Cryptionary

Faucet

1. basic

A faucet is a method of distributing small amounts of free cryptocurrencies to a large number of users. This is often done as a promotional strategy to encourage users to try out a new coin, app, wallet, or platform.

1.1

"The XYZ project launched a faucet to distribute free tokens to users who sign up for their platform."

2. qualification

To qualify for a faucet, users may need to perform certain actions, such as making a request from a specific wallet, verifying a social media account, or completing a captcha. The specific requirements vary depending on the faucet provider.

2.1

"To receive tokens from the ABC faucet, users need to verify their Twitter account and complete a captcha."

3. value

Faucets typically distribute small amounts of an asset, often ranging in value from a few cents to a few dollars. This is to prevent abuse and ensure that the free coins can be distributed to as many users as possible.

3.1

"The DEF faucet gives out tokens worth approximately $0.50 to each user who completes the required actions."

4. purpose

The purpose of a faucet is not only to distribute free coins, but also to generate interest in a project, increase the number of active users, and encourage wider adoption of a cryptocurrency.

4.1

"By launching a faucet, the GHI project was able to attract thousands of new users and significantly increase the adoption of their token."

* All terms and definitions may update as the Cryptionary improves.

All terms

Confirmations Consensus Canonical Transaction Ordering Decentralized Application Dead Cat Bounce Death Spiral DeFi Decentralized Exchange Diamond Hands Mining Difficulty Dollar Cost Averaging Double Spend Dump Dust ERC-20 Token ERC-721 Token Ethereum Ethash Ethereum Virtual Machine Cryptocurrency Exchange Faucet←Fiat Currency Flippening FOMO Fork FUD Genesis Block Halving Hash rate Hodl ICO IEO Instamine JOMO Know Your Customer Lambo Lightning Network Limit Order Liquidity Locktime