Web3 and Metaverse Glossary: ​​Every Term You Need to Know!

There is a lot of talk about the web3, the distributed web, the metaverse, Blockchain technology and cryptocurrency. This new iteration of the internet will put control of content and data back in the hands of users and manufacturers. It will increase privacy, increase digital trust and loyalty, and provide a more immersive experience. Despite all the opportunities that Web3 and the metaverse bring, it is still misunderstood and unidentified. This Web3 and metaverse glossary hopes to clarify the various terms used to discuss related concepts. Here is your comprehensive glossary of web3 and metaverse…

• Altcoin: An abbreviation of alternative coins referring to cryptocurrencies other than Bitcoin.
• Artificial Intelligence (AI): The theory and development of computer systems capable of performing tasks that would normally require human intelligence, comprehension, and understanding, often using natural language processing (NLP), machine learning, and natural language understanding (NLU).
• Augmented Reality (AR): Technology that overlays a computer-generated image of the user’s real world, which includes glasses, visors, eyeglasses, or a smartphone, and provides a unified view, often containing perceptual information.
• Avatar: A computerized icon or figure representing a person, pet, or entity in video games, internet forums, games, chat rooms, virtual reality, and other channels. It can be used in the metaverse universe.
• Block: A place on the blockchain where data is stored and encrypted.
• Blockchain: A shared, immutable digital ledger that records and maintains transactions and tracks assets over a peer-to-peer business network.

• Bitcoin: A decentralized digital cryptocurrency that can be transferred from user to user in a peer-to-peer network using Blockchain technology, not relying on a central bank or trusted source unit of.
• ChainLink: A cryptocurrency that aims to incentivize a global computer network to provide reliable, real-world data to smart contracts running on blockchains.
• Consensus Mechanism: A fault-tolerant process used in distributed processes, or typically Blockchain systems, to achieve the necessary agreement between cryptocurrencies and multi-agent systems on a single data value or a single state of the network.
• Creator Economy: A business class of creators, curators, and community builders that enable content creators to monetize their creations.
• Cryptocurrency: A digital currency designed to work as a medium of exchange, in which transactions are verified and records are kept by a decentralized computer network using cryptography rather than a central, trusted authority.
• Cryptography: The practice of encoding and decoding information in a computer environment for secure communication.
• CryptoWallet: A physical or digital store that stores public and/or private keys for cryptocurrency transactions, including sending, receiving, buying, selling, exchanging cryptocurrencies and NFTs, and digitally signing information. device, computer application or smartphone application.
• Decentralization: The transfer of control and decision-making from a central, trusted authority (i.e. an individual, organization, group, government, etc.) to a distributed network.
• Decentralized Applications (dApps): An application that can operate autonomously using smart contracts on a peer-to-peer computer network or a decentralized computing, Blockchain system.
• Decentralized Autonomous Organization (DAO): A group or organization controlled by its members and represented by rules that are not influenced or controlled by a central government or power. All governance is done as part of a group or collective.
• Decentralized Finance (DeFi): Provides peer-to-peer financial services without relying on intermediaries such as brokerages, exchanges or banks using smart contracts on a public blockchain.
• Digital Identity: The online or networked identity of a person, organization, application, or device used by computer systems or applications to represent an external agent.
• Digital Twin: A virtual or 3D digital representation that is the same as a real-time version of a physical object or process.
• Distributed Ledger: A ledger or database of replicated, shared, and synchronized digital data maintained in a decentralized fashion spread across multiple sites, countries, or institutions without the use of a central administrator.
• Distributed Ledger Technology (DLT): Technological infrastructure and protocols, also known as Blockchain technology, that immutably provide simultaneous access, verification, and record update in a geographically diverse network of multiple entities.

• Ethereum: A decentralized, open-source Blockchain platform with smart contract functionality powered by blockchain technology. It is known for its native cryptocurrency called Ether (ETH) and Dapps running on its network.
• Ethereum Request for Comments (ERC): ERC, a standard protocol used to issue tokens under the Ethereum platform, refers to the technical documentation used by smart contract developers on Ethereum to define the set of rules required to implement tokens for Ethereum.
• Ether (ETH): The native cryptocurrency of the Ethereum network, which is bought, sold and traded on cryptocurrency exchanges.
• Extended Reality (XR): An environment or experience that combines virtual and physical realities through the use of augmented reality (AR), mixed reality, virtual reality (VR), or similar immersive technologies.
• GameFi: A blend of the words gaming and decentralized finance (DeFi), GameFi refers to play-to-earn (P2E) games.
• GAS: The fee or pricing value charged for successfully executing a transaction or executing a contract on a Blockchain platform.
• Hard Fork: A major change in the Blockchain protocol of a distributed network that validates previously invalid blocks and transactions and vice versa; this happens when the code changes so much that the new version is no longer backwards compatible with previous blocks.
• Hash Function: A mathematical one-way encryption algorithm that maps a random-size input to a unique output of fixed-length bits.
• Immersive Social: Allows users to explore and interact with 3D environments in a virtual space and collaborate with other users; all of this facilitates a richer, more engaging, personal way to share experiences and relate to one another.
• Interplanetary File System (IPFS): A protocol and distributed peer-to-peer network for storing and sharing data through a distributed file system.
• Machine Intelligence: An umbrella term describing the accuracy of a machine learning (ML), deep learning (DL), or classical algorithm output; also refers to artificial intelligence (AI).
• Machine Learning (ML): Part of artificial intelligence; refers to algorithms that can be automatically improved through the use of experience and data without human intervention.
• Meta: Facebook’s new name. Mark Zuckerberg said that the name Meta “reflects the full breadth of what we do and the future we want to help build”. Meta aims to be a major player in the metaverse market.
• MetaMask: A software cryptocurrency wallet, MetaMask is available as a browser extension and mobile app and features a key vault, secure login, token wallet and token exchange, and interacts with the Ethereum Blockchain.
• Metaverse: Metaverse is the still evolving concept of a 3D, virtual network focused on social connections. Metaverse is not web3, but is seen as part of Web3, a hypothetical iteration of the internet as a single, unified virtual world accessed via VR or AR headsets.
• Mixed Reality (MR): Mixed reality is the fusion of physical and virtual worlds to produce new environments and visualizations in which physical and digital objects coexist and interact in real time; The main difference between mixed reality and augmented reality is the user’s ability to interact.
• Non-Fungible Token (NFT): An unalterable cryptographic data unit with unique identification codes and metadata that distinguishes it from others. This form of digital ledger is stored on a Blockchain and can be sold and traded. NFTs are often associated with digital files, including videos, images, and audio.
• Open Platform: An open standards-based platform that allows developers to build applications or services that run on the platform.

• Permissionless: Refers to permissionless or unreliable Blockchains, which are open networks that use blockchains to verify transactions and data, allowing anyone to participate in the consensus process. it does.
• Proof of Stake (PoS): A cryptocurrency consensus mechanism used to process transactions, create new blocks on a Blockchain, verify entries into a distributed database, and keep the database secure.
• Proof of Attendance Protocol (POAP): Short for Proof of Attendance Protocol, a type of NFT “badge” issued to prove participation in an event that takes place in the virtual and/or real world.
• Proof of Work (PoW): A cryptographic method for verifying and tracking the creation of new cryptocurrency and transactions that occur on a Blockchain by measuring the amount of a specific computational effort spent.
• Private Key: A digital, encryption key used to decrypt messages received from the sender, which uses a public key to encrypt.
• Public Key Encryption: An encryption technique that uses a paired public and private key algorithm for secure digital communication. The sender’s public key encrypts the message and the recipient’s private key decrypts a message.
• Public Key: A digital, cryptographic key that can be obtained and used to encrypt messages sent to a specific recipient that uses the private key to decrypt it.
• Smart Asset: Unique virtual currency tokens that can represent a tangible physical asset (like a car) or intangible property (like Bitcoin) that can be bought, sold or traded as defined by smart contracts on the blockchain network.
• Smart Contract: A computer program or transaction protocol that defines the terms of a contract and these terms are executed as code running on a Blockchain; It enables developers to build applications that use Blockchain security, reliability, and accessibility.
• Soft Fork: A change to a software protocol where only previously valid transaction blocks are invalidated; A soft fork is backward compatible, the opposite of a hard fork, as old nodes will recognize new blocks as valid.
• Solana: A public blockchain platform with smart contract functionality, faster transaction times and lower costs than Ethereum. Like Ethereum, it can host decentralized, scalable applications and Solana can process up to 50,000 while Ethereum limits transactions to 15-30 per second.
• Solidity: An object-oriented programming language used to create and design smart contracts on Blockchain platforms such as Ethereum.
• Stablecoin: Cryptocurrencies that seek to stabilize because the price is supported by a cryptocurrency, fiat currency, or exchange-traded commodities.
• Status: A snapshot of a Blockchain system at a given time, including multiple aspects such as transaction queue, amount per transaction, and account balances.
• Cryptocurrency: A digital currency token or a cryptocurrency (such as Bitcoin or Ether) that represents a tradable asset or utility on its own Blockchain and allows its holder to use it for investment or economic purposes.

• Trustless: Trustless, a core element of blockchain, crypto payments and smart contracts, reflects the fact that transactions are not based on trusting a third party such as a bank or other organization. means.
• Virtual Currency: A digital representation of currency, typically cryptocurrencies, that can exist only in electronic form, can be accepted for goods and services, and can be traded through cryptocurrency exchanges.
• Virtual Economy: An emerging economy that exists in a digital virtual world where virtual goods are bought, sold and exchanged using virtual currency in the context of an online game.
• Virtual Reality (VR): A computer-generated simulation of a three-dimensional environment that can be interacted with by a person or group of people using special equipment such as a set of electronic glasses, gloves, or haptic devices.
• Web3: Third-generation online services for websites and applications with key concepts such as Blockchain-based decentralization, AR/VR-based immersive technologies, and AI-based semantics, all facilitating transparent, ubiquitous, open, live virtual experiences.