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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Transaction
data written to a blockchain. New transactions are verified by nodes on the network and then broadcasted to other nodes. Once enough nodes have verified the transaction, it is considered valid and added to a block.
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TVL- Total Value Locked
a measure of the assets locked into an dapp’s smart contract, usually expressed in USD.
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Txn Hash
short for transaction hash, or transaction ID. This is a unique identifier used to represent a specific transaction, written as a long string of letters and numbers. By pasting a txn hash into a block explorer like Etherscan, you can find the details of the transaction it represents.
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Up Only
a tongue-in-cheek saying, implying that a cryptocurrency or other asset can only increase in value. This is used to voice one’s bullish stance on an asset, although it may also be used sarcastically.
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Vaporware
a product or project that is announced and marketed but never actually materializes.
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Wallet
a software application or hardware device used to store the private keys to blockchain assets and accounts. Unlike a traditional wallet, a blockchain wallet does not actually store the coins or tokens themselves. Instead, they store the private key that proves ownership of a given digital asset.
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Wallet Address
also known as a public key, this is an alphanumeric code that serves as the address for a blockchain wallet, similar to a bank account number. Other users can send digital assets to your wallet via your public key, but only you can access your wallet’s contents by using the corresponding private key.
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Web1
the first iteration of the web, commonly referred to as the “read-only web.” Web1 was characterized by static websites that displayed information. There was little to no user interaction or user-generated content.
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Web2
starting in the 90s, the “read-write web” is characterized by user-generated content and improved user interfaces. This led to the creation of blogs and social media platforms, as well as sites like Wikipedia and YouTube. Web2 placed more emphasis on user experience and interoperability between different applications and websites, giving us the vast network of […]
Web3
Web3
the next iteration of the web being ushered in as we speak, which leverages blockchain technology, open-source applications, and the decentralization of data and information. Web3 aims to remove control of the web from monopolistic tech companies, and return ownership of data and content to its users. Also referred to as the “read-write-trust web.”
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Wei
the smallest denomination of ether, named after cypherpunk and cryptocurrency pioneer, Wei Dai. 10^18 gwei = 1 ether.