Web3 Glossary
Web3 is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics.
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51% Attack
an attack in which a single entity or organization gains control of over half of the nodes or mining power on a network. This then allows the entity to disrupt the network by excluding certain transactions, double spending cryptocurrency, and performing other malicious acts.
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Airdrop
a marketing technique in which crypto projects send their native tokens directly to the wallets of their users in an effort to increase awareness and adoption.
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Altcoin
initially used to refer to any cryptocurrency that wasn’t Bitcoin, altcoin may now refer to any new cryptocurrency with a relatively small market cap.
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ATH- All Time High
the highest price an asset has ever had.
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ATL- All Time Low
the lowest price an asset has ever had.
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Bear Market
a prolonged period of decline in a financial market.
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Bearish
similar to a bear market, this refers to holding a pessimistic view of a market or asset’s value. If you are bearish on a certain cryptocurrency, you believe its value will decrease over time. Those who are bearish may be referred to as bears, sometimes purposely misspelled as beras
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Bitcoin
the very first decentralized, peer-to-peer, digital currency, created by the pseudonymous Satoshi Nakamoto in 2009.
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Block
a batch of transactions written to the blockchain. Every block contains information about the previous block, thus, chaining them together.
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Block Explorer
a tool for browsing information on a blockchain, such as transactions, wallet addresses, market caps, and hash rates.
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Blockchain
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.
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Bridge
a protocol allowing separate blockchains to interact with one another, enabling the transfer of data, tokens, and other information between systems.
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Buidl
meaning “build,” a common intentional misspelling used in crypto circles in reference to the term HODL
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Bull Market
a period where market prices are rising.
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Bullish
similar to a bull market, this refers to holding an optimistic view that a market or asset will rise in price. If you are bullish on Bitcoin, you believe that its value will continue to rise over time.
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Burn
the process of removing tokens from a cryptocurrency’s circulating supply, usually done by sending them to an inaccessible wallet address. Other digital assets, such as NFTs, can also be burned via the same process.
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CeFi- Centralized Finance
centralized businesses that participate in crypto.
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Centralized
a hierarchical structure in which authority and control are concentrated within a small group of decision makers.
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CEX- Centralized Exchange
a cryptocurrency exchange managed by a centralized business or entity.
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Coin
a cryptocurrency built on its own native blockchain, intended to be used as a store of value and medium of exchange within that ecosystem.
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Cold Wallet
an offline device used to store cryptocurrencies. Cold wallets can be hardware devices or simply sheets of paper containing a user’s private keys. Because cold wallets are not connected to the internet, they are generally a safer method of storing cryptocurrencies.