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Web 3.0 Terms and Their Definitions in Plain English

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You’ve probably heard of Web3 unless you lived under a rock. Web 3.0 is the next step in the growth of the web, and it is designed to make the web more intelligent. In this article, we are going to learn some common terms of Web 3.0 and their definition.

Encrypted currency

A crypto currency, or crypto, is a type of digital currency that can be used as a means of exchange. It uses encryption to protect and validate transactions, as well as regulate the creation of new digital currency units.

When you hear about Web3, you will notice that cryptocurrencies are often mentioned. Because many of these systems include cryptocurrencies, anyone who wants to help build, manage, or improve one of their projects will receive a cash prize (tokens).

There are almost more than 6,000 cryptocurrencies at the time of writing (November 2021)

Tokens

Crypto token is virtual money. It is a tradable asset or service that exists in its own blockchain and can be used for investment. Tokens are commonly used to describe all crypto assets.

Smart contract

A smart contract is a distributed program that responds to events by making business sense. Replacing money, providing services, opening up information controlled by digital rights management and other forms of data manipulation, such as renaming an asset title, are all possible outcomes of making a smart contract. Smart contracts are most often written in solidity.

mining

Mining is the process of adding transactions to a blockchain, which is a huge decentralized public database of existing transactions. Mining is usually done on a separate computer because it requires a faster processor, as well as more power and heat generation than normal computer operations.

solidity

Solidity is a high-level, object-oriented programming language for creating smart contracts on automated blockchain transactions.

According to its documentation, “Solidity is the language of curly braces. It is influenced by C ++, Python and JavaScript, and is designed to target the Ethereum Virtual Machine (EVM).”

If you’re new to Solidity, I wrote a beginner’s guide about it.

Ethereum Virtual Machine

The Ethereum Virtual Machine (EVM) is the runtime environment of an Ethereum smart contract. The Ethereum Virtual Machine focuses on providing security and enables machines all over the world to run programs.

Solana

Solana is an open source project that implements a new, unlicensed, high-performance blockchain. Solana has its own original token called SOL. It can be moved to nodes in the Solana cluster in exchange for running a chain program or validating its output.

ICOs – Initial currency issuance

Initial Currency Offerings (ICOs) are a popular financing tool for companies looking to sell products and services in the cryptocurrency and blockchain arena.

Gas fees

The transaction costs that users pay to the miners in the blockchain protocol so that their transaction is included in the block are called “gas commissions”.

Crypto wallet

Crypto Wallet is a program or software that allows users to communicate and interact with blockchain networks directly. Some are popular

Cryptocurrency wallets can be software or hardware based.

Etherscan

Etherscan is a program that allows you to see information about any Ethereum blockchain transactions that are pending or approved. Because Ethereum is a public and open blockchain, every interaction with it is documented in the transaction history, which is visible to anyone.

DApp – a distributed application

A distributed application (dApp) is a digital application or program that resides and operates in a blockchain or peer-to-peer computer network and not on a single computer and is not dependent on the control of any of the authorities.

NFT – Token does not change

NFTs (unchangeable tokens) are blockchain-based tokens that each represent a unique asset such as a work of art, digital property or media. It can be anything from music to a website domain.

You can also create your own NFT collections. Ed Amazing reporter guide about it.

consensus

A consensus mechanism is any of the methods for obtaining consent, trust and security in a distributed computer network.

Consensus algorithm is a method by which all blockchain network members reach agreement on the current state of the distributed ledger.


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