Web 3.0 Glossary - The Essential Terms You Need To Know
Web 3.0, the next big thing in the digitized world utilizes Machine learning, Blockchain technology, Decentralized Autonomous Bodies and 3D graphics. To point out, the web3 comes permissionless and dependency less, as data can be accessed from all ends of the web spectrum
Web 3.0, the next big thing in the digitized world utilizes Machine learning, Blockchain technology, Decentralized Autonomous Bodies and 3D graphics. In simple words, web3 is permissionless and dependency-less tech, that let to access data from all ends of the web spectrum.
Foreseeing its stunning features and advantages, several companies started to adopt Web 3.0 Development and offering services like Web3 NFT Marketplace Development, Web3 Wallet Development, Real Estate Development and so on. Hence it is vital to know all about the tech, Web 3.0. For that, have a look at the glossary of web 3.0
Web 3.0 Terms Glossary
Address: It is a string of characters to represent a digital wallet that can send and receive cryptocurrency, NFTs and several other tokens.
Artificial Intelligence (AI): It is the computer system that imitates and displays human skills. It has been developed to achieve the goals like knowledge representation, planning, reasoning, general intelligence, natural language processing and social intelligence.
Augmented Reality: It is a simulated digital experience that occurs where virtual reality and reality meet. AR requires some devices like headsets, Smartphones and some AR capabilities.
Avatar: It is an image used to represent an individual in visual form. Avatar as a unique asset can also be sold or traded, if it is integrated and secured with NFT. We can see avatars in Social Media, Gaming as well as in VR platforms.
Block: It is a blockchain phase that holds and encrypts data. It can be identified by the set of numbers that includes the version number, hash of the preceding node as well as the data of the new transactions. In blockchain technology, block creation is done only after the network verification is done.
Blockchain: It is a group of blocks connected together with cryptography. Blockchain is managed by peer-to-peer networks and undergoes a set of rules to verify and validate new blocks and store all the data in a distributed ledger.
Centralized Exchange: The exchange platforms that let users to buy and sell cryptocurrency that is maintained and managed by a company. Such platforms remain more reliable and user-friendly.
Centralized Finance: Here is where the users can avail loans and pay interest on their digital assets like ETH, BTC, USDC and so on. Such transactions in the centralized platform are managed by an individual, or a group of people or a financial technology company.
Decentralized Autonomous Organization (DAO): DAO is the hot topic of Web 3.0 that does not have a central governing body. To point out, all DAO members have a flat structure and share a common goal in the entire entity. All the activities and votes of the DAO members are stored in the blockchain. This symbolizes that automated decision-making in the network is publicly available.
Decentralized Applications (DApp): It is a blockchain and/or cryptocurrency application like a game or social platform. This software is created and managed by DAO typically.
Decentralized Exchange (DEX): It is a cryptocurrency exchange developed with the blockchain that let buyers and sellers to trade cryptocurrency without the involvement of intermediaries. They rely on smart contracts for order execution and permit direct trading from the traders’ wallets.
Decentralized Finance (DeFi): The decentralized financial services integrated with blockchain technology that works without the support of intermediaries, banks and other lending institutions for asset transfer.
Distributed Ledger Technology: It is a shared and synchronized ledger of digital data and has no central authority to monitor and control it. The consensus algorithm, P2P network in it is to ensure that data is replicated across all nodes of the network.
dGen: People whose careers and lives revolve around Web 3.0 are called dGen. They can be gamers, Web 3.0 developers, or just virtual reality users.
Doxxed: It represents an individual whose real identity is known to a community despite the fact he may utilize a pseudonym and avatar.
Ethereum: It is the Ether cryptocurrency’s decentralized blockchain and also the second most fabulous cryptocurrency by market cap. This blockchain supports smart contracts that enable more functions than all other blockchains. For Instance, When art is sold, NFT on the Ethereum blockchain will pay a royalty to the original artist automatically.
Gas Fee: It is the amount collected to record the transaction on a blockchain. The fee varies as per certain factors that include traffic congestion and the speed of the network.
Immersive Social: It is an imminent social media field that let users to create, comment and share social media posts in a 3D environment. Immersive social utilizes AR and 3D technologies and can be directly experienced on the web using a browser. To point out, it is possible without the need of VR headsets.
Initial Coin Offering (ICO): This is a program that let companies to raise money through selling a new cryptocurrency.
Interplanetary File System (IPFS): This is a P2P protocol-based decentralized and shared network for sharing applications, files, websites and data. It is developed on BitTorrent and undergoes content-based addressing and routing for finding a web resource.
Metaverse: The combined network of a 3D virtual world that can be experienced with VR headsets. It let the users to feel the physical sensation of being somewhere from their place. Even though it entered as an emerging tech for the gaming industry, its advantages have seeped into several sectors like online learning, music, sports and government services.
Mining: This is a process of adding a crypto token to circulate and it is processed by P2P nodes that verify crypto network transactions. This verification occurs as per the protocols where the miners need to solve a cryptographic problem and they will get rewarded a crypto coin for it. For instance, Miners of the Bitcoin network rewarded 6.25 bitcoins for mining a transaction block.
Natural Language Understanding (NLU): An artificial intelligence-based application to discern the intention of the users with spoken utterance.
Smart Contract: It is the pieces of code on the blockchain that can be activated if the predefined conditions are met. Once the execution of the smart contract is done, it undergoes several operations like buying NFTs, fund transfer, ownership authority and so on.
Virtual Reality: A stunning simulated venture that can be experienced with virtual reality goggles. Nowadays, VR technology is widely used in the gaming industry, specifically in video games. To point out, the most encouraging vision of the metaverse permits that it can be accessible in VR to make the immersive experience even better.
White Paper: It is the detailed description of the web 3 projects developed for the users and investors that assist them to decide whether to fund or adopt the services.
Web 1.0: The Web was read-only, owned content, Just Visual, static pages alone, simple directories, banner advertising and functions over web servers, email, peer-to-peer file sharing, and content portals.
Web 2.0: The web was both read-write, upholds shared content, turns to the programmable web from just visual, has Wikis & blogs, lets users tagging, interactive advertising and functions over instant messaging, Adobe flex, Ajax and JS frameworks.
Web 3.0: The web will be read-write-interact, will have consolidated content, linked data web from programmable, comes with waves and streams, let for the user behavior, behavioral advertising, functions over ontologies, personal intelligent data and semantic searches.
Web 3.0 is not limited to all those above mentioned, It has more than that. Know more interesting terms about Web 3.o with the best Web 3.0 Development Company.
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