Web3 terms you should know🧵👇
This list of 20+ terms can help you in gaining a basic understanding of web3 terms.
This list of 20+ terms can help you in gaining a basic understanding of web3 terms.
1. BTC :
Bitcoin (BTC) is a decentralized digital money that can be sent from one person to another over the peer-to-peer bitcoin network.
Bitcoin (BTC) is a decentralized digital money that can be sent from one person to another over the peer-to-peer bitcoin network.
2. ETH/Ether :
The native cryptocurrency of the Ethereum platform is ETH/Ether. Ethereum is a blockchain technology system ( Blockchain )
The native cryptocurrency of the Ethereum platform is ETH/Ether. Ethereum is a blockchain technology system ( Blockchain )
3. NFT :
NFT stands for non-fungible token. NFTs are a type of digital asset on the blockchain that is unique and shows someone's ownership.
NFT stands for non-fungible token. NFTs are a type of digital asset on the blockchain that is unique and shows someone's ownership.
4. DeFi :
Decentralized finance ( DeFi ) is an emerging financial system based on blockchain. The system prevents banks and institutions of control over financial services, assets, and money.
Decentralized finance ( DeFi ) is an emerging financial system based on blockchain. The system prevents banks and institutions of control over financial services, assets, and money.
5. Wallet Address :
People can transfer you cryptocurrency using your wallet address, which is a unique string of numbers and letters (also known as a public key).
People can transfer you cryptocurrency using your wallet address, which is a unique string of numbers and letters (also known as a public key).
6. Gas :
The term "gas" refers to the cost that must be paid in order to complete a transaction.
Alternatively, you can use the gas for Ethereum Blockchain to execute a contract.
The term "gas" refers to the cost that must be paid in order to complete a transaction.
Alternatively, you can use the gas for Ethereum Blockchain to execute a contract.
7. Cryptocurrency :
A blockchain like Bitcoin or Ethereum has a native asset called cryptocurrency.
Tokens, also known as protocol tokens, are what all coins are.
A blockchain like Bitcoin or Ethereum has a native asset called cryptocurrency.
Tokens, also known as protocol tokens, are what all coins are.
8. Token :
Platforms and applications developed on top of a Blockchain generate cryptocurrency tokens. Application tokens are another term for them.
Platforms and applications developed on top of a Blockchain generate cryptocurrency tokens. Application tokens are another term for them.
9. Smart Contract :
Smart contracts are essentially programmes that run when certain conditions are met and are registered on a blockchain. They're programs running on their own.
Smart contracts are essentially programmes that run when certain conditions are met and are registered on a blockchain. They're programs running on their own.
10. Airdrop :
An airdrop is an uninvited, typically free, delivery of a cryptocurrency token or coin to a large number of wallet addresses.
An airdrop is an uninvited, typically free, delivery of a cryptocurrency token or coin to a large number of wallet addresses.
11. Peer to peer ( P2P ) :
When two decentralised individuals interact directly with each other without the use of a third party, this is known as peer-to-peer (P2P).
When two decentralised individuals interact directly with each other without the use of a third party, this is known as peer-to-peer (P2P).
12. Mining :
Mining is the process of introducing new coins into circulation. It's as if bitcoin mining will generate new coins and distribute them to the node that mined the block.
Mining is the process of introducing new coins into circulation. It's as if bitcoin mining will generate new coins and distribute them to the node that mined the block.
13. Stable coins :
Stable coins are cryptocurrencies with a price that is tied to another cryptocurrency, fiat currency, or exchange-traded commodity. It maintains its stability.
Stable coins are cryptocurrencies with a price that is tied to another cryptocurrency, fiat currency, or exchange-traded commodity. It maintains its stability.
14. Alt coin :
Every cryptocurrency that isn't bitcoin is referred to as an Altcoin.
There are more than 10000 Altcoins in the market.
Some of the Well know Altcoins are :
1. Ethereum ( ETH )
2. Tether ( LTC )
3. Cardano ( ADA )
4. Bitcoin Cash ( BCH )
5. Litecoin ( LTC )
Every cryptocurrency that isn't bitcoin is referred to as an Altcoin.
There are more than 10000 Altcoins in the market.
Some of the Well know Altcoins are :
1. Ethereum ( ETH )
2. Tether ( LTC )
3. Cardano ( ADA )
4. Bitcoin Cash ( BCH )
5. Litecoin ( LTC )
Bonus :
Few SLANG of Web3 -
15. GM - good morning
16. GN - good night
17. GMI - gonna make it
18. NGMI - not gonna make it
19. WAGMI - we're all gonna make it
20. FOMO - fear of missing out
Few SLANG of Web3 -
15. GM - good morning
16. GN - good night
17. GMI - gonna make it
18. NGMI - not gonna make it
19. WAGMI - we're all gonna make it
20. FOMO - fear of missing out
21. HODL - holding on for dear life when a crypto price tumbles
22. RL - in real life
23. ALPHA - Investing advice or information that puts you ahead of the game at an early stage
22. RL - in real life
23. ALPHA - Investing advice or information that puts you ahead of the game at an early stage
That's all for now.
If you like this thread, make sure to :
1. Follow me
@abeltxor
2. Retweet the first tweet
Thank you so much for getting to the end of this thread 💜 ! Let me know what you think below😊
Also my DM's are always open for you guys🤗
If you like this thread, make sure to :
1. Follow me
@abeltxor
2. Retweet the first tweet
Thank you so much for getting to the end of this thread 💜 ! Let me know what you think below😊
Also my DM's are always open for you guys🤗
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