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Web3 Terminology

Web3 Terms
  1. 1.
    Allowlist: An updated and more inclusive term for "whitelist," refers to a list of approved entities that are granted permission or access to specific features, services, or areas that are restricted from the general public or users. In the case of NFTs, it might refer to individuals who have been given the right to mint, buy, or access certain tokens or collections before they become available to the general public.
  2. 2.
    Blockchain: A decentralized and distributed digital ledger used to record transactions across multiple computers.
  3. 3.
    Contract: A self-operating computer program that automatically executes when specific conditions are met.
  4. 4.
    Cryptocurrency: A type of digital or virtual currency that uses cryptography for security and operates independently of a central bank.
  5. 5.
    Decentralized: A system where operations and data are not controlled by a single entity or authority.
  6. 6.
    Gas Fees: The fees required to successfully conduct a transaction or execute a contract on any blockchain. These fees are sent to "Validators", who are participants on the blockchain network who are responsible for validating new transactions and maintaining the security of the blockchain.
  7. 7.
    Metadata: In the context of NFTs, metadata is the contextual information that accompanies the token, such as the title, description, attributes, and other details that define the specific characteristics and content of the NFT.
  8. 8.
    Mint: The process of creating a new token on the blockchain, especially an NFT.
  9. 9.
    NFT (Non-Fungible Token): A unique digital token representing ownership of a specific item or piece of content.
  10. 10.
    Royalties: A payment made to the creator of the NFT every time it is sold or transferred to another owner. It is a feature embedded within the smart contract to ensure artists continue to earn from their work post initial sale.
  11. 11.
    Smart Contract: A self-executing contract with the terms directly written into code. Smart contracts are public and can be read and audited by anyone.
  12. 12.
    Symbol: In the context of cryptocurrencies, a symbol is a shorthand character or group of characters used to uniquely identify a specific cryptocurrency or token on a trading platform or in discussions. It's similar to stock symbols used in traditional stock markets.
  13. 13.
    Ticker: Specifically refers to the abbreviated form of a company’s name or a cryptocurrency's name, used on trading platforms. It is displayed continuously on the "ticker tape" in trading platforms, showing the current price, volume, and other trading information.
  14. 14.
    Token: A digital asset that represents ownership or access rights, and can be traded or used within a specific blockchain ecosystem.
  15. 15.
    Transaction: A record or action on the blockchain where data or value is transferred from one address to another. In the context of NFTs, it could refer to the process of buying, selling, or transferring a digital asset.
  16. 16.
    Transaction Status: Indicates the current condition of a transaction on the blockchain. It can be pending, successful, or failed, depending on whether the transaction is still being processed, has been completed, or has encountered an error.
  17. 17.
    Wallet: A digital tool that allows users to store, send, and receive cryptocurrencies.