Web3 Glossary
Here is a collection of terms and definitions related to the Web3 ecosystem.
Web3 Glossary
Welcome to Women of the Metaverse Podcast
Here is a collection of terms and definitions related to the Web3 ecosystem.
Web3 Glossary
Web3
Web3
The next-gen internet that’s built on decentralised tech like blockchain, making online interactions more secure and transparent.
Metaverse
Metaverse
A virtual world that combines aspects of augmented reality, virtual reality, and the internet, allowing users to hang out, socialise, and create digital stuff.
AI
AI
Artificial Intelligence, which is all about making computers smart enough to do things that usually need human intelligence, like learning or solving problems.
NFT
NFT
Non-Fungible Token, a one-of-a-kind digital item that proves you own something unique, like a digital artwork, all secured on a blockchain.
Cryptocurrency
Cryptocurrency
A digital currency that’s super secure because it uses cryptography and isn’t controlled by any central authority, like a government.
Blockchain
Blockchain
A digital ledger that keeps a record of transactions across many computers, making it really transparent and secure.
Decentralised
Decentralised
A system where no single person or group has control, and decisions are made by everyone involved.
Distributed Ledger
Distributed Ledger
A shared database that everyone can see and update, spread across multiple locations or institutions.
Smart Contract
Smart Contract
A digital contract that automatically does what it’s supposed to when certain conditions are met, running on a blockchain network.
DAO
DAO
Decentralised Autonomous Organisation, a kind of organisation that’s run by rules programmed into a blockchain, without any bosses.
DApp
DApp
Decentralised Application, an app that runs on a decentralised network and isn’t controlled by any single person or group.
DeFi
DeFi
Decentralised Finance, a financial system built on blockchain tech that offers financial services without any middlemen.
Token
Token
A digital unit that represents something valuable or an asset, created on a blockchain.
Gas Fee
Gas Fee
A fee you pay for doing stuff like transactions on blockchain networks, like Ethereum, to cover the costs of computer resources.
Wallet
Wallet
A tool (software or hardware) that lets you keep, manage, and use your cryptocurrencies and digital goodies.
Private Key
Private Key
A secret digital key that lets you access and manage your digital stuff, like cryptocurrencies or NFTs.
Public Key
Public Key
A digital key that others can use to send you encrypted messages or transactions meant just for you.
dID
dID
Decentralised Identity, a way to control your personal data using blockchain tech, so you’re the boss of your own info.
Consensus Mechanism
Consensus Mechanism
The way a blockchain network agrees on what’s true and what’s not, like which transactions are valid.
Proof of Work (PoW)
Proof of Work (PoW)
A way to reach consensus by having participants solve super-hard math problems to validate transactions and create new blocks in a blockchain.
Proof of Stake (PoS)
Proof of Stake (PoS)
A way to reach consensus by having participants “stake” (lock up) some of their tokens as collateral to help validate transactions and create new blocks.
Layer 2 Solution
Layer 2 Solution
An extra layer built on top of an existing blockchain to make it faster and more efficient.
Augmented Reality (AR)
Augmented Reality (AR)
A technology that adds digital info or objects to the real world, making it more interesting and interactive.
Virtual Reality (VR)
Virtual Reality (VR)
A technology that puts you inside a computer-generated environment, making you feel like you’re really there.
Mixed Reality (MR)
Mixed Reality (MR)
A technology that mixes elements of virtual reality and augmented reality, letting users interact
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