Web3 terms for new converts

WEB3 BIBL3.

As we embark on this new journey, we want to equip you with a way to decipher the cryptic world of crypto: introducing the Web3 Bible.

The Cryptorah

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

GMI

Gonna make it

GN

Good night

HODL

Holding on for dear life when a crypto price tumbles

IRL

In real life

NGMI

Not gonna make it

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

SWEEP THE FLOOR

Buying NFTs in bulk at the floor or base price

WAGMI

We’re all gonna make it

WEB3

Third version of the web that represents a new vision and focus for web applications: from centrally owned and managed applications, to applications built on decentralized protocols

WEN

When

WHALE

Individuals, institutions or exchanges that hold significant amounts of tokens of a particular cryptocurrency

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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

An interface that lets you see transactions on the blockchain eg. @etherscan

BURN

NFTs or coins are considered “burned” when they have been purposely and permanently removed from circulation

COLD WALLET

Stores digital assets off-line, making them secure from bad actors but more difficult to use @Ledger

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

DEFI

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

HOT WALLET

Is online and easily accessible but also more susceptible to hackers @MetaMask

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

P2E

Play to earn, as in games like @AxieInfinity

PERMISSIONLESS

Often used to describe blockchains, a system where no entity can regulate who can use it and how

PFP

Profile pic, as in @worldofwomennft

SEED PHRASE

A series of words that unlocks your crypto wallet . It’s like your bank account number, 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

WHITE/ALLOWLIST

A list of addresses that get early and guaranteed access to mint NFTs at a specific date and window of time

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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. @0xPolygon

MINING

A 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

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

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