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Web3 Glossary

Terms and lingo to help you get smart fast in a Web3 world.

As a Web3 world approaches and brands’ marketing strategies become optimized for it, understanding how to speak the language of this new territory is a necessary (albeit sometimes overwhelming) first step. Our team is sharing an ongoing list of terms and lingo to keep you updated as Web3 evolves. Browse our glossary here:

AR: an interactive experience of a real-world environment. Objects and scenarios that exist in the real world are recreated to experience through technology.

Web3: a new iteration of the internet built on blockchain technology.

Blockchain: a secure, digital recording of transactions that is captured in a way that is very difficult to change or hack.

Testnet: an alternative blockchain used exclusively for testing. Testnet coins do not have monetary value, allowing developers to experiment and test without having to use actual money.

Genesis block: the name given to the first block a cryptocurrency ever mines.

Node: the digital container that stores blocks of data on a blockchain in a similar functional manner as a server.

Cryptocurrency: a digital currency designed for transactions through a computer network that is not reliant on any central authority (like a government or a bank).

Crypto wallet: a mobile application that allows users to store and retrieve their digital assets (not needed for transactions, but a useful tool to keep your assets in one place).

Cold wallet: a crypto wallet that cannot be compromised because it is not connected to the internet.

Public key: a large numerical value used to encrypt data that is made accessible to everyone through a public directory.

Private key: a key, or numerical value, only accessible to authorized parties that can be used to encrypt or decrypt data.

Play to earn: the concept of in-platform gaming in which a player can earn crypto or other digital assets by playing.

Consensus mechanism: the systems used by cryptocurrencies to validate the authenticity and security of transactions on the blockchain. 

Centralized exchange: a type of crypto exchange where organizations coordinate trading on a large scale (in a similar model as stock exchanges).

Decentralized exchange: a type of crypto exchange that allows direct peer-to-peer exchanges to take place online.

Decentralized autonomous organization: member-owned communities without centralized leadership.

Discord: a community-based communications and instant messaging platform popularly used by gamers and crypto enthusiasts.

Drop: a release of limited edition items or collections used by brands to generate consumer enthusiasm. For example in the context of Web3, a brand may use an exclusive NFT drop as a marketing tactic.

Gas fees: user payments to cover the computing energy required to process and validate transactions on the blockchain.

Interopability: the ability of computer systems to collaborate with each other, exchanging and making use of information.

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