If you spend any time online, it is safe to assume that you have started seeing a lot of terms like blockchain, decentralized, NFT, web3, and many others. While they’re all connected in some way, they all have different meanings, and for someone new to the space all the jargon can get rather confusing.
So, with this handy glossary of web3.0 terminology, we aim to demystify all this crypto-speak for you! Once you’re equipped with a basic understanding of these common terms, you’ll be ready to navigate the decentralized web with more confidence.
a publicly-accessible digital ledger used to store and transfer information without the need for a central authority. Blockchains are the core technology on which cryptocurrency protocols like Bitcoin and Ethereum are built.
Decentralized Autonomous Organization (DAO)
a DAO is an organization that is designed to be automated and decentralized.
the process of validating information, such as domain ownership, and registering that onto the blockchain.
NFT (Non-fungible token)
a software application or hardware device used to store the private keys to blockchain assets, such as cryptocurrencies and NFTs. Unlike a traditional wallet, a blockchain wallet does not actually store the coins or tokens themselves. Instead, it stores the private key that proves ownership of a given digital asset. (e.g. Metamask, Coinbase Wallet, Ledger, Trezor)
also known as a public key, a wallet address is an alphanumeric code that serves as the address for a blockchain wallet, similar to a bank account number. Anyone can send digital assets to your wallet via your public key or domain name, but only you can access your wallet’s contents by using the corresponding private key.
the next iteration of the web being ushered in as we speak, which leverages blockchain technology, open-source applications, and the decentralization of data and information. Web3 aims to remove control of the web from monopolistic tech companies, and return ownership of data and content to its users. Also referred to as the “decentralized web” and the “read-write-trust web.”