Discover and read the best of Twitter Threads about #web3glossary
Most recents (21)
Gm web3 fam!
Its finally day 26 of #web3glossary🚀
And with this, series has come to an end
Z: zk Rollups
By learning you'll teach and by teaching you’ll learn. Sharing on web3 terms & jargons for the last 1 month was a great learning experience for me and I hope for you too
Its finally day 26 of #web3glossary🚀
And with this, series has come to an end
Z: zk Rollups
By learning you'll teach and by teaching you’ll learn. Sharing on web3 terms & jargons for the last 1 month was a great learning experience for me and I hope for you too
Let's get to the thread now?
Having to spend $20 or more in gas fees for a single txn is not ideal if you want to complete a DeFi trade
If you've been hearing zk or zero knowledge, you're not alone. It's the next big thing in web3
With an increase in the number of Dapps, ...
Having to spend $20 or more in gas fees for a single txn is not ideal if you want to complete a DeFi trade
If you've been hearing zk or zero knowledge, you're not alone. It's the next big thing in web3
With an increase in the number of Dapps, ...
there’s a need for faster processing speeds & cheaper txns.
That’s when layer 2 solutions came in.
Zk rollups are also a layer 2 scaling solution that increases throughput on Ethereum Mainnet by moving computation & state-storage off-chain
👇👇
That’s when layer 2 solutions came in.
Zk rollups are also a layer 2 scaling solution that increases throughput on Ethereum Mainnet by moving computation & state-storage off-chain
👇👇
Gm web3 fam!
Its Day 25 of #web3glossary
Decentralized networks can only provide 2 out of 3 benefits at any given time in terms of decentralization, security, & scalability Blockchain Trilemma
Let’s look at modular blockchains which aim at solving for scalability & flexibility
Its Day 25 of #web3glossary
Decentralized networks can only provide 2 out of 3 benefits at any given time in terms of decentralization, security, & scalability Blockchain Trilemma
Let’s look at modular blockchains which aim at solving for scalability & flexibility
We’ll be comparing different modular blockchains today, but first
What’s modular blockchain?🧐
In monolithic blockchains such as bitcoin,Ethereum all the nodes & validators of the network are required to execute the same txns & do consensus on the chain
Modular blockchain..
What’s modular blockchain?🧐
In monolithic blockchains such as bitcoin,Ethereum all the nodes & validators of the network are required to execute the same txns & do consensus on the chain
Modular blockchain..
..focuses on handling a select few duties (consensus, execution, Data availability & settlement) & outsourcing the rest to one or more separate layers
It’s just like separating a system into distinct components that can be combined in various ways to achieve specific objectives
It’s just like separating a system into distinct components that can be combined in various ways to achieve specific objectives
Hola folks 👋
Its Day 24 of #web3glossary 🚀🚀
Consensus mechanisms ensure that all the txns on the network are genuine & all participants agree on a consensus on the status of the ledger. PoS and PoW are the most commonly known.
Today we look at PoA, PoB, PoC and PoH
👇👇
Its Day 24 of #web3glossary 🚀🚀
Consensus mechanisms ensure that all the txns on the network are genuine & all participants agree on a consensus on the status of the ledger. PoS and PoW are the most commonly known.
Today we look at PoA, PoB, PoC and PoH
👇👇
Need some background on consensus algos? Check out this thread on PoS vs PoW
Both PoS and PoW have their fair share of pros and cons, let's look at how other cosensus algos differ
PoA: Proof of Activity (not authority)
To verify participants blocks, it combines its tokens to allow both mining and staking. The blocks themselves do not contain transactions
PoA: Proof of Activity (not authority)
To verify participants blocks, it combines its tokens to allow both mining and staking. The blocks themselves do not contain transactions
Gm Gm Web3 fam!
Its Day 23 of #web3glossary
W: WWW,Wrapped token,wei
Do you remember the first time you heard about Blockchain? Maybe you took it as a new technology that would change everything. Maybe you just wondered if you should start investing in crypto.
Maybe...
👀👇
Its Day 23 of #web3glossary
W: WWW,Wrapped token,wei
Do you remember the first time you heard about Blockchain? Maybe you took it as a new technology that would change everything. Maybe you just wondered if you should start investing in crypto.
Maybe...
👀👇
..you were just getting your head around the concept of a decentralized web
The truth is web3 is indeed the decentralized internet of the future🚀
#web3glossary was started as a series of twitter threads to help people understand this space better and clear the air around...
The truth is web3 is indeed the decentralized internet of the future🚀
#web3glossary was started as a series of twitter threads to help people understand this space better and clear the air around...
.. the terms & jargons we hear around. We are almost at the end of the series and I would like to hear from you what value you gained from it and what more would you like to see😃
Until then, let’s get to today’s thread
Let’s go back to where it all started- the world wide web👇
Until then, let’s get to today’s thread
Let’s go back to where it all started- the world wide web👇
Gm gm folks 🫡
Its day 22 of #web3glossary 🚀🚀
V: Validators
Validators of blockchain technology aren't only its sower but its rewards reaper too. Let's get to the depth of it🧐
But first, here's some humor to start with
👇👇
Its day 22 of #web3glossary 🚀🚀
V: Validators
Validators of blockchain technology aren't only its sower but its rewards reaper too. Let's get to the depth of it🧐
But first, here's some humor to start with
👇👇
What are crypto validators and how do they work?
Crypto validators = Payment processors of the decentralized networks.
Technically, a crypto validator is a participant in a blockchain responsible for verifying txns.
After verifying the legitimacy of the txn, the validator adds..
Crypto validators = Payment processors of the decentralized networks.
Technically, a crypto validator is a participant in a blockchain responsible for verifying txns.
After verifying the legitimacy of the txn, the validator adds..
..it to the distributed ledger.
Seems like the job of a blockchain validator is not that difficult!
You receive some data, check its accuracy, and validate it or not.
However, on a distributed ledger, it's easier said than done👀👀
Seems like the job of a blockchain validator is not that difficult!
You receive some data, check its accuracy, and validate it or not.
However, on a distributed ledger, it's easier said than done👀👀
Gm Web3 fam!
Its day 21 of #web3glossary 🚀
Today’s all about the UX in the web3 space
Grab your coffee, coz it's a slightly longer thread today 😅
👇👇
Its day 21 of #web3glossary 🚀
Today’s all about the UX in the web3 space
Grab your coffee, coz it's a slightly longer thread today 😅
👇👇
Web 3 is redefining how we communicate and share information. While developers are busy building the infrastructure of web3, the
user experience of most dApps has taken a back seat.
user experience of most dApps has taken a back seat.
With over 4.95 billion, daily active online users spending a fair share of their day on the web, most people have not heard of of dApps or the blockchain technology that powers them.
A small percentage of those who have, often find it difficult and complex to use.
👀👇
A small percentage of those who have, often find it difficult and complex to use.
👀👇
Hola folks!👋🏻
It’s Day 20 of #web3glossary 🚀
A whooping $670 mn were identified in crypto losses in Q2 of 2022🤯🤯
Now that I have your attention, let’s get to some learning👀
T: Token, testnet, transaction, TPS, TVL
It’s Day 20 of #web3glossary 🚀
A whooping $670 mn were identified in crypto losses in Q2 of 2022🤯🤯
Now that I have your attention, let’s get to some learning👀
T: Token, testnet, transaction, TPS, TVL
Token 🎟️
Token is a digital asset created on an existing blockchain & can be used to represent digital and physical assets or to interact with dapps. It allows the holder to use it for investment, to store value, or to make purchases.
Token is a digital asset created on an existing blockchain & can be used to represent digital and physical assets or to interact with dapps. It allows the holder to use it for investment, to store value, or to make purchases.
Created through an ICO (initial coin offering), crypto tokens are often used to raise funds for crowd sales.
💡Crypto tokens ≠cryptocurrency & altcoins
eg. LINK, UNI, AAVE
💡Crypto tokens ≠cryptocurrency & altcoins
eg. LINK, UNI, AAVE
Gm Gm web3 fam!
Its Day 19 of #web3glossary 🚀🚀
S- Sidechain, smart contract, Sharding, sandwich attack
👇👇
Its Day 19 of #web3glossary 🚀🚀
S- Sidechain, smart contract, Sharding, sandwich attack
👇👇
Sidechain is a parallel blockchain used to offload txns from the mainchain to increase scalability/add other functionality. They’re connected to their parent chain, via a two-way link that allows data & assets to be seamlessly transferred.
Interestingly, the assets are not actually transferred. They are simply locked on the mainnet while the equivalent amount is unlocked in the sidechain.
How does the validation of this imaginary transfer happen?🤔
via a smart contract
They ensure that foul play is minimized by..
How does the validation of this imaginary transfer happen?🤔
via a smart contract
They ensure that foul play is minimized by..
Its day 18 of #web3glossary 🚀🚀
R: Relayer, Rug pull,Rollup
Blockchain is still in its infancy and stuck transactions can be a frustrating experience. There’s got to be a solution, right?
Lessgooo👇2⃣2⃣
R: Relayer, Rug pull,Rollup
Blockchain is still in its infancy and stuck transactions can be a frustrating experience. There’s got to be a solution, right?
Lessgooo👇2⃣2⃣
Relayer it is💯
As the name suggests, it takes individual orders and organizes them into an order book to simulate the experience of an exchange without actually being one.
Send your meta transactions, the relayer takes care of the rest!
What is a meta txn?🤔🤔
As the name suggests, it takes individual orders and organizes them into an order book to simulate the experience of an exchange without actually being one.
Send your meta transactions, the relayer takes care of the rest!
What is a meta txn?🤔🤔
Meta txn = standad txn (from, to value, sign etc) except instead of sending it directly to a blockchain, its sent to a third party which takes care of the gas
1⃣The third party builds a new txn containing the meta-transaction and sends it to a smart contract proxy
👇👇
1⃣The third party builds a new txn containing the meta-transaction and sends it to a smart contract proxy
👇👇
Its day 17th of #web3glossary 🚀🚀
If you’ve found yourself pulling your hair out when a transaction seemingly pauses forever, this thread is for you🤯
The impounding question is,
Why is my transaction queued? 🤔
Is it pending or queued? Let’s get some clarity, shall we?
👇👇
If you’ve found yourself pulling your hair out when a transaction seemingly pauses forever, this thread is for you🤯
The impounding question is,
Why is my transaction queued? 🤔
Is it pending or queued? Let’s get some clarity, shall we?
👇👇
Transactions submitted to a network through an EVM node can have one
of the two following statuses before they are propagated to the network
and included in a block:
👉Pending
👉Queued
What’s really the difference though?
of the two following statuses before they are propagated to the network
and included in a block:
👉Pending
👉Queued
What’s really the difference though?
Pending are the transactions in the transaction pool that are ready to be included in a block.
Queued transactions are the ones waiting to become the pending transactions.
Where does this queue put up?
The queued pool
👇👇
Queued transactions are the ones waiting to become the pending transactions.
Where does this queue put up?
The queued pool
👇👇
In such a dynamically changing status of the blockchain, we need an efficient,fair, real-time & secure mechanism to ensure that all the txns on the network are genuine and all participants agree on a consensus on the status of the ledger
Consensus mechanism does that job for us
Consensus mechanism does that job for us
It’s a set of rules that decides on the legitimacy of contributions made by the various participants of the blockchain.
There are 2 kinds of consensus mechanisms
PoW: Proof of Work
PoS: Proof of Stake
There are 2 kinds of consensus mechanisms
PoW: Proof of Work
PoS: Proof of Stake
GM Folks!
2 weeks of #web3glossary 🥳🥳
It's day 14 today 🙌
Lets get back to some basics, shall we?
N: NFTs, Nonce, Node
👇👇
2 weeks of #web3glossary 🥳🥳
It's day 14 today 🙌
Lets get back to some basics, shall we?
N: NFTs, Nonce, Node
👇👇
Blockchains are a huge network of blocks of data. Where does this data get stored?🤔
These blocks of data are stored on nodes. Basically, node is any device connected to a blockchain.
These blocks of data are stored on nodes. Basically, node is any device connected to a blockchain.
All the nodes on a blockchain are connected to each other & they exchange information on the blockchain
Different nodes have varying levels of responsibility, & help in validating transactions, store the blockchain’s history, relay data, and perform other functions
Different nodes have varying levels of responsibility, & help in validating transactions, store the blockchain’s history, relay data, and perform other functions
How’s it going fellas?
Its day 13 of #web3glossary
Ready for some web3 gyaan?
👉M: metaverse, mining, master node, mempool, MEV
lessgoo 🚀
Its day 13 of #web3glossary
Ready for some web3 gyaan?
👉M: metaverse, mining, master node, mempool, MEV
lessgoo 🚀
Metaverse is not a new concept. We have a multiple firms creating realistic metaverse
and its been a hot topic since late 2021. But what’s it all about in the web3 space?
and its been a hot topic since late 2021. But what’s it all about in the web3 space?
It's an immersive & interactive virtual world where you can play, shop, dance,
party, make friends & much more using avatars & digital objects in 3D space.
With web3 tech people can buy and sell virtual property/ NFTs, earn money while playing
games - all using digital currency
party, make friends & much more using avatars & digital objects in 3D space.
With web3 tech people can buy and sell virtual property/ NFTs, earn money while playing
games - all using digital currency
You’ve heard L1 and L2 quite commonly in the web3 space, but not sure what does it refer to? Let’s dig in👀👇
L1: Layer 1
L2: Layer 2
L1: Layer 1
L2: Layer 2
(L1) is the basis of the blockchain architecture - base layer or mainnet. @ethereum , @FantomFDN & @Bitcoin blockchain are all L1 blockchains.
Layer-2 is a network that is built on top of the underlying L1 blockchain.
Layer-2 is a network that is built on top of the underlying L1 blockchain.
It’s Day 11 of #web3glossary!
They say good things take time, and that’s why the thread is a little late!🙃
K: Keys
👇👇
They say good things take time, and that’s why the thread is a little late!🙃
K: Keys
👇👇
If you’ve dipped your hands in the world of cryptocurrency, you’ve probably come across the concept of crypto wallets, and may have heard of private or public keys. But what exactly are they?
Lets’s start with crypto wallets👇
They help you send, receive, and spend cryptocurrency. It also holds your keys and provides secure access to your wallet.
We have a few types of wallets
📌Hardware wallets: Where your keys are stored offline
👇
They help you send, receive, and spend cryptocurrency. It also holds your keys and provides secure access to your wallet.
We have a few types of wallets
📌Hardware wallets: Where your keys are stored offline
👇
Gm folks!
It's Day 10 of #web3glossary
Well, we are short of jargons and terms with "J"
Let's talk about social tokens today!
A 🧵
It's Day 10 of #web3glossary
Well, we are short of jargons and terms with "J"
Let's talk about social tokens today!
A 🧵
It's a cryptocurrency any community, a brand or an influencer can use to monetise themselves beyond the typical means!
Today platforms like @instagram @YouTube are used as a medium to monetise their skills, however these platforms exert artistic control on their content
Today platforms like @instagram @YouTube are used as a medium to monetise their skills, however these platforms exert artistic control on their content
Social tokens help eliminate this barrier and help foster a new principle of ownership in the digital economy!
Social tokens are more than just marketing tokens
Social tokens are more than just marketing tokens
We have IPO's in traditional web2 companies, what about web3?
Let’s talk about crowdfunding models in this space!
Let’s talk about crowdfunding models in this space!
In web3, we have ICO - Initial Coin Offering. A company seeking to raise capital to create a new coin, app, or service uses an ICO (selling tokens to the public) to raise funds.
In order to send and receive crypto on most blockchains, you must pay a transaction fee.
How’s it calculated?🤔
Let’s get this started with Gas - Fees, limit, and price👇
How’s it calculated?🤔
Let’s get this started with Gas - Fees, limit, and price👇
What is Gas?
Its a measure of the computational effort required to complete a transaction.
This fee is paid by a user to do a transaction/execute a smart contract on a blockchain.
Its a measure of the computational effort required to complete a transaction.
This fee is paid by a user to do a transaction/execute a smart contract on a blockchain.
It’s Day 6 of #web3glossary !
F: Fiat, F-NFT**, Fork, Full node**
P.S.: If you’ve recently discovered this thread series- I’ll be sharing easy to understand explanations for web3 jargons and terminologies every day.
LFG🚀🚀
F: Fiat, F-NFT**, Fork, Full node**
P.S.: If you’ve recently discovered this thread series- I’ll be sharing easy to understand explanations for web3 jargons and terminologies every day.
LFG🚀🚀
Fiat:
There are 3 different types of money: commodity money, fiat money, and bank money
Fiat money = paper money.
It’s a currency established as legal tender, often backed and regulated by a government, such as the US Dollar, the Indian rupee and the Euro
There are 3 different types of money: commodity money, fiat money, and bank money
Fiat money = paper money.
It’s a currency established as legal tender, often backed and regulated by a government, such as the US Dollar, the Indian rupee and the Euro
Since it is not tied to a tangible asset, the value of fiat money is dependent on responsible fiscal policy & regulation by the government.
Irresponsible monetary policy can lead to
inflation & even hyperinflation of a fiat currency
We've seen this during the past recessions!
Irresponsible monetary policy can lead to
inflation & even hyperinflation of a fiat currency
We've seen this during the past recessions!
Day 5, folks!
A tad bit late but here we are!🚀
E: Ethereum, EVM, ERC-20, ERC-721, ERC-1155
#web3glossary
👇👇👇
A tad bit late but here we are!🚀
E: Ethereum, EVM, ERC-20, ERC-721, ERC-1155
#web3glossary
👇👇👇
Let’s start with understanding about the leading smart contract-enabled blockchain in the world
📌Ethereum
It’s a decentralized, open-source blockchain network, launched in 2015 by @VitalikButerin
It's native token, ETH (Ether), is the 2nd largest digital asset by marketcap
📌Ethereum
It’s a decentralized, open-source blockchain network, launched in 2015 by @VitalikButerin
It's native token, ETH (Ether), is the 2nd largest digital asset by marketcap
Don’t get mixed up b/w Ethereum and ETH. ETH is the native token that people trade in, Ethereum is the underlying blockchain network.🫵
💡Ethereum was a crowdfunded project.
It’s not just a cryptocurrency! It’s an open source project enabling the ecosystem.🚀🚀
💡Ethereum was a crowdfunded project.
It’s not just a cryptocurrency! It’s an open source project enabling the ecosystem.🚀🚀
It's Day 4 buidlers!🚀
Web 3 has been designed to address the prevalent, potentially problematic issues inherent in the internet ecosystem. Decentralization is one of the pillars of Web3.
Today's all about decentralisation!⏭️
D: Decentralisation/Dapp/DEX/ DeFi
#web3glossary
Web 3 has been designed to address the prevalent, potentially problematic issues inherent in the internet ecosystem. Decentralization is one of the pillars of Web3.
Today's all about decentralisation!⏭️
D: Decentralisation/Dapp/DEX/ DeFi
#web3glossary
Decentralisation
It’s the transfer of control and decision-making from a centralized entity to a distributed peer-peer network. Essentially its a system of interconnected, independent computers that work together to provide private & secure access to information and services...
It’s the transfer of control and decision-making from a centralized entity to a distributed peer-peer network. Essentially its a system of interconnected, independent computers that work together to provide private & secure access to information and services...
...without the involvement of a central authority and without any central data storage.
💡Blockchain enables decentralisation in the next generation web.
💡Blockchain enables decentralisation in the next generation web.
