Cryptocurrency, Blockchain, ICO Gets Defined by Merriam-Webster

Mar 08, 2018 at 22:42

Merriam-Webster has added 850 new words and definitions in its dictionary, including three terms digital financial sector.

Those that made it to the 187-year old publication include cryptocurrency, blockchain and initial coin offering (ICO).

“The sometimes perplexing domain of digital financial exchanges opens a window into a subject that requires explanation for many of us,” Merriam-Webster said.

It defines cryptocurrency as “any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.”

Blockchain is defined as “a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network; also : the technology used to create such a database.”

Meanwhile, an ICO refers to an initial offering of a cryptocurrency to the public.

Merriam-Webster added bitcoin to the dictionary in April 2016. It defined bitcoin as “a digital currency created for use in peer-to-peer online transactions.”