Common Web3 terms you need to know
It is usual for people to slog on when they are diving into a new industry — especially the terminology can be a little harder than a piece of cake. Well, with Web3, the situation is a little more complicated because the industry is still forming.
Nevertheless, it is crucial to learn the terminology to get the most understanding from Web3 — There’s no need to worry, IBetYou is by your side! Here, you can find common Web3 terms 👇
Returning to the basics 🔄
Node: An entity that owns a complete copy of all transactions on the blockchain.
Blockchain: A digitally distributed immutable public ledger that records transactions and tracks digital assets. It is distributed through multiple computers verifying transactions and it is immutable because once a transaction happens, the record cannot be deleted/reversed.
Decentralization: Actions or assets being distributed across different stakeholders — instead of one person or entity.
DeFi: Short for decentralized finance. Refers to finance without intermediaries such as banks. Instead, the transactions happen on smart contracts.
Token: A monetary-valued digital and fungible asset.
Hot wallet: a digital wallet such as MetaMask.
Smart contracts: Computer programs that can carry out transactions and agreements between anonymous parties in a reliable and consistent manner, and no retrospective change is possible.
DAOs: Decentralized Autonomous Organizations which are internet-native organizations collectively owned by their members and lacking any central authority.
NFT: Short for Non-Fungible Token. The difference from a fungible token is that every NFT is unique and non-comparable.
Web3 slang 🤙
Rugpull: It’s a crypto scam in which a crypto developer promotes a new project — usually a new token — to investors, and then disappears with tens of millions or sometimes hundreds of millions of dollars.
Whale: Individual/s or entities that hold enough crypto that can manipulate the price.
HODL: Short for “hold on for dear life”, inspired by the word hold. When a person is holding an altcoin for a long time waiting for it to pump, it means that person is HODLing.
DYOR: Short for “do your own research”. It’s usually used when talking about a project that could be pumped or dumped. So don’t trust the people, DYOR.
FUD: “Fear, doubt, uncertainty”. When a person is not sure about buying a token out of fear, doubt and uncertainty, that person is having FUD.
FOMO: “Fear of missing out”. Explains irrational trading decisions.
Mooning: It is said when a coin’s price is experiencing a spike. To the moooon 🚀
Ape in: The act of rashly initiating a position or conducting a strategy on a DeFi token, other cryptocurrencies, or NFT collection.
McDonald’s: Mcdonald’s is a dismissive comment used in crypto Twitter against those acting bearish on Web3 projects. Refers to the people who choose not to invest, they will end up working in entry-level positions at the fast-food chain.
Going trickier 👀
Slippage: The difference between the price you get vs. what you actually get.
Bridge: It enables you to move a token between two separate chains.
ERC: Short for Ethereum request for comment, a standard that is used for creating smart contracts on the Ethereum blockchain.
PoW: Proof of work consensus mechanism. PoW solves problems to verify transactions on blockchain networks.
PoS: Proof of stake consensus mechanism. PoS stakes cryptocurrency coins to verify transactions on blockchain networks.
PoH: Proof of history consensus mechanism. PoH strings together transactions to each other to verify transactions on blockchain networks.
TVL: Short for total value locked, refers to how much $ is “locked” or being used in a protocol.
Degen: Short for degenerate, refers to DeFi diehards who engage in complicated strategies that pile on the risk.
The essence of Web3 is the freedom it gives to users — One can do pretty much anything on the internet, including gaming and betting 😉 In addition to that, thanks to smart contracts, nothing is forgotten on Web3.
How do we get the most out of it, you ask? — IBetYou uses the basic principles of betting and kicks it up a notch with crypto wizardry. Every bet on IBetYou is locked on a smart contract that will not let you bail one 🤷♀️ and the cross-chain nature of IBY lets you place your bets on different blockchains, it’s all up to you.
Don’t be afraid of Web3 and play around with it, peace out! ✌️
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