Web3 Terms

Explaining and Simplifying web3 terms to everyone.

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All Time Low is the lowest price an asset has ever had.

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Buy the dip, is when you acquire more of an asset after its value has dropped. If the price of Ethereum falls by $4,000, for example, a Ethereum holder might 'buy the dip.'

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All Time Low is the lowest price an asset has ever had.

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Proof-of-stake is a type of consensus mechanism used to process and verify transactions, and add them to the blockchain, through staking.

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The floor or floor price is the lowest price to buy an NFT on the secondary market. It’s the most popular metric for tracking an NFT collection’s performance over time and comparing it to others.

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Flippening is a reference to the possible event of Ethereum becoming more valuable than Bitcoin, in terms of market cap.

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Fungible is a term used to describe a token of same kind that can be transferred from one address to another.

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ERC-223 allows users to send their tokens anywhere with one function 'transfer'. No difference between the receiver a contract or not. Also allows contract developers to handle incoming token transactions.

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GameFi is a fusion of two words, game and finance. GameFi to gaming on the blockchain that offers economic incentives to players. Example: Play-to-Earn

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ERC-777 is a token standard for fungible tokens introduced on the Ethereum network that is fully compatible with existing decentralized exchanges and is focused around allowing more complex interactions when trading tokens.

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An event during which someone on the Bitcoin network tries to send a specific bitcoin transaction to two different recipients at once. However, as each bitcoin transaction is confirmed, double spending becomes almost impossible.

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All Time High is the highest price an asset has ever had.

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A confirmation happens when the network has verified the blockchain transaction. Under a Proof of Work (PoW) consensus mechanism, this happens through a process known as mining; under Proof of Stake (PoS), the process is known as validation.

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The public key is used to point to your wallet address, an alphanumeric code similar to a bank account number that acts as the address for a blockchain wallet.

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Ethereum is a decentralized application platform built on a public blockchain for digital money, international payments, and applications. The community has created a thriving digital economy and innovative new ways for creators to make money online.

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Rug pulling is a scam technique in which a crypto enterprise takes the monies invested in its protocol and runs with them. If someone can sell a significant amount of the circulating supply, the supply will rapidly expand, causing the asset's price to drop.

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An epoch, in general, is a measure of time, or of blockchain progression, on a given blockchain. For the Ethereum Beacon Chain, an epoch consists of 32 slots, each lasting 12 seconds, for a total of 6.4 minutes per epoch.

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A block is a group of transactions that have been recorded on the blockchain. Every block has information about the block preceding it, allowing them to communicate with one another.

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Rekt as in “wrecked,” used to express that one has suffered a huge loss.

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In the same way that 'HODL' is a warping of the word 'hold,' BUIDL is a warping of the word 'build.' Instead of passively retaining, BUIDL is a call to arms for growing and contributing to the blockchain and cryptocurrency ecosystem.