Web3 Terms. (Web3, also known as Web 3.0, is an umbrella term for technologies like blockchain that decentralize data ownership and control on the internet.)
Web3 is where the future is being built. Web3 lingo is confusing. This list of 50+ terms will get you up to speed (fast):
- ALPHA – early investment advice or information that puts you ahead of the game
- APEING IN – buying into an NFT project, perhaps without due diligence
- BTFD – buy the f’ing dip, when a crypto price is dropping hard, that’s the time to buy in
- BUIDL – build useful stuff, when crypto is dipping, building useful stuff proves that it’s still valuable.
- DEGEN – degenerate/gambler, someone shooting at all chances, possibly taking extreme risks
- DYOR – do your own research before you invest in cryptos, buy NFTs etc.
- FOMO – fear of missing out
- FREN – friend
- FUD – fear, uncertainty and doubt
- GM – good morning
- GN – good night
- GMI – gonna make it
- NGMI – not gonna make it
- WAGMI – we’re all gonna make it
- HODL – holding on for dear life when a crypto price tumbles
- IRL – in real life
- PROBABLY NOTHING – often used sarcastically to mean the opposite. It probably is something.
- REKT – wrecked, refers to a crypto trader who is ruined due to losses from a price crash
- RUGGED – when developers market a project to generate sales and then abandon it, taking existing profits and the project value (and buyer’s NFT) goes to zero
- SHILL – unsolicited endorsing in public, promoting an NFT you’re dropping or a coin you’ve invested in
- SWEEP THE FLOOR – buying NFTs in bulk at the floor or base price
- WEN – when
- WHALE – individuals, institutions or exchanges that hold significant amounts of tokens of a particular cryptocurrency
Now Basic Terms:
- ADDRESS – a string of characters that represents a wallet that can send and receive cryptocurrency
- AIRDROP – a marketing campaign that distributes a specific cryptocurrency or token to an audience via wallets
- BLOCK EXPLORER – interface that lets you see transactions on the blockchain eg. @etherscan
- BLOCKCHAIN – a sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies eg. Bitcoin, Ethereum, Solana, Avalanche
- BURN – NFTs or coins are considered “burned” when they have been purposely and permanently removed from circulation
- CRYPTO – cryptocurrency, a digital currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend
- DAO – decentralized autonomous organization, a blockchain-based org where all involved can have ownership and engage in decision-making
- DAPP – decentralized app, any practical application of blockchain and/or cryptocurrency, like mobile games or social sites eg. @CryptoKitties
- DECENTRALIZATION – the transfer of control and decision-making from a centralized entity (individual or organization) to a distributed network D
- EFI – decentralized finance, removes the control banks and institutions have on money, financial products and services
- FIAT – a term for government issued currencies, like the US dollar or any currency controlled by a central authority
- FLOOR – the lowest price available for an NFT in a collection, the minimum amount you need to buy one.
- GAS – the fee required to conduct a transaction or execute a contract on the Ethereum blockchain
- GWEI – denomination used to define the cost of gas in transactions on Ethereum
- MAXI – maximalist, someone who believes that one particular crypto is the only viable one by far and predominantly invests in it
- METAVERSE – a digital universe with all the aspects of the real world—real-time interactions and economies.
- MINT – the creation of a new NFT token, turns a digital file into a crypto collectible or digital asset
- NFT – non fungible token, a unique digital object that confers ownership of a virtual good, like a digital artwork or online collectible
- PERMISSIONLESS – often used to describe blockchains, a system where no entity can regulate who can use it and how P2E – play to earn, as in games like @AxieInfinity
- PFP – profile pic, as in @worldofwomennft
- SEED PHRASE – a series of words that unlocks your crypto wallet It’s like your bank account number, your social security number, date of birth, home address, and ATM pin—all in one. If someone gets it, they can take all your Crypto assets.
- SELF CUSTODY – only you have the possession of your digital assets because you control the private key, versus holding assets at an exchange like Coinbase
- SMART CONTRACT – a piece of code that self-executes once certain conditions are met, like a vending machine but online
- SOCIAL TOKEN – a type of cryptocurrency that a brand, community, or influencer can use to monetize themselves
- TOKEN – a representation of an asset, can be held, traded, or staked to earn interest
- TRUSTLESS – an environment where there is no centralized authority such as a bank
- WALLET – a place to store crypto assets
- COLD WALLET – stores digital assets off-line, making them secure from bad actors but more difficult to use @Ledger
- HOT WALLET – is online and easily accessible but also more susceptible to hackers. #BraveWallet
- WHITE/ALLOWLIST – a list of addresses that get early and guaranteed access to mint NFTs at a specific date and window of time
Level 2 Terms:
- BLOCK – file with information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain
- ERC-20 – simple interface that allows for the creation of tokens on Ethereum that can be re-used by other applications, from wallets to decentralized exchanges
- ERC-721 – defines non-fungible tokens (NFTs) on Ethereum, allows anyone to create tokens that are completely unique
- IMMUTABLE – data cannot be changed or modified by anyone after its creation, the core defining feature of blockchain
- INTEROPERABILITY – the ability to see and share information across multiple blockchains
- LAYER 2 – a scaling solution that promotes mass adoption of the Ethereum platform, provides tools to create scalable dapps that prioritize performance, user experience, and security eg.
- MINING – process where blocks are added to a blockchain, verifying transactions, also how new bitcoin or some altcoins are created
- NODE – the most basic unit of blockchain infrastructure that stores data
- PROOF OF STAKE – a crypto mining system that rewards mining power to miners based on how many tokens they have, is more energy efficient than Proof of Work
- PROOF OF WORK – a mining system involving solving computationally intensive puzzles to validate transactions and create new blocks
- STABLECOIN – a cryptocurrency with extremely low volatility, that has its market value pegged to some external reference such as the
- USD STAKING – putting your tokens in to serve as a validator to the blockchain and receive a reward
