The Storyline from StoryCo

Share this post

The Only Web3 Glossary You Need

storyco.substack.com

The Only Web3 Glossary You Need

StoryCo
Oct 12, 2022
2
Share this post

The Only Web3 Glossary You Need

storyco.substack.com

All the web3 slang every newbie needs in one spot!

Alpha: Useful and interesting information regarding NFTs or projects that is not known by most people, giving an advantage in the market

Apeing: Eagerly purchasing an NFT or token

Altcoin: Any cryptocurrency other than Bitcoin

Bitcoin: The most popular and largest cryptocurrency by market capitalization

Blockchain: A new technology that is comprised of a sequence of “blocks” or groups of transactions “chained” and distributed

BTD: An acronym for “Buy the Dip” often used to encourage people to purchase crypto during a price dip

Cold Wallet: A wallet that is rarely used and not connected to the internet

Cryptocurrency: A digital currency secured by cryptography

Crypto Wallet: A device which stores public or private keys for crypto transactions. It also offers the ability to encrypt or sign information

DAO: An acronym for “decentralized autonomous organization” meaning an organization’s members are the decision makers rather than a central government

DEFI: Short for “decentralized finance” which refers to person-to-person financial services on blockchains, for example Ethereum

Ethereum: A decentralized blockchain that establishes a person-to-person network that securely executes and verifies application code, also known as smart contracts

Floor: The lowest possible “Buy Now” price for purchasing an NFT

FUD: An acronym for “Fear, Uncertainty and Doubt” often used when sharing negative opinions surrounding crypto

Gas: A fee required to successfully complete a transaction or contract on the Ethereum blockchain

GM: An acronym for “Good Morning” often used within the community on social platforms

GN: An acronym for “Good Night” often used within the community on on social platforms

Hot Wallet: A wallet that is always connected to the internet

HODL: An acronym for “Hold On for Dear Life” often used to encourage people to hold onto their assets during price fluctuations

IRL: An acronym for “In Real Life”

LG: An acronym for “Let’s Go” used to showcase enthusiasm

MetaMask: A cryptocurrency wallet used to interact with the Ethereum blockchain often through a browser plug-in

NFT: Standing for “Non-Fungible Token” NFTs are cryptographic assets based on blockchain technology, with financial security comprised of digital data

NGMI: An acronym for “Not Going to Make It” often used when someone makes a wrong move in the space such as selling an NFT too soon

Permissionless: Open and fully decentralized networks that allows anyone to participate in the consensus process that blockchains use to validate transactions

PFP: A way to reference “Profile Pictures” in the form of NFTs

POAP: An acronym for “Proof of Attendance Protocol” referring to a specific type of NFT that proves attendance of an event

Private Key: A secure code that is required for any cryptocurrency transactions and also exist as proof of ownership of holdings

Rekt: An intentional misspelling of the word “wrecked” referring to overzealous cryptocurrency traders who fall victim to misleading information resulting in a huge loss of assets

Rugged: Often used in exchange of the word “scammed” rooted in the phrase “getting the rug pulled out from under you”

Smart Contract: Blockchain programs that run when prearranged conditions are met

Shill: The practice of actively promoting a project to inflate its value and lure new investors towards it

Solana: A blockchain platform known for its speed. Solana’s cryptocurrency is SOL.

TLDR: An acronym for “Too Long Didn’t Read” used to summarize points

Token: A virtual denomination of a cryptocurrency that exists as a utility which resides on its own blockchain and is used for investment or economic purposes

WAGMI: An acronym for “We’re All Going to Make It” often used on social media to encourage teamwork and encouragement in a community

Whales: Individuals who hold a large amount of cryptocurrency, They have the power to make or break a cryptocurrency because they control a large part of it.

Share this post

The Only Web3 Glossary You Need

storyco.substack.com
Previous
Next
Comments
TopNew

No posts

Ready for more?

© 2023 StoryCo
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great writing