DON'T CLICK THE LINK: You didn't win anything. There is no surprise mint or limited time deal. Repeat after me: "just don't click the link."
NEVER GIVE OUT YOUR MNEMONIC PASSPHRASE OR PRIVATE KEY: There is absolutely no reason to send anyone your mnemonic phrase or private key. Never ever do it.
ALWAYS USE OFFICIAL SOURCES: Trust, but verify. Go directly to the source and check for yourself.
🧊 TLDR; definitions iceberg
Web2: the regular internet as we know it.
Blockchain: a public ledger of transactions.
Crypto: a catch-all term for blockchain tings.
Metaverse: A shared, digital universe combining elements of 3D virtual reality, augmented reality, and blockchain technology, often with its own economy and currency. FWIW, I believe "The Metaverse" is simply anything utilizing web3 in a decentralized way.
Web3: a catch-all term for blockchain/crypto/AI tings.
Immutable: referring to something on the blockchain that can't be altered or deleted.
Address: a public, unique mash up of letters and numbers.
Public Key: a public, unique mash up of letters and numbers. More commonly referred to as an Address.
Mnemonic Passphrase: a secret, unique set of words that are used to access a wallet.
Private Key: a secret, unique mash up of letters and numbers that are used to access an address.
Wallet: an address that can send and receive crypto.
Hot vs. Cold: a cold wallet requires manual approval of transactions. a hot wallet does not.
Smart Contract: an address that contains an automated program.
dApp: a "decentralized application", an app or website that connects to a smart contract.
Decentralized: meaning there is no single source of authority.
Token: a digital unit of value, like a cryptocurrency (Fungible Token) or NFTs (Non Fungible Token).
Cryptocurrency: a digital currency where 1 token is equal to 1 token, like how $1 is equal to $1. This is what makes it a Fungible Token.
Tokenomics: The study and design of the economic model of a cryptocurrency, focusing on supply, distribution, and incentives.
Stablecoin: a cryptocurrency programmed to have a stable value, often pegged to a fiat currency like the Dollar.
Fiat: traditional government-issued currency not backed by a physical commodity.
NFT: a digital currency where 1 token is not equal to 1 token, like gold nuggets or pokemon cards. This is what makes it a Non Fungible Token.
Gas Fee: the transaction fee.
Miners: computers that process transactions.
Mining: when your computer receives cryptocurrency in return for processing transactions.
MEV (Maximum Extractable Value): The maximum profit miners can expect by reordering or censoring transactions in a block.
Consensus Mechanism: The protocol through which blockchain participants agree on a common state of the network, such as proof-of-work or proof-of-stake.
Fork: a new blockchain that's essentially a copy of an other blockchain but with some notable differences.
ERC-20: a standard for creating and issuing cryptocurrency tokens on the Ethereum blockchain.
ERC-721: a standard for creating and issuing NFTs on the Ethereum blockchain where each NFT is unique
ERC-1155: a standard for creating and issuing NFTs on the Ethereum blockchain where there are duplicated copies of NFTs
DAO: a Decentralized Autonomous Organization is a organization that's managed by its members through smart contracts.
Governance Token: Cryptocurrency granting holders voting powers over the direction and development of a blockchain protocol or dApp.
Security Token: A digital asset representing ownership rights, shares in a corporation, or entitlement to future profits, thus subject to securities regulations.
Utility Token: A digital token used within a blockchain ecosystem to access specific services or functions, not intended as investment vehicles.
Meme Token:
DeFi: Decentralized Finance are blockchain based financial solutions.
Liquidity Pool: A smart contract-based reserve providing liquidity for trades, usually in decentralized exchanges, by holding pairs of tokens.
Flash Loan: A temporary, unsecured loan requiring repayment within one blockchain transaction, commonly used for arbitrage opportunities.
Initial Coin Offering (ICO): A fundraising mechanism where new projects sell their underlying cryptocurrency tokens in exchange for capital, similar to an IPO in traditional finance.
Staking: when you give your tokens to a smart contract that rewards you for doing so. This is called "Staking".
Farming: when you stake tokens to get more tokens or other tokens.
Pool: a smart contract that manages a group of addresses.
Burning: when tokens are sent to an unusable address.
Bridge: a smart contract that moves tokens from one blockchain to another blockchain.
Wrapping: the process of converting one cryptocurrency into another cryptocurrency that can be used on a different blockchain.
Node: a computer that participates in a blockchain.
Oracle: a service that offers external data to smart contracts, like the temperatue outside.
Layer 2: a blockchain that is built ontop of another blockchain.
MultiSig: a smart contract that requires multiple wallets to authorize a transaction.
Zero Knowledge Proof: a method where one party proves to another that they know a value without revealing the value itself.
Zk Rollups: Layer 2 blockchains using zero-knowledge proofs.
Merkle Tree: a data structure used for efficient and secure verification.
Sybil Attack: an unethical act where one person creates multiple fake identities to gain disproportionate influence in a network.
Atomic Swap: A smart contract-based process allowing the exchange of different cryptocurrencies across disparate blockchains without intermediaries.
Sharding: A method of partitioning a blockchain's entire state into smaller pieces or "shards," each capable of processing transactions in parallel to enhance scalability.
