaches that consistently produce optimal results in Art & Creative.

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ROI

Return on Investment - a measure of the profitability or effectiveness of an investment or action.

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Stakeholder

Any person or group with an interest in or affected by a project, decision, or outcome.

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Benchmark

A standard or point of reference used to evaluate performance or quality.

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Due Diligence

Careful research and analysis performed before making an important decision.

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Scalability

The ability of a system or process to handle growth efficiently.

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Compliance

Adherence to laws, regulations, guidelines, and specifications relevant to an industry.

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Optimization

The process of making something as effective or functional as possible.

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Integration

The process of combining different systems, tools, or processes to work together.

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Analytics

The systematic analysis of data to gain insights and inform decision-making.

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Liquidity Pool

A collection of funds locked in a smart contract, used to facilitate decentralized trading and lending.

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Gas Fee

The transaction fee paid to network validators for processing and validating transactions on a blockchain.

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Seed Phrase

A series of words that generates a private key, used to recover access to a cryptocurrency wallet.

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DeFi

Decentralized Finance; an umbrella term for financial applications built on blockchain technology.

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NFT

Non-Fungible Token; a unique digital asset stored on a blockchain, representing ownership of a specific item or piece of content.

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Staking

The act of locking up cryptocurrency to support the operations of a proof-of-stake blockchain network, earning rewards in return.

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Yield Farming

A strategy to maximize returns on crypto assets by leveraging various DeFi protocols to earn rewards, often in new tokens.

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Whale

An individual or entity holding a very large amount of a particular cryptocurrency, capable of influencing market prices.

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Slippage

The difference between the expected price of a trade and the price at which the trade is actually executed, common in volatile markets.

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dApp

Decentralized Application; an application that runs on a decentralized peer-to-peer network, typically a blockchain.

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Web3

The concept of a new iteration of the World Wide Web incorporating decentralization, blockchain technologies, and token-based economics.

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Oracle

A service that provides smart contracts with external information, such as real-world data, to execute their functions.

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Hard Fork

A radical change to a blockchain protocol that makes previously invalid blocks/transactions valid, or vice-versa, requiring all nodes to upgrade.

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Soft Fork

A backward-compatible change to a blockchain protocol, where old nodes still recognize new blocks as valid, but new rules apply to new blocks.

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Tokenomics

The economics of a cryptocurrency token, encompassing its supply, distribution, utility, and how it incentivizes network participants.

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HODL

A popular cryptocurrency slang term for 'hold on for dear life,' meaning to hold a cryptocurrency despite price fluctuations.

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Fiat Currency

Government-issued currency that is not backed by a physical commodity like gold or silver, but rather by the government that issued it.

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Decentralized Application (dApp)

An application that runs on a decentralized network, usually a blockchain, rather than a centralized server.

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Consensus Mechanism

A protocol used by blockchain networks to achieve agreement on the single state of the distributed ledger among participants.

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Cold Storage

Storing cryptocurrency offline, typically in a hardware wallet or paper wallet, to protect it from online threats.

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