Survive Web 3 with These Handy Terms
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Dear Reader,
It’s tough out there—especially when it comes to navigating the world of Web 3 and crypto. People in those industries love to toss around terms and lingo that aren’t always obvious.
Things can get confusing quickly.
With that in mind, here’s a handy list of terms you might come across while researching certain cryptocurrencies and Web 3 projects. This is by no means a definitive list, but I hope you’ll find it helpful.
Here we go:
Airdrop : a popular marketing technique
Alpha : valuable info or tips
Altcoin : any cryptocurrency outside of Bitcoin
Ape : someone who takes a large position in a crypto or project
App: application
ATH : all time high
ATL : all time low
Bear market : period of decline in a financial market
Blue chip: high value crypto project
Bull market: a period of growth in a financial market
Fiat : a currency backed and regulated by a government
FOMO: fear of missing out
Fork : a change to a blockchain’s protocol
FUD: fear, uncertainty, and doubt
Fungible: exchangeable with something else of the same kind
Gas: a fee paid to conduct a transaction, usually on Ethereum
Genesis Block: the first block of a blockchain network
Hashing: taking an input of any size and producing a corresponding fingerprint of a fixed-length
Hash rate: the rate at which a computer can generate guesses to a cryptographic puzzle, particularly Bitcoin
HODL: an internet expression for “hold on for dear life”
ICO: initial coin offering
IEO: initial exchange offering
L1 : Layer 1
L2 : Layer 2
L3 : Layer 3
Liquidity: how easily an asset can be bought, sold, or traded in a given market or on an exchange
Mainnet: main network
Market cap: value of an asset based on its current market price
Metaverse: virtual world
Mining: the process of verifying transaction, organizing them into block and then adding block to the blockchain
Minting: the process of validating information and registering that onto the blockchain
NFT: non-fungible token
NGMI: not gonna make it
Node: any device connected to a blockchain network
P2P: peer to peer
PFP: profile picture, often an NFT
Private key: a wallet password
PoS: proof of stake
PoW: proof of work
Rek’d: internet lingo for getting wrecked, or losing money in a project or position
Rug pull: a scam where a crypto project takes funds that have been invested into its protocol. A play on the expression “pull the rug out”
Usecase: how a cryptocurrency is used in the “real world”
WAGMI : We’re all gonna make it
What do you think of this list? Do you have other terms you’d like to add?
The Crypto Connection is for entertainment purposes only and is not meant to be financial advice. Please do your own research before investing in any asset class. Sara Celi is not a financial advisor, and holds several cryptocurrencies. To purchase her books on Amazon, please click here.