IYKYK is short for ‘if you know, you know.’ It implies that a post or message will only make sense to a few people. This token operates on the Ethereum platform.
How Does IYKYK Work on Ethereum Blockchain?
A token like IYKYK, stored on the Ethereum blockchain, is governed by a smart contract. It is a program on Ethereum and can represent almost anything. Tokens can be fungible, like most cryptocurrencies, although most are worthless or non-fungible, like works of art like NFTs.
ERC documents, like ERC-20 and ERC-721, set Ethereum standards for creating crypto tokens. Ethereum gained mainstream attention during the time of ICOs. Less than half of all ICOs survived four months after their initial token sale. H
However, there were many successful ICO-funded projects like Augur and Brave. Ethereum’s ability to launch and raise money for large blockchain projects has made it a key player in the industry and played a significant role in making blockchain a global phenomenon.
The World of Crypto Slang
There are more tokens like IYKYK, often known as slag tokens. They are just like meme coins, but they are meant to provide more humor; their similarities lie within the intrinsic value, which is hollow. Therefore, these coins are mostly worthless for any long-term investments.
DYOR is a popular slang term for ‘do your own research.’ It’s primarily used in crypto to advise investors to thoroughly investigate a project before investing.
Another widely used term is HODL, short for ‘hold on for dear life.’ The term HODL originated from a misspelling of ‘hold,’ which has now become an accepted term that means ‘keep.’
HODL is a strategy of buying and holding a coin for the long term. It originated from a typo in a Bitcointalk forum post in 2013. The objective is to weather market fluctuations and focus on long-term gains. HODLers are not swayed by short-term market movements, even entire market crashes, or extreme volatility. Their belief in the long-term value of crypto encourages them to hold their positions regardless of price.
The world of crypto is growing fast and crypto enthusiasts are investing in all sorts of tokens and coins, including utility tokens with a lot of intrinsic value and meme coins like IYKYK. It is attracting a big pool of money into the crypto world.
Summary
IYKYK is a token on Ethereum governed by a smart contract. Ethereum is a major player in blockchain due to its ability to launch and fund big projects. Similar tokens are known as slang tokens, which are like meme coins but worthless for long-term investments.
