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Find out the challenges it poses
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Understanding the concept of Metaverse
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)
554
693 reads
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ERCs, Fiat, FUD, Fungible
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...
571
1.76K reads
NFT, NGMI, Oracle, and Paper Hands
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)
Oracle:
560
1.06K reads
Gas, GM, Gwei, and HODL
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.
560
1.19K reads
POS, POW, Private Key, and Public Address
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...
557
788 reads
Roadmap, Smart Contract, and Sniping
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...
560
673 reads
Cold Wallet, DAO, Defi and Diamond Hands
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...
585
2.82K reads
Hot Wallet, KYC, and Minting
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...
561
964 reads
CURATED FROM
CURATED BY
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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What is Cryptocurrency?
Cryptocurrency is a form of payment that can be exchanged online for goods and services.
Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would...
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