Web3 – Does Metaverse World Requires New Vocabulary For Web3?

The terms you will need to know for navigating into Web3. Read this guide here to know more.

Web3– What is Metaverse?

At its core, the metaverse is the concept of digital, connected places where people come together for work and socializing.

And combining social media,virtual reality, video conferencing and cryptocurrencies into one immersive form.

It’s a place where 3D avatars can spend money,play games and conduct and Metaverse real – world business.

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Web3 – How Does Metaverse Work?

Metaverse is closely interconnected with the concept of the next generation of the internet. Based around public blockchains and decentralised technology.

Crypto and the technology behind it form backbone of the metaverse. With the currencies underpinning buying and owning .

While blockchain systems enable apps for activities like shopping and gaming.

Web3- What is It?

Web 3.0 in simple terms is the new iteration of the web which uses natural language processing, decentralized autonomous bodies. Besides, blockchain technology, and 3D graphics.

Since information can be accessed from all ends of the web spectrum, the web becomes permissionless. And there is a reduced dependency on Big Tech.

Web3 is hence the next big thing that is expected to revolutionize how the web works.

Here , I have complied some basic terms for you to understand the terminology of Web3.

DAO

Decentralized autonomous organizations, or DAO’s are essentially groups. That govern the rules for projects like coins, without a clear leader running the show.

They have a flat management structure . With no CEO or executive team. As well as it raises money by issuing tokens.

How DAO functions –

Members can complete coding or debugging tasks and get paid in the DAO’s cryptocurrency.

They are also increasingly becoming a way for job seekers to get a foothold in the crypto world .

By creating a kind of publicly available resume through blockchain . As well as offering networking opportunities.

Dapp

Slang for “decentralised app” . Apps are programs that run on a blockchain . Instead of a single computer they are designed to operate beyond the control of a governing authority.

While apps like Uber or Snapchat are managed by corporations .

Dapps have no such controlling entity. Examples are Bit Torrent for file sharing or media player Popcorn Time.

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Digital Hologram

To replicate the real world, the metaverse will use digital holograms. That recreate a person ,place or object. Other users can interact with these 3D projection it closely connected to .

And sometimes used interchangeably with the concept of an avatar.

Digital Twins

Imagine a place like your favourite clothing boutique .And its metaverse counterpart . A digital twin is the virtual representation of a real-world system or object .

With the two interconnected and able to share data and information.

Gas

In world of crypto, gas is essentially the fee for using energy in transactions. When smart contract are executed on the blockchain. Or when coins are traded or used to pay for things.

There is a charge that goes to the crypto miners. These fees can be minimal or quite expensive .

Based on how much traffic is flowing on the network at any given time. As well as on the transactions size and complexity.

Interoperability

When you use your crypto to buy avatars,digital twin t-shirt or sneakers. You are going to want to be able to use those items across different virtual worlds.

That’s why interoperability is important. ‘It’s ‘like having a universal plug or systems that can talk to each other.

The metaverse needs sufficient interoperability to achieve mass adoption.

Fudding

Short for fear , uncertainty, and doubt , FUD refers to when people spread negative feelings about Bitcoin. When the market discusses the term FUD .

It means that there has been some type of negative event that seems to be suspiciously timed. With large Bitcoin price movements that have a large impact on the larger crypto market.

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Shilling (shi-luhng)

The increasingly popular phenomenon of promoting any crypto coin through implicit advertising. Shilling is typically done by social media influencers on different online platforms .

In most case scenarios ,the influencers receive payment for advertising the crypto.

Crypto shilling is all creating hype. When the public interest in crypto projects rises, investors flood the project. And eventually ,it results in spikes in the crypto token price.

PoS (proof-of-Stake)

PoS or Proof of Stake is a consensus mechanism used by blockchains. To ensure correct data is stored to the blockchain.

Proof-of-Stake is a cryptocurrency consensus mechanism for processing transactions. As well as creating new blocks in a blockchain .

A consensus mechanism is a method for validating entries into a distributed database . As well as keeping the database secure. In the case of cryptocurrency the database is called a blockchain

PoW (Proof of Work)

PoW is a consensus mechanism that leverages a network of computers called miners. That verify transactions in exchange for crypto rewards.

Proof of Work Consensus is the mechanism of choice for the majority of cryptocurrencies currently in circulation. The algorithm is used to verify the transaction and create a new block in the blockchain.

PoW Origin –

The idea for Proof of Work was first published in 1993 by Cynthia Dwork and Moni Naor. And was later applied by Santoshi Nakamoto in the Bitcoin paper in 2008.

The Proof of works” was first used by Markus Jakobsson and Ari Juels in a publication in 1999.

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Validators (val-ida-tor)

Validators are participants in a blockchain network who verify incoming transactions. Validators are generally picked at random based on the amount of cryptocurrency.

Which they are willing to stake or lock up in a smart contract , to win the rights to validation . This is different than the competition style mechanism like Proof-of -Work )PoW).

Validators – How does it works

As transactions occur, validators batch individual transactions into a block and then verify it. The number of transactions per block is designed by each blockchain’s rules.

And each blockchain decides how many many other validators are needed to agree to the valid transactions before the block is closed.

But once the has been completed, the validators process the block and permanently add the new record to the blockchain.

Whale (VAYL)

A “whale” is a loose slang term used to describe big players in the cryptocurrency markets.

A crypto is an entity that holds enough digital currency to significantly influence market prices by trading significant amounts of coins and tokens.

Although there is not a straightforward or defined threshold most Bitcoin whales own a minimum of 1,000 bitcoins (BTCs).

Whales function

Because they own such large amounts of cryptocurrency , most crypto whales refrain from trading on traditional crypto markets.

As their hefty transactions might overwhelm the liquidity of trading volumes.

Instead, they engage in over-the-counter (OTC) crypto trading , where they buy and sell crypto tp each other, many times off-chain.

HODL (ho-dal)

It is an acronym for “Hold on for dear life”. HODL is a term derived from a misspelling of “hold” in the context of buying and holding Bitcoin and other cryptocurrencies .

It’s also commonly come to stand for “hold on for dear life” among crypto investors.

HODL has become a mantra among crypto enthusiasts denoting a long-term approach to cryptocurrency investing.

ICO (I-C-O)

A method of raising funds by selling tokens of a new cryptocurrency project.

Initial coin offerings (ICOs) are popular way to raise funds for products and services usually related to cryptocurrency.

ICOs are similar to initial public offerings (IPOs) ,but coins issued in an ICO also can have utility for a software service or product.

HASH RATE (hash-reyt)

Unit of processing power that tells the number of calculations made per second by the blockchain network. A hash rate of 1 trillion calculations in one second.

TO THE MOON (to-the-moon)

A strong conviction that the price of a particular cryptocurrency will soon increase dramatically.

ERC -721

A token standard for NFTs. The most widely used token standard today. Floor Sweeping

The glorious sight of whales coming into a project and buying up the cheapest NFTs in bulk. Possibly the most exciting thing an NFT holder can watch.

Freecoiner

If you receive crypto currency as part of an airdrop, as a gift or by other means ,congratulations. You are now a freecoiner and you can not lose.

MHOUSE

The international members club for Web 3 innovators.

Flex

Show off your wealth or general dominance in an ostentatious way.

Generative Art

Beautiful code that is randomly generated , created and stored on the blockchain. It looks visually stimulating to all that live inside.The Matrix.

Honey Pot

A honey pot is a very sneaky crypto trap. A smart contract looks to have an exploit. Users who discover it look to exploit it but get exploited themselves by the honey pot. Instead of stealing ETH they lose their own ETH.

KEY

Like a physical kay, your crypto key provides access to your crypto wallets. In cryptography , messages are secured by a combination of public and private keys .

Appearing as a large string of numbers , the private key is the password to everything and if it gets leaked, you are in strife. Don’t store this on physical device.

Light Node

The little brother of blockchain nodes, light nodes download just enough data to process and verify transactions.Whereas full nodes store a blockchains complete history.

Memecoin

A crypto based on an internet meme. Like $DOGE, they may start out as a joke, but can turn into a movement that makes many early investors considerably wealthy.

Generally they are a shit coin with no utility but they have cute dog or cat face on them so we love them.

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Moon

This means your crypto project or token is rising so much that it will leave the Earth’s atmosphere and hit the moon. Large green candle sticks are appearing on the chains of your project and everyone is happy.

P2E

Short for Play to Earn games are blockchain based games. That feature an open economy that uses tokens as rewards.

In an ideal world, these tokens can be traded on crypto exchanges and make everyone who plays rich.

Open Edition NFT

An open Edition NFT collection has no limit to the amount of NFTs that can be minted.

Rather utilising rarity that 1:1 NFT’s or limited edition collections have . This could be a limited time offer or end after a goal is reached.

This style of collection was popularised by @Nifty Gateway and is also ideal for P2E games and games like @axieinfinity where breeding is a key aspect of the game theory.

Position

In crypto currency trading ,you take a position and hope that you are right. A long position means you have purchased a token and are hoping for it to go up.

Inversely a short position means that the trader believes a price will drop and sells.

Protocol coin

A protocol coin is native to its blockchain and can be used for transactions on its respective blockchain. It can also be sold on crypto exchanges or used as voting rights in a DAO.

Sidechain

A sidechain is a chain that is linked to another blockchain .Often via a bridge and often with the goal of alleviating congestion on the primary network or provide scalability.

This can allow the blockchain to remain independent but also be part of a network of blockchains in an ecosystem.

Both Bitcoin and Ethereum run multiple side chains run multiple side chains effectively.

Sweep the Floor

A floor sweep happens when someone buys all the NFTs off a project floor, This can be a bullish sign of good news incoming or that whales are circling around a project before it moons. Time to get excited.

Airdrop

Coins or tokens that are dropped into users wallets without any action on the users part.

Altseason

That period of a bull market right after Bitcoin pumps when people believe that the Bitcoin profits will start to rotate into no-Bitcoin coins which in turn will pump and moon.

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Bearish

The way a bear market makes you feel

Bearwhale

An old-school term from 2014 story when a Bitcoin whale placed a bearish limit order well below the price at the time.

Bitcoin

A Peer-to-Peer Electronic Cash System. The OG crypto coin created by Santoshi Nakamoto in the seminal white paper of 2008.

Bull Market

A period when the markets are going up. A term from legacy finance and originating from the idea of the nerd of bulls running that can not be stopped.

Burn

Coins or tokens that sent to a wrong address are considered “burned” which means they are gone forever and no longer usable.

CEX

A crypto exchange operated by a centralised authority e.g. Coinbase or Binance. The alternative to a DEX or decentralized exchange like Uniswap or Sushiswap.

Conclusion

Web3 is growing rapidly. Much of the credit goes to Twitter and Reddit communities. I recently scoured Twitter for the most popular keywords surrounding the Web3,Blockchain and Crypto community.

List of Web3 Terms

So,I decided to make a list of these keywords associated with their meanings for you to get associated with Web3 ecosystem in a better manner.

Web3 would revolve around NFTs and cryptocurrencies .

And with companies across industries clamoring to get in early ,new products and investment opportunities are being hawked faster than ever before.

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