A Glossary of Web3 Terms to Help You Get Started

web3 terms

If you’re just getting started with Web3, it can be confusing to know all of the terminologies. In this web3 Glossary, we will define some of the most common Web3 terms so that you can start to understand this exciting new technology and industry!

A

  • Airdrop (noun, verb)
    Airdrop is one of the most effective ways to increase awareness and adoption of blockchain projects. It’s also really fun because you get free tokens!

  • Alpha (noun)
    valuable or insider information, usually regarding the value of digital asset s like cryptocurrencies and NFTs; a measure of how much profit you make when investing in cryptocurrency. It’s usually used to compare returns with other benchmarks, such as the market or other types if investments.”

  • Altcoin (noun)
    An altcoin (or crypto-token) is a cryptocurrency that isn’t Bitcoin. The term may now refer to any new, smaller-cap coins with low market caps such as Ethereum or LiteCoin. 

  • Alts (noun)
    short for altcoins. Another term for cryptocurrencies is alts. These coins do not have the same level of popularity as Bitcoin or Ethereum but they are still traded actively on exchanges throughout various markets around the world.

  • Ape (noun, verb)
    The word “ape” has been used to describe people who invest heavily in cryptocurrencies or stocks without much knowledge of the asset. However, this can be viewed as either FOMO (fear of missing out) driven investing behavior because they are fearful that others will invest before them if there is the hype surrounding an investment opportunity and/or due.

    Some may also do so out of fear of what could happen with their investments should something go wrong – such as losing all funds spent on said cryptocurrency. The origins behind why we use these terms remain cloudy at best; however, one thing’s certain: together strong!

  • ATH- All-Time High (noun)
    The ATH is the highest price an asset has ever had. Technically, it means that if you bought at this point then your investment would be worth more now than when purchased due to inflation over time – which can happen in some cases!

  • ATL- All-Time Low (noun)
    the lowest price an asset has ever had. It’s like a penny saved is worth forever, but one spent on something that will only depreciate in value over time isn’t really doing your bank account any good at all!

  • Attendance Protocol

    Attendance protocols are safety checks that can be put in place to help prevent accidents.

B

  • Bear Market


    A bear market is a prolonged period where prices drop below what they were at some point in the past. This can happen when people sell their investments because they think that it’s going to get worse instead of better, which leads investors to take profits or run away from stocks with big losses over time!

  • Bearish (adjective)
    Bears can be found in any market, but they are most often associated with cryptocurrencies. These investors believe that the value of this cryptocurrency will decrease over time and may refer to themselves as “ bears” or improperly spell their nickname ‘bera’.

  • Bitcoin (noun)
    The world’s first decentralized bitcoin blockchain / digital currency. 2009! It was created by Satoshi Nakamoto, who remains anonymous to this day – but not for long hopefully because they are certainly going down in history as one of the most important people ever born (or shall we say “created”?).

  • Block (noun)
    A block is a batch of validating transactions written to the blockchain. Every single one contains information about its predecessor, thus creating an unbroken chain from the beginning until now!

  • Blockchain (noun)
    Cryptocurrency and blockchain are two of the most popular trends in today’s world. They work hand-in-glove to create an unprecedented new way for people around the globe to interact with each other, without relying on third party intermediaries like banks or governments!

  • Blockchain Domains (noun)
    Blockchain domains are NFTs (non-fungible tokens) with unique properties that make them valuable and give their holders more rights than other users.

  • Block Explorer (noun)
    A block explorer is a tool used to browse information on the blockchain, such as transactions and wallet addresses.

  • Bridge (noun)
    A Bridge is a protocol that allows separate blockchains to interact with one another. This enables the transfer of data, tokens, and other information between systems on different networks without any intermediaries or gateways needed in order for them all to work seamlessly together as if they were part of an interconnected webbing system where traffic can flow back and forth freely among users at will!

  • Buidl (verb)(verb)
    When people say “hodl,” it means they’re not going to sell their crypto. It comes from the term “build” or Buidl which refers to building up a position over time rather than selling everything at once.

  • Bull Market (noun)
    The bull market of today is a great time to invest in something that will be worth even more tomorrow.

  • Bullish (adjective)
    Bullish means for example: That a person who is bullish about Bitcoin would hold an optimistic view that its value will continue to rise in time.

  • Burn (verb)
    To burn means to remove tokens from a cryptocurrency’s circulating supply. The process usually occurs by sending them to an inaccessible wallet address, but other digital asset s can also be burned via this same method such as NFTs (non-fungible tokens).

C

  • Centralized


    Centralization is a type of organizational structure in which authority and control are concentrated within one small group.

  • CEX- Centralized Exchange (noun)
    A cryptocurrency exchange is run by a central authority, usually for the purpose of facilitating trades between cryptocurrencies and fiat currencies. There are many such exchanges in existence today including Coinbase Pro &Gemini; Kraken Coin Exchange(KCE).

  • CeFi- Centralized Finance (noun)
    Centralized businesses that participate in crypto are known as “cefi”. For example, BlockFi is one such company.

  • Coin (noun)
    Cryptocurrency is a digital currency that uses cryptography to secure new transactions and control the creation of new coins. The most well-known cryptocurrency by far, Bitcoin (BTC) was introduced in 2009 as an alternative form for exchanging information with no central authority or government interference; it has since become one of many cryptocurrency networks around the world such as Ethereum Blockchain (ETH).
    i.e. BTC, Ethereum Network, Solana

  • Collateral (noun)
    Collateral is any asset accepted as security for a loan, such as real estate or even digital asset s like NFTs ” non fungible token “

  • Cold Wallet (noun)
    A cold wallet is a safe way to store your cryptocurrency. Cold wallets can either be hardware devices or just sheets of paper with private keys on them, so they’re not connected online which makes them safer than a web-based connected one also known as a hot wallet (antonym)

  • Consensus (noun)
    The consensus process ensures that new transactions are verified and blocks added to the blockchain by requiring a majority vote from all nodes in the decentralized blockchain network.

  • Consensus Mechanism (noun)
    A consensus mechanism is a process through which nodes on the blockchain come into agreement on validating transactions or states of their distributed network. There are two main types – Proof-of-Work (POW) where everyone needs to work together and agree except for one person who takes action; And instead, there’s proof of Stake speak (pSize).

  • Cryptocurrency (noun)
    Cryptocurrencies are borderless, secure and maintained by blockchains. They can be used for validate transactions that incur no third-party interference such as buying or selling goods online without involving banks in transaction fees which is the norm with fiat currencies like dollars—they’re also fully anonymous when exchanging them between users!

D

  • DAO- Decentralized Autonomous Organization


    DAOs are not your average company. They’re decentralized, autonomous organizations run on open source code that can be governed by their users – allying them with blockchain technology for transparency and efficiency in decision making processes while challenging the traditional hierarchical systems of legacy corporations .

  • Dapp- Decentralized Application (noun)
    A dapp is an application that lives on the blockchain and operates without any central authority. They exist as self-sustaining networks, incentivizing users to maintain them through rewarded tokens of their own design – these can be anything from virtual currency payments for acting upon real-time data or even more tangible things such user engagement campaigns where you’re given a certain amount every time somebody signs up via your website address!

  • Data (noun)
    Data is the most valuable resource on earth and web3 aims to protect it by giving back ownership of personal data in exchange for crypto.

  • DD- Due Diligence (noun)
    Due diligence is the process of conducting research on a virtual world, NFT project, cryptocurrency or Defi projects before investing. It’s essential to do your own due-diligence as opposed to making investments based off what someone else says or does because there may be flaws in their argument which could mean you lose money even if they aren’t aware yet!

  • Decentralized (adjective)
    Decentralized applications are a way of distributing power and information more evenly than they have been previously, without having one central figure or authority.

  • Degen (noun, adjective)
    Crypto enthusiasts who are also into financial markets can be called “degens.” The term is generally self-assigned and doesn’t carry any negative connotations, like with degenerate gamblers (who soon may not even exist). They’re proud people enjoying ridiculous call options on cryptocurrencies!

  • DeFi- Decentralized Finance (noun)
    DeFi is peer-to-peer.
    Decentralized finance is a way to establish financial transactions without the help of banks. This means that instead of using bank cards or wires, people can buy and sell cryptocurrencies directly with one another through various apps on Ethereum’s Blockchain technology via ethereum transactions in order for them all have access at any given time!

  • DEX- Decentralized Exchange (noun)
    A DEX, or decentralized exchange is a peer-to-peer cryptocurrency trading platform that operates through smart contracts and blockchain instead of an intermediary figure like Coinbase. This means you can trade directly with other traders without having to go through a third party service such as Binance for example!
    i.e. Uniswap, Quickswap, Sushiswap, Pancakeswap

  • Diamond Hands (noun, adjective)
    A cryptocurrency investor with “diamond hands” is not afraid to hold their coins even when the market crashes. They know that no matter what happens, they will be able to survive thanks for havingholded them during such times before-and knows others should too! #HODL

  • Difficulty (adjective)
    The higher the difficulty, the more mining power is needed to verify transaction history and mine blocks on a proof-of work blockchain.

  • Difficulty Bomb (noun)
    The difficulty bomb is a strategy used by blockchain networks to increase the workload of miners and motivate them towards other consensus algorithms. In order for this tactic work, it must be introduced at just enough time so that there will not yet have been too many transitions from one type or another when they arrive on board with their new plan; otherwise we end up back where we started!

  • Distributed Ledger

    Distributed ledgers are a way to track and log all new transactions on the distributed network. These records stay updated in every location, ensuring accuracy across different participants with no central authority overseeing it – this makes them incredibly accurate!

     

  • Digital Asset

    The term ‘digital asset’ is used to describe any type of object content that exists in digital form. Store digital assets can be anything from pictures, documents and even sounds recorded by an artist on the blockchain that represent ownership!

  • DYOR- Do Your Own Research
    The do your own research aphorism is a reminder that before investing in anything, you should conduct an investigation of the asset and make sure it’s worth your while. “I’m extremely excited about this opportunity, but of course I will do my due diligence first.”

E

  • EIP- Ethereum Improvement Proposal


    An Ethereum Improvement Proposal, or EIP for short is a standard format that’s used by developers to communicate their ideas about how certain features should function in the blockchain. They have been around since 2015 when Joseph Lubin first suggested this idea at DevCon1 conference – before it even existed!

  • ERC- Ethereum Request for Comments (noun)
    The Ethereum Request for Comments (ERC) is a set of guidelines that outline how developers should design their contracts. These standards were developed in order to create more coherent smart contract developers practices across the platform, which will lead towards consistency and stability when developing on top of them – not only does this benefit builders but also users!

  • ERC-20 (noun)
    The Ethereum token standard, provides a standardized smart contract structure for digital token. This has been incredibly successful in simplifying and speeding up transactions within the crypto world by ensuring compatibility between various different types of digital assets – something that would have been very difficult without it!

  • ERC-721 (noun)
    The idea behind ERC-721 is to allow for the creation and uniqueness of tokens, otherwise known as NFTs. Unlike with standard Ethereum contracts which can only hold financial data such as prices or amounts traded on an exchange–ERC 721 enabled items have special properties that make them valuable despite being unique in nature because there’s no way anyone else could produce what you’ve created!

  • ERC-1155 (noun)
    One of the most exciting features about ERC-1155 is that it enables gamers and collectors to trade their items without having multiple contracts with different owners. This reduces unnecessary transaction costs which can make things more profitable overall!

  • Ethereum Blockchain


    The Ethereum blockchain is a public platform that enables users to write and execute complex smart contracts or cryptocurrency transactions. These intelligent agreements can be used by anyone, anywhere in the world without any third party interference! 

F

  • Few
    The few understand that crypto is still in its early days, and they will make a lot of money when mass adoption comes.

  • Fiat Money (noun)
    Fiat money currency is a type of money that’s backed and regulated by the government financial system. The most well-known examples of fiat money dollars, pounds sterling or euros in your home country!

  • Flippening (noun)
    The flippening is a reference to the possible event where Ethereum might become more valuable than Bitcoin, in terms of market cap. Please don’t mention this idea around Bitcoin maxis though; they’ll just tell you it’s absurd and show why their opinion on Etherum isn’t worth listening too!

  • FOMO- Fear Of Missing Out (noun)
    FOMO is an acronym that stands for ‘Fright Of Missing Out.’ The fear of missing out on opportunities can lead to anxiety, stemming from the idea you might have missed your chance. This usually happens with investors who buy assets after they’ve seen their prices increase substantially and are afraid this will not last long so before it does pull back hardest–known as FOMOing-in or apeing into.’

  • Fork (noun, verb)
    Forking (noun) and forks are a change to blockchain protocol that can be either minor or major. Soft forking occurs when it does not result in two separate blockchains but rather an altered version of one particular network with different rules; Hard Forks do just this–leading them into formation as well their own set difference from before due changes were made. i.e. hard-fork, soft-fork

  • Fractionalize (verb)
    The process of fractionalizing an NFT, or locking it into a smart contract and then dividing up those pieces so they can be owned by different groups is key to creating communities around the artwork.

  • FUD- Fear, Uncertainty, and Doubt (noun)
    FUD is a common enough phenomenon in the crypto world. In most cases, it refers to news about an asset that seems negative but turns out not be true at all!

  • Full Node (noun)
    A full node is a type of blockchain client that manages to store and verify every single transaction made on the network. These nodes can be thought about as keepers for your cryptocurrency wallet, since they ensure its security by confirming each operation with other peers in real time through messaging systems like Bitcoin’s Blockchainrely or Ethereum’s Gas Station procedure (Gwei).”
    i.e.: node, light node, master node

  • Fungible (adjective)
    The most popular type of cryptocurrency is called fungible. This means that each individual unit or coin has identical function, properties and value as any other unit in the same category; they can easily be traded with one another without being distinguished by their origin – also known (perhaps mistakenly) as “non-fungibility.”

G

  • Gas Fees (noun)
    Gas fees you pay when executing a smart contract or transaction – valid blocks on Ethereum. It’s dependent upon how complicated your request is, as well as if there are other people currently trying to make transaction data with similar requirements in mind; but overall it’ll always be worth whatever amount of GAS ” GWEI” was requested because this makes sure everyone gets their turn at bat!

  • Genesis Block (noun)
    The very first block in a blockchain network, also known as the Genesis Block.

  • gm
    simply meaning “good morning,” The Good Morning Club is a group of individuals that share common interests in cryptocurrency. The name comes from the phrase “good morning,”

  • GMI
    short for “gonna make it.” Whether it’s a tweet or in person, the phrase “gmmi” is used to show encouragement. It means that you are going to make something happen and will see your project through until its completion!

  • Gwei (noun)
    The cost of Ether can be thought about in terms gwei. One million wei is equal to 10^9 grams, or 1/1000000th worth (or 0%)of an Ethereum token – also known as a “ether”.
    i.e. gas, wei, gas limit, new blocks,previous block, transactions confirmed, processing transactions,

H

  • Hard Fork (noun, verb)
    Hard forks are a way for the community to make major changes without affecting every single node on their network. If you don’t agree with an update or decision made by developers, then there is always Bitcoin Cash and Ethereum Classic available as alternatives!

  • Hashing (verb)
    The process of taking an input file, such as a text or image and transforming it into a corresponding fingerprint. This allows for data to be secured with the use hash functions which verifying transactions on blockchain technology’s backbone!

    i.e. SHA-256, txn hash

  • Hash Rate (noun)
    The rate at which a computer can generate guesses to the cryptographic puzzle is called “hash power.” This term may also refer either/both of: (1) A person’s computing ability; and/or (2), The overall network ‘suspicion’ that must exist for transactions on blockchain networks such as Bitcoin or Ethereum blockchain technology.

  • HFSP- Have Fun Staying Poor

    Some people find it hard to believe that cryptocurrency can be a worthwhile investment. These “ HFSPs” (or Have Fun Staying Poor) often make comments about how they would never spend their own money on something as silly and superficial, but then again every person is different!

  • HODL
    HODL is an acronym for “hold on dear life.” It started as a typo and has since been adopted by many people in the cryptocurrency community or web3 digital space, virtual worlds.

  • Holding the bag
    The unfortunate position you find yourself in when an asset you own quickly drops in value but don’t want to sell. You are thus left holding a bag of worthless coins or stocks called “baggins”. Those who end up here typically get referred as such – unexpectedly so!

I

  • ICO- Initial Coin Offering (noun)
    The Initial Coin Offering, or ICO for short is a crowdfunding approach that has been employed by many crypto-based projects to raise capital. The process works similarly in nature with IPOs and can be considered an alternative means of raising funds when traditional methods may not work out so well – especially if there are regulatory concerns regarding money flow within your country or jurisdiction!

  • IEO- Initial Exchange Offering (noun)
    An initial exchange offering (IEO) is a way for cryptocurrency projects to raise capital, but with increased regulation. Unlike an ICO which sells new tokens directly to the public this time around, you’ll have your coins managed by established decentralized exchanges who know what they’re doing–and it helps if there’s some trust between both parties!

K

  • Key (noun)
    public key, private key, externally owned accounts

L

  • L1- Layer 1 (noun)
    The base layer is the most important and fundamental part of any blockchain system. It’s what holds everything together, establishing connections between new blocks in different chains via cryptography for security purposes.
    i.e. Bitcoin, Ethereum, Cardano, Litecoin, Solana

  • L2- Layer 2 (noun)
    L2 Solutions are a way to make blockchain technology more scalable, private and cross-chain communication. These solutions use the power of layer 1 blockchains while still being secured by an underlying mainnet meaning that they can’t be manipulated or SQL injections like other coins do!

  • Lambo (noun)
    The idea that you can buy success with crypto is not new, but the word “Lamborghini” often comes up when discussing this phenomenon. Meaning used by: degens

  • Light Node (noun)
    A light node is a blockchain’s microscopic version of what’s happening in the whole system. It downloads just enough data from its parent network to process and verify transactions, but doesn’t store any complete history unlike full or master nodes do; which means they can be more lightweight without sacrificing functionality!

  • Liquidity (adjective)
    Liquidity is an important measure for any market. It tells us how easy it will be to buy, sell or trade our assets in that particular setting and on exchanges too!

  • Liquidity Pool (noun)
    Liquidity pools are a way to help facilitate trading on DeFi platforms by providinguser-provided funds that can be locked up in smart contracts. These collections of money provide liquidity for traders, but there’s no central bank so they have do it themselves!

M

  • Metafatigue 

    Metafatigue is a term used in the metaverse / web3; you develop metafatigue normally in metaverse; feeling of constant worn out, tiredness or mental fatigue or a combination of all. – If you feel metafatigue its best to take sometime off – term created in 2022
  • Mainnet (noun)
    The mainnet is a blockchain that operates at the core of cryptocurrencies. Its purpose may be to act as an integral part, or backbone for all transactions on your network and provide security from tampering with data – this means it has more power than other blockchains in regards what information can go through without getting changed along way before arriving safely backtracked up again!
    Also known as: L1, testnet (antonym)

  • Market Cap (noun)
    The total value of an asset is based on its current market price. A cryptocurrency’s cap is found by multiplying the cost per coin times how many are in circulation, so it’s important for traders to monitor both numbers closely!

  • Master Node (noun)
    A master node is a blockchain’s most important participant. They contribute to the verification and relay of transactions, store all history on their own nodes as well as participate in voting for special operations like governance or other protected features that are partaken only by these elite members of this community.”
    See also: node, full node, light node

  • Metaverse (noun)
    a theoretical or emergent networked online space with digitally persistent environments that people inhabit, as avatars, for synchronous interactions and experiences, accessing the shared virtual space through virtual reality, augmented reality, game consoles, mobile devices, or conventional computers.

    i.e. Decentraland, Sandbox, Otherside, Axie Infinity, cryptovoxels, spatial.io, META

  • Mining (verb)
    In a proof-of-work system, the process of verifying transactions and organizing them into new blocks is called mining. Miners who participate in this activity are known as “miners.”

  • Minting (verb)
    The act or instance of validating information, such as domain ownership and registering it onto the blockchain.

  • Moon / To the moon!
    The moon! This phrase implies that the value of an asset will go so high it reaches literal. The most popular form is “wen moon?” Which means one’s impatience when not increasing as quickly they had hoped for.”

  • Moonboy (noun)
    Moonboy is an occupational borrowing term that has come to describe these individuals, who constantly advise others on the potential value of their investments or YouTube channels. The word “moon” represents high hopes for financial gain; it’s also used as slang referring to money itself.”

N

  • NFT- Non-fungible token (noun)
    A non-fungible token (NFT) is a digital representation certificate of authenticity used to assign and verify ownership. NFTs are different from real world data fungibles ” physical assets “ because they cannot be interchanged with one another– see also ERC 721 for more information on this subject matter!

  • NFT Domains (noun)
    NFT Domains are a new type of domain name that can be minted on the blockchain. They allow people to govern their own data, set up an online identity with Web3 username and take control over digital worlds in general- all while harnessing power from web3 internet! term used to describe .eth domains

  • NGMI
    “Ngmi” is a contraction of “not gonna make it.” It’s used to imply that projects or assets have low chances for success. You can direct this at an individual, usually someone who has made mistakes in their trade or investment activities before you even start talking about them on the phone call – just say ‘ngm’ when they come up so we know what each sentence means!

  • Nocoiner (noun)
    The term “nocoiner” was created as a pejorative for people who do not own any cryptocurrency, and it’s generally used in negative contexts.

  • Node (noun)
    Nodes are the backbone of any blockchain network. They come together to create a decentralized peer-to-peer infrastructure that validates transactions and stores data in an accurate order based on instructions from nodes themselves or through voting procedures for those who don’t want their voice heard as well .
     See also: full node, light node, master node

  • Non-fungible (adjective)
    Non-fungible tokens (NFTs) are, quite literally, unique. They cannot be interchanged with another NFT or the same item fungibly – this means that you can trade one token for something else but not vice versa! This also makes them perfect as collectibles because only ONE of each will ever exist.”
    See also: NFT

O

  • Oracle (noun)
    In the world of cryptocurrency, oracles are a service that supplies smart contracts with data from off-chain sources. These services rely on other organisms such as themselves to provide external information about things like temperature sensors and stock prices in order for them be able do their job properly – which is what makes it so exciting!
    i.e. Chainlink, Band Protocol

P

  • P2P- Peer-to-Peer (adjective)
    The P2P network is an distributed database in which two or more computers interact directly with each other without the need for a central server.

  • Paper Hands (noun, adjective)
    To have “paper hands” is to be weak and unable to stomach the crypto market volatility. This phrase can also mean that you sold your cryptocurrency or stock at the bottom, usually for a loss.

  • PFP (noun)
    Profile pictures are the perfect way to express your NFT . They can make or break a profile, so it’s important for them not only be unique but also to showcase your personality!

  • Physical Object

    Blockchain is a powerful tool for creating Physical Object, which can be used in all sorts of decentralized applications. These innovative tools allow you to create your own realities and see what the world would look like if they were real!

     

  • Pilled
    Pilled means to be well informed or knowledgeable about something. It can also refer a person who is intelligent, but not too many people know what “pilling” exactly means so they might use this term more than once in conversation with you!

  • Private Key (noun)
    A private key is a long alphanumeric passcode required to withdraw lock assets from your blockchain wallet and authorize digital transactions. To remember these keys, you can either write them down on paper or store it in an easy-to use portable device like USB drive which has been properly encrypted with crushing passwords so they cannot be overlooked by hackers when looking through millions of potential victims’ personal belongings!
    See also: public key, seed phrase

  • Potentially Promising
    The idea of potentially promising quickly caught on, being used both sarcastic and seriously by poking fun at the situation.

  • PoS- Proof of Stake (noun)
    The Proof of Stakes, or PoS for short is a consensus mechanism that requires nodes to stake some amount of cryptocurrency on the blockchain platform. If they approve fraudulent transactions then part their staked coins will be cut down in size and slayed – just like how an mythological creature would kill its opponent with one strike!
    See also: slash, proof of stake

  • PoW- Proof of Work (noun)
    The Proof of Work is a consensus mechanism that requires miners to complete complex mathematical puzzles in order verify transactions and mint blocks. When they solve these equations correctly, it’s worth getting access the next block reward as well!
    See also: miners

  • Protocol (noun)
    The protocol is the foundational software layer of a program. This can refer to either 1) blockchain networks or 2) applications built on top for them- Bitcoin, Ethereum and more!

  • Public Key (noun)
    The public key is an alphanumeric code that serves as the address for your blockchain wallet. You can send digital assets to this folder via other users, but only you have access with out corresponding private key!
    See also: wallet address, private key

  • Pump and dump (noun, verb)
    Pump and dump schemes are not new in cryptocurrency. The process was first documented as a strategy where a blockchain creator would hype up their coin, leading many people to buy into it raising its price for that period of time before they start selling at lower prices than what has been seen earlier on which leads them having losses because those who didn’t sell can be considered “rekt” by those who did manage profits from such trades.
    See also: holding the bag, rekt, rug pull

R

  • Red Pilled (adjective, verb)
    The red pill is a symbol for freedom, but it also means being able to see the realities of life on your own terms. The take-home message here? Don’t let anyone tell you what’s best or wrong without having all available information —

  • Rekt (adjective, verb)
    Rekt, like “wrecked” is an emotion that one feels when they have lost something or someone very important.

  • Rug pull (noun, verb)
    When the rug is pulled, it’s usually in reference to an exit scam where a crypto project takes your funds and runs. This can be compared with pump-and-dumps because both involve quickly increasing supplies which lead prices down for those who don’t get out fast enough or buy up all available tokens before they go on sale at once (this last one has happened recently).

  • Rollup (noun)
    The roll-up is a scaling solution that aims to improve transaction throughput and decrease transition fees by batching multiple transactions off the chain. This allows for more efficiency in comparison with other methods such asperforming individual rolls or batches of transactions, then submitting them all at once when they’re ready

S

  • Satoshis/Sats (noun)
    Satoshis are the smallest unit of currency in bitcoin. They’re called “sat” after their creator, who has remained anonymous despite being widely speculated about since 2011 when they were introduced into circulation as part onener hundred fifty five bitcoins.

  • Scalability (adjective)
    The scalability (adjective) of a protocol is the measure to how much it can handle when there’s an increase in demand or transaction volume.

  • Seed Phrase
    Seed Phrase (noun) is a string of words used as the master password to access your crypto wallet. Since you only need one word for this, it’s easy enough that even kids can remember how many characters are in their phrase! 

  • Ser (noun)
    “I am not sure if you are aware, but ‘ser’ is an intentional misspelling used in crypto circles.”

  • SHA-256 (noun)
    The Secure Hashing Algorithm or SHA-256 for short is a set of functions designed by the NSA. It takes an input and generates some sort like letters that represent its data with great accuracy in order to ensure security when storing information on devices such as hard drives etcetera.
    See also: hashing, hash function

  • Sharding (verb)
    Sharding is a method of separating networks’ nodes into smaller groups that can increase scalability. These shards are able to reach consensus on behalf for the entire network, removing any need where every single member would have had process every transaction in full volume!

  • Shill (verb, noun)
    Shilling can be considered as a form of marketing and promotion for brands, NFT projects, cryptocurrencies, stocks, or other assets in order to increase adoption. The practice was originally done via spamming on social media but has now moved onto more traditional channels such like YouTube where people post videos about coins they think will rise accordingly with increased interest from viewers which then drives up demand leading towards higher prices – this is often called “shill trading”.

  • Shitcoin (noun)
    Shitcoin is a term used to describe any cryptocurrency whose value does not depend on real-world use cases or fundamentals.

  • Sidechain (noun)
    Sidechains are a type of blockchain platform that can be used to offload transactions from the main chain in order to increase scalability or add other functionality. They’re connected via two-way links which allow data and assets seamlessly transferred back into their parent platform, like when moving between different rooms at your house while still being able to communicate with that inside through speakerphones!

  • Slashing (verb)
    The act of burning or redeeming a validator’s staked cryptocurrency as punishment for approving fraudulent charges, which endangers the network.

  • Slippage (noun, adjective)
    Cryptocurrency prices are volatile, so you’ll want to be sure your orders execute at the market price rather than getting fills from a less-active exchange or marketplace.

  • Smart Contract


    Smart contracts are a self executing smart contracts code deployed on the blockchain that allow transactions to be made without an intermediary figure and with parties involved having no need trust one another.

  • Soft Fork (noun, verb)
    Soft forks are a preferable choice to hard ones because they don’t create new chains or coins, but instead just make changes in an existing one. This means there is less risk for confusion among users who may not know about the update until it has happened already!
    See also: fork, hard fork

  • Solidity (noun)
    The Ethereum network is powered by a language called Solidity. This special computer science subject lets users create and run smart contracts on the platform, which are essentially self-executing pieces of code that enforce promises between two or more parties without any human intervention involved in their execution process!

  • Stablecoin (noun)
    Stablecoins are a novel and exciting way to store value. They’re usually backed by fiat currencies, like the US dollar or Swiss Francs but can also be pegged in other assets such as precious metals or even cryptocurrencies!
    i.e. USDT, Dai, USDC

T

  • Testnet (noun)
    The blockchain is a software environment that mimics the mainnet, used to test network upgrades and smart contracts before deploying them on your real life counterparts.

  • TLD- Top Level Domain (noun)
    Top Level Domain- the last segment of a domain name, or part that follows immediately after “dot” symbol.

  • Token (noun)
    A token is like a cash card that you can use to access digital services on an existing blockchain platform. You could represent physical or even intangible assets with this kind of currency, and transfer them between different blockchains through tokens!
    i.e. LINK, UNI, AAVE

  • TPS- Transactions per second (noun)
    Although it may seem confusing, the term “TPS” is an acronym for ‘transactions per second’. This simply means how many transactions are being processed each second and helps determine a blockchain’s computational power.

  • Transaction (noun)
    Transactions are the data that make up blockchain networks. They can be anything from financial transactions to smart contracts and even vote counting, but they all have one thing in common: no person or central authority controls what is written on a transaction!

  • TVL- Total Value Locked (noun)
    The TVL is a measure of the assets locked into an dapp’s smart contract, usually expressed in USD.

  • Txn Hash (noun)
    The transaction ID, or Txn Hash is a string of letters and numbers used to represent transactions. You can find out all the details about it by pasting that into an explorer like Etherscan which will show you what came from whom, how much was sent back in return etcetera!
    See also: hashing, SHA-256

U

  • Ultrasound Money

    In a world where you can buy chocolate with cryptocurrency, it’s hard to believe that Bitcoin was once considered “sound money.” But unfortunately for those who prefer their cryptocurrencies in this tangible form and not just as an investment opportunity–the value of Ethereum will be greater than both together.

  • Up Only

    The saying “up only” is a tongue-in cheek way to say that an asset cannot decrease in value. This phrase can be used byboth investors who are bullish on the coin/token as well asthose looking for sarcastic insights intothe current cryptocurrency environment.”

V

  • Vaporware (noun)
    Vaporware is a term to used describe products or projects that are announced but never actually materialize. These days, we’re all too aware of the risks involved with investing our time and money into something only for it not work out as planned.

W

  • WAGMI
    “We’re All Gonna Make It,” WAGMI is a common saying in crypto and trading circles that all traders use to signify their camaraderie with each other as well as indicate an optimistic outlook for the future. The term was coined by bitcoiner known only by his handle, “Goblin.”
    See also: GMI, NGMI

  • Wallet (noun)
    A blockchain wallet is a software application or hardware device used to store the private keys for your given digital asset. Unlike traditional wallets that hold money itself, this type of storage provides an additional key – which proves ownership on any particular token–to keep in secure offline location so it can never be hacked!
    i.e. Metamask, Coinbase Wallet, Ledger, Trezor

  • Wallet Address (noun)
    A wallet address is like the bank account number for your cryptocurrency. You can send funds to other people using this publicly displayed code, but only you know how much cash awaits in their respective accounts because of privately held keys!

  • Web1 (noun, adjective)
    When we think about the web as it was in its early days, Web 1 typically comes to mind. This era saw a lot of innovation with static websites and information only displayed on them without any interactive features or user generated content at all!

  • Web2 (noun, adjective)
    Web 3.0 – The future is here, and it’s all about you!

    The 90s saw the rise of user-generated content on websites like Wikipedia or YouTube; this trend continued into 2000 with innovations such as blogs ( Blogger ) . In 2001 came Facebook founder Mark Zuckerberg’s HMS ” Hug intercepted” , which revolutionized how people connect socially through networking site.

  • Web3 (noun, adjective)
    Web3 is the next iteration of web being ushered in as we speak, which leverages blockchain technology and open-source applications. It aims to remove control from monopolistic tech companies by returning ownership data & content users; also referred called “read write trust” web.

  • Wei (noun)
    The smallest unit of ether, named after cypherpunk and cryptocurrency pioneer Wei Dai. 10^18 gwei equals 1 Ether!

Y

  • YOLO- You Only Live Once
    YOLO- You Only Live Once is when an investor puts all their eggs in one basket without thinking about how risky it may be. For example, you might take on too much debt or buy low volatility stocks because “everyone” says they are good investments but then lose everything once the market crashes!

#

  • 51% Attack (noun)
    51% attacks are a type of malicious act in which an individual or organization gains control over half the nodes on a network. This gives them power to exclude certain transactions and double spend cryptocurrency, among other things!

FAQ on web3 Glossary

What is Web3 lingo?

A – Web 3 term Address – also called wallet address or blockchain address, the address for a blockchain also has a home and business address and the address is the address of the blockchain. An “address” can be an alphanumeric reference that can be used to determine where to find the transactions’ home.

What is Web3 and metaverse?

The Metaverse can be confused with Web 3, the third stage for the Web development. The Metaverse is a virtual reality parallel web-based world which uses a 3D space.

What does Alpha mean in Web3?

Alpha (noun) information that may be valuable to investors and is often related to the value of digital assets like crypto and nfs.

What are Web3 protocols?

While “Web2” was the front end revolution, Web 3 was the back end revolution. Developed on blockchain, the system will change how Internet systems work by combining logic from the Internet to the logic of computers.

Why Smart Contracts?

The use of blockchain has made it possible to eliminate middlemen from transactions. This allows both parties in an exchange, whether they are identified or anonymous ,to execute trades without having any affirmation that the deal will go through – this is what makes smart contract so attractive because you can do all your business on chain with complete transparency but no third-party interference!

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