Blockchain Web | The Web 3.0 Stack

The goal of this post is to demystify the jargon surrounding Web3.0.

The following terms will help a novice get started in understanding Blockchain and Web 3.0 :

Smart-Contract : Smart contracts contain value and only unlock that value if certain pre-defined conditions are met. When a particular value is reached, the smart contract changes its state and executes the programmatically predefined algorithms, automatically triggering an event on the blockchain.

Oracle : An oracle in the context of blockchains and smart contracts, is an agent that finds and verifies real-world occurrences and submits this information to a blockchain to be used by smart contracts.

IPFS : Interplanetary File System

Metamask : A wallet for storing your cryptocurrencies and tokens.

Consensus : Reaching agreement on the validity of the order of transactions on a block.