Protocol

How it is used

Very frequent: the Bitcoin protocol, a lending protocol, a protocol upgrade, protocol fees, protocol revenue. People say a protocol launched, was hacked or was upgraded. Teams often call the website the front end and the contracts the protocol.

Example sentences

1. The protocol charges a 0.3 percent fee on every swap.

2. A protocol upgrade next month will change how rewards are calculated.

Common collocations

• DeFi protocol
• lending protocol
• protocol upgrade
• protocol fees
• protocol revenue

Related terms

• smart contractA program stored on a blockchain that runs automatically when certain conditions are met. Once deployed it usually cannot be changed, and it can hold and move funds without a middleman.
• DeFiShort for decentralized finance: financial services such as lending, borrowing and trading that run on smart contracts instead of through banks or brokers. Users keep control of their own wallets.
• dAppShort for decentralized application: an app whose main logic runs on smart contracts on a blockchain instead of on a company's own servers. Users usually open it in a browser and connect a wallet.
• DAOShort for decentralized autonomous organization: a group whose rules are written in smart contracts and whose members vote on decisions, usually with governance tokens.
• hard forkA change to a blockchain's rules that is not compatible with older software, so every node must upgrade. If part of the community refuses, the chain can split into two separate networks.

This word in other fields

The same English word can have a different meaning in another field:

• protocol · Software Engineering
• protocol · Networking & Telecommunications
• protocol · International Relations & Diplomacy

More terms: Smart Contracts & dApps

• Solidity
• EVM
• oracle
• audit
• deploy