Gas: Transaction fees to process things on a blockchain. gas fees are often suggested by a wallet or platform depending on the congestion of the network but you can opt to lower or raise them which may influence the speed (or certainty) with which your transaction is processed.
GM: Good morning (say it on Twitter or in your Discords for some community love)
Gwei: Gigawei (1,000,000,000 Wei). Wei is the smallest unit of ether (similar to what a penny is relative to a dollar). Gas is measured in Gwei.
HODL: Hold on for dear life (an apt term for many things in this space)
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Proof of Stake: A mining construct that states a miner can mine/validate block transactions based on how many coins they hold.
Proof of Work: A mining construct that achieves consensus through solving complex mathematical problems using computation to valid...
ERC 20, ERC 721, ERC 1155: Most common token standards on Ethereum (for things like NFTs)
Fiat: Traditional currency like USD or EUR
FUD: Fear, uncertainty, and doubt
Fungible: With many goods/assets, it’s not r...
Roadmap: Many NFT projects have a “roadmap” that lays out their plans for a project. It’s helpful to look at these with a critical eye.
Smart Contract: A self-executing contract that spells out the terms for buyers and sellers in code that is recorded and d...
Staking: An arrangement where you agree to lock up your assets (cryptocurrency or NFTs) for a period of time in exchange for rewards (usually tokens or cryptocurrency or NFTs). Rewards are similar to interest for keeping money in a savings account.
NFT: Non-fungible token (see fungible above). An NFT can be almost anything from a photo to a video to a song.
NGMI: Not gonna make it (often used to refer to individuals that make less-than-ideal decisions to buy/sell in the space)
Cold Wallet: A wallet that stores assets. It is not connected to the internet which adds an additional layer of security.
DAO: Decentralized Autonomous Organization
Defi: Decentralized finance; financial entities that operate using sm...
Hot Wallet: An internet-connected wallet that stores digital assets. It’s wise to exercise caution with these and generally avoid holding too much value in them to help mitigate against risk.
KYC: Know your customer. Many exchanges/wallets/platforms require...
Web3 is mired in a dizzying array of acronyms that make diving an uphill battle. Here are some which will help you become more familiar with this exciting, dynamic space.
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