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LearnWeb3 Reference
Web3 glossary

Web3 glossary

August 2, 2022
3
 min read

The best way to break into web3 is to start doing things in web3. Here's a practical checklist that you can follow to get involved right away.

Thanks to Jay for contributing to this guide

This is a glossary of web3 terms grouped into several categories. Use search to find a term that you might be wondering about.

Web3 slang

  • gm: Good morning
  • gn: Good night
  • ser: Sir
  • fren: Friend
  • wgmi: We going to make it
  • ngmi: Not going to make it
  • FUD: Putting fear, uncertainty, and doubt in a project
  • Aped: Buy in to a project without alot of research
  • Wen moon: When will the value of the project go super high
  • DYOR: Do your own research
  • Probably nothing: Implies that a project is probably something big
  • Maxi: Someone who believes their cryptocurrency is the best
  • Shilling: Pitching your project in an annoying way
  • Rekt: Lost all of your money
  • Rugged: A project that stole all of a person's money
  • LFG: Let’s fucking go

Intro to web3

  • Web3: An internet where people can own the upside from their work

Blockchain

  • Blockchain: Linked list of transactions stored on a network of computers
  • Nodes: Computers with software that can process blockchain transactions.
  • Consensus mechanisms: How nodes process transactions without middlemen. Common mechanisms include proof of work and proof of stake.
  • Blockchain trilemma: The trade-off between security, decentralization, and scalability that faces blockchains.
  • Fork: When a community creates a 2nd blockchain that shares its history with the original but will chart a new direction in the future.

Wallets

  • Public key: An address that lets you send and receive transactions
  • Private key: Proves that you own the tokens with your public address
  • Seed phrase: Easier way to access your public key. Don't share this!

Cryptocurrencies

  • Cryptocurrency: Digital money that’s stored on a blockchain.
  • Ether: Ethereum’s digital token.
  • Gas: Fee for making a blockchain transaction.
  • Smart contracts: Code that runs on a blockchain.
  • Layer 1 network: Main blockchain for a cryptocurrency.
  • Layer 2 network: Process transactions off-chain before bundling and submitting them to the main chain. Roll-ups are how layer 2 achieves this.
  • Sidechain: A separate blockchain that uses its own token to pay for gas. You can move tokens between sidechains and the main chain through a bridge.
  • DApps: Apps that have a smart contract backend and a UI frontend.

NFTs

  • PFP: Profile pic NFT project
  • Mint: Issuing an NFT on the blockchain
  • Floor price: Lowest price for an NFT collection
  • 1/1: A NFT that is not part of a collection

DeFi

  • DeFi: Decentralized finance that relies on smart contracts vs. middlemen
  • CeFi: Centralized crypto exchanges, interest accounts, and more
  • DEX: An exchange that uses smart contracts vs. middlemen (e.g., Uniswap)
  • Stablecoins: Coins that are "stable" in price (e.g., pegged to the USD)
  • Staking: Depositing a crypto asset to earn yield (APR)
  • Liquidity pool: A pool of crypto assets meant to provide liquidity to a cryptocurrency or network.
  • Yield farming: Optimizing how you lend your crypto asset to maximize your yield (APR)
  • Total value locked (TVL): 
Up next: TBD

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