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Here Are 20 Web 3 Terms You Should Learn Today

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Web 3 is new internet and we paper We have already covered the subject. What we do know is that it is still a nascent technology and has received a lot of attention from even the richest people in the world. Let’s understand what’s going on behind building the world’s new decentralized web, the key words and what they mean.

When I was new to the Web 3 community, I heard and encountered new words and terms almost every day until I decided to embrace it and become a lifelong learner. If you are new to this area as well, it may not make sense to you at first, but I encourage you to learn as much as you can.Learn the basics of blockchain from another article we wrote here.

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Here are 20 Web 3.0 terms and jargon to learn today, in no particular order. Dao, NFTs, SBTSuch

🔹Attack Power 51%

A 51% attack is being carried out when more than half of the computer power or mining hash rate on the network is run by one person or group.

🔹 block size

In blockchain technology, block size refers to the amount of data about a transaction that one block in the chain can carry. fundamentally, 51% attack Occurs when a malicious user within the network gains control of a particular blockchain’s mining function.

🔹GM

The acronym “GM” is usually short for “good morning.” GM Wagmi is a project inspired by this greeting to create a brand new token to spread positivity and make the crypto space a better place.


Also read: Web3: The Future of the Internet?


🔹 Byzantine Fault Tolerance (BFT)

Byzantine Fault Tolerance (BFT) is a property of computer systems that allows consensus to be reached regardless of the failure of some component.

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🔹 off-chain

Increase speed and reduce costs for transactions processed outside the blockchain network. Off-chain transactions are gaining popularity, especially among large participants, due to zero/low cost. Off-chain transactions can be contrasted with on-chain transactions.

🔹Mint

Minting is the process of generating new coins and adding them to traded circulation using a proof-of-stake mechanism.


read also SBT: What is SBT? Will it replace NFT?


🔹 Refrigeration

Offline storage of cryptocurrencies. Typically includes a hardware unmanaged wallet, USB, offline computer, or paper wallet.

🔹Dead Cat Bounce

A dead cat bounce does not indicate a downtrend reversal, it is a short-term recovery in a downtrend. Reasons why a dead cat bounces include: Liquidation of short positions, investors who believe they have reached bottom, or who have found an asset oversold.

🔹 Testnet

As the name suggests, testnets are independent blockchains that allow developers to try out new features at their own pace without worrying about compromising the main network.

🔹Hodor

A type of passive investment strategy that holds an investment for a long period of time regardless of price or market changes.

The term first became famous due to a typo made on a Bitcoin forum and is now commonly expanded to mean “Hold On for Dear Life”.

🔹 dApps

Dapps are decentralized applications that live on the blockchain. … Several platforms are available for deploying dApps, including Ethereum, Polygon, Solana, and Avalanche.


Also read: What exactly is a DAO and what does it mean for the future?

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🔹 Mainnet

Blockchains have different types of networks such as testnets, requests, and signets. Mainnet coins have monetary value, unlike other networks used for testing purposes. When people refer to the Bitcoin network, they usually refer to the mainnet.

🔹Liquidity Mining

Liquidity mining is a mechanism or process by which participants feed cryptocurrencies into a liquidity pool, rewarded with fees and tokens based on their share of the pool’s overall liquidity.

🔹 dumping

A collective market sale occurs when a large amount of a particular cryptocurrency is sold in a short period of time.

🔹Dusting Attack

Attacks aimed at revealing the identity of the wallet owner, information that can then be used in phishing scams.

🔹ERC-20

ERC-20 tokens are based on the Ethereum blockchain. Like mainstream cryptocurrencies such as Bitcoin, it can be used for purchases or exchanged for fiat and cryptocurrencies.


Also read: Explain blockchain in 5 minutes!


🔹faucet

Cryptocurrency reward systems, usually found on websites and apps, reward users for completing certain tasks.basic definition of crypto faucet Paint them as a website, application or platform that helps users earn free crypto rewards.

🔹Gas

The terminology used in the Ethereum platform refers to the unit of measurement for the amount of computation involved in executing transactions, smart contracts, and launching DApps on the Ethereum network. It is the “fuel” of the Ethereum network. *See gas limits and gas prices.

🔹 Hard fork

A hard fork associated with blockchain technology is a fundamental change to the network’s protocol that makes previously invalid blocks and transactions valid or vice versa. There is also software. investigate!


Also read: Metaverse: What is it and is it the future of the Internet?


🔹 minor

Miners are basically nodes of the blockchain. Each miner guesses a token, a 64-digit hexadecimal number that is generated during a transaction (inserting a new record into the blockchain).

Conclusion

That’s all for today. I hope you learned some new Web 3 terms today. investediaThere’s a lot more to this and I’ll try to cover separately some of the terms I’m going to discuss here and give you an update on this evolving nascent technology. Please tell me the words

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