Knowing a specific location’s terminology always provides a sense of inclusion and instills comprehension of the field. The following are the top ten terms that, in my perspective, appear often throughout the “WEB3 Talks.”
stands for Application Binary Interface, is defined as the #interface between two binary program modules.
One of these modules is a library or #Smart #Contract, and the other is the user’s #software.
A #blockchain is a self-updating, publicly available, and unchangeable #ledger.
The idea is to have a distributed database that is shared among computer #network nodes.
Decentralized Autonomous Organizations.
A #DAO is a Blockchain-based organizational structure. #DAOs are open-source and user-governed. The DAO is a corporation built on Blockchain that follows the legacy and regulations of a #business.
DeFi is an abbreviation for #Decentralized #Finance, which is a financial system built on Blockchain that is independent of any form of #centralized authority such as #banks in order to undertake financial operations such as #trading, borrowing, lending, and #investing.
Ethereum Virtual Machine
The #EVM is a software application that blockchain #developers use to deploy Dapps on the Ethereum blockchain as well as interact with Ethereum’s accounts, smart contracts, and distributed ledger.
This is the cost paid by a user to execute a smart contract or conduct a #transaction on a blockchain. The entire amount of gas multiplied by the gas price determines how much a user spends to complete a transaction.
A #Mainnet (short for Main Network) is the finished result of a blockchain project that the general public may utilize. A Mainnet, like a #Testnet (described below), can be updated for Updates and Revisions.
#Non-Fungible #Tokens are a #digital #certificate of authenticity based on the #ERC-721 #Token standard that is used to assign and verify ownership of a unique digital or physical #asset.
Developers can test #protocol improvements and smart contracts on a testnet (test network) before publishing them on #mainnet. Kovan, Goerli, Ropsten, and Polygon Mumbai are some prominent #testnets.
These are the terms that I believe will assist you in becoming acquainted with the space’s learnings and activities.