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Staking, Token, Whitelist, and WGMI
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.
Token: A cryptographic entry that represents an NFT, payment/currency unit, trading asset, information holder, etc.
Whitelist / Allow List: A method of access control that’s typically used to grant private access to a platform or experience (it’s often used for minting NFT projects)
WGMI: We’re all gonna make it (a supportive rallying cry)
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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.
ERC 20, ERC 721, ERC 1155: Most common token standards on Ethereum (for things like NFTs)
Cold Wallet: A wallet that stores assets. It is not connected to the internet which adds an additional layer of security.
NFT: Non-fungible token (see fungible above). An NFT can be almost anything from a photo to a video to a song.
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.
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.
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.
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