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Web3 Glossary: Blockchain Terms

Constantly updating glossary of blockchain terms and blockchain definitions that will help you understand better the NFT world. Each term is carefully defined and explained by our team of Web3 experts

B

BEP20
BEP20, an abbreviation of Binance Smart Chain Evolution Proposal, is the standard for creating digital tokens on the Binance Smart Chain (BSC).
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Barter Economy
A barter economy is a cashless economic system in which services and goods are traded at negotiated rates.
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Beacon Chain
The Beacon Chain is a new blockchain that is running in parallel with the Ethereum blockchain in preparation for Ethereum’s transition from Proof of Work to Proof of Stake.
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Bitcoin Mining Pools
In the context of cryptocurrency mining, a mining pool is the pooling of resources by miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block.
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Blockchain
A blockchain is a distributed database that uses a peer-to-peer computer network to verify and record transactions for a cryptocurrency or other data-intensive application.
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C

Cryptography
Cryptography studies secure communications techniques that allow only the sender and intended recipient of a message to view its contents.
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E

H

Hard Cap
The hard cap mechanism prevents runaway inflation from occurring in response to increasing demand for a coin, which would cause the price per unit of the currency to fall below its production cost.
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N

Non Fungible Tokens(NFT)
A non-fungible token or NFT is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded.
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O

OpenSea
OpenSea is the world’s largest marketplace for users to upload, buy or trade non-fungible tokens (NFTs) using cryptocurrencies.
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P

Proof of Stake
What is proof of stake? Proof of stake is a consensus mechanism used by cryptocurrencies to process transactions and create new blocks on a blockchain.
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Unstoppable Domains
Unstoppable Domains is a company on a mission to decentralize the web.Unstoppable Domains prioritizes ownership of an individual’s digital identity.
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V

Vitalik Buterin
Vitaly Dmitriyevich "Vitalik" Buterin is a Russian-Canadian programmer and writer who is best known as one of the co-founders of Ethereum. He was born in Kolomna, Moscow Oblast, Russia.
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