Web3 Lingo Defined So You Can Sound Smart At Your Parties

Web3, also known as Web 3.0, refers to the next evolution of the internet, where users have greater control over their data and are able to interact with decentralized applications (dApps) and services. The following is a list of some of the key terms and concepts associated with Web3:

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Blockchain

A decentralized, distributed ledger that records transactions across a network of computers. Blockchain technology is the foundation of Web3, as it allows for the creation of trustless, immutable systems that do not rely on a central authority.

Cryptocurrency

A digital or virtual currency that uses cryptography for security. Cryptocurrencies, such as Bitcoin and Ethereum, are based on blockchain technology and are used to facilitate transactions on decentralized platforms.

Decentralized Finance (DeFi)

A financial system built on blockchain technology that enables the creation of decentralized, peer-to-peer financial services such as lending, borrowing, and trading.

Smart Contract

A computer program that automatically executes the terms of a contract when certain conditions are met. Smart contracts are used to facilitate transactions and interactions on decentralized platforms.

dApp

A decentralized application that runs on a blockchain or other decentralized network. dApps are often open-source and may have their own native tokens.

Ether (ETH)

The native cryptocurrency of the Ethereum blockchain. Ether is used to pay for transactions and computational services on the Ethereum network.

Gas

A fee required to execute a transaction or execute a smart contract on the Ethereum network. Gas is typically paid in Ether.

Non-Fungible Token (NFT)

A unique digital asset that represents ownership of a digital item, such as a piece of art or in-game item. Unlike cryptocurrencies, NFTs cannot be exchanged for an equivalent value.

Solidity

A programming language used to write smart contracts on the Ethereum blockchain.

Web3 Wallet

A digital wallet that holds cryptocurrency and allows users to interact with decentralized applications on the Web3.

This is not an exhaustive list and there are many more terms and concepts associated with Web3. But, these are the main ones in current context to give you an overview about the topic.

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