Welcome to the RECUR web3 dictionary. Your comprehensive guide with everything you need to know about the emerging technology and ecosystem transforming the internet as we know it.
This dictionary is designed to help you navigate the complex world of web3 and understand the associated key concepts, technologies, and terms. From blockchains and decentralized applications (dApps) to smart contracts and non-fungible tokens (NFTs), this dictionary covers a wide range of topics related to web3.
Whether you are a developer, investor, or simply someone interested in the future of the internet, this dictionary will provide you with the solid foundational knowledge you need to navigate the exciting world of web3.
A distribution of free digital assets such as NFTs or cryptocurrency, usually as a marketing acquisition tactic or a method to reward specific groups of users.
An open, programmable smart contracts platform for decentralized applications that is known for its fast transaction speeds, low fees, and customizable subnets.
A digital representation of a person or character, typically referring to a user's online identity and the representation they use to interact with others in the digital world.
A decentralized, distributed ledger that records transactions across a network of computers. Check out our blockchain beginner’s guide.
The process of permanently destroying a digital asset. This can be done for various reasons, such as to reduce the supply of a particular token or NFT or to allow it to be minted again on a new blockchain.
The ability for different blockchain networks to communicate with each other, making it possible for assets and data to be transferred and utilized across multiple platforms.
AKA “crypto” refers to digital currencies that are not typically controlled by a third-party. Transactions are verified using cryptography—the art of solving codes—and blockchain technology.
An acronym for decentralized autonomous organization. In other words, it’s a decentralized organization run by code rather than people and operates on a blockchain.
Short for decentralized application. A software application built on a blockchain that operates autonomously and is not controlled by any single entity.
Short for decentralized finance. A financial system built on blockchain technology, enabling peer-to-peer transactions without the need for intermediaries.
See non-fungible token (NFT). Its main value is its inherent uniqueness as opposed to additional utility (see utility token).
An NFT that represents a physical object or real-world experience.
A platform designed to allow users to create and join servers, similar to chat rooms, where they can communicate with other users via text, voice, and video. Discord provides a flexible and customizable platform for collaboration among communities with shared interests or goals.
A distribution method to release a new collection of NFTs, usually as a paid primary sale.
A blockchain platform that enables the creation of dApps and smart contracts. The majority of NFTs at this point live on Ethereum.
Currency backed by a central authority as opposed to a physical commodity. Examples include the U.S. Dollar, Euro, or Japanese Yen.
A unit of measurement for the computational effort required to execute a transaction or smart contract on the Ethereum network.
The function for different blockchain networks to seamlessly cooperate, communicate, and exchange assets with each other. This promotes a more efficient and flexible web3 ecosystem.
A virtual world, often decentralized and built on blockchain technology, where users can interact, create, and own virtual assets.
The process of creating a new digital asset or NFT on the blockchain. Each unique asset that gets minted consists of some kind of digital content and metadata to define its uniqueness and verify ownership.
Payments designed to give creators a percentage of the revenue from sales of their NFT creations. Learn more in our blog all about royalties.
A unique digital asset stored on a blockchain, representing ownership of a specific item; such as a piece of digital art, in-game item, event ticket, digital memorabilia, and more. Debunk common NFT misconceptions in our web3 101 blog post.
An acronym for profile picture. It is commonly used in online communities, social media platforms, and messaging apps to refer to the picture that represents a user's account.
Otherwise known as proof of attendance protocol, POAPs are a type of NFT used to verify that someone has attended or participated in an event.
A layer-2 blockchain built on top of the Ethereum blockchain to enable faster and more efficient transactions.
A distribution method—also known as drops—where NFTs are initially sold. This is run by an NFT creator or issuer on their chosen platform.
Location where previously purchased NFTs can be traded or resold by their current owner. The majority of the sale amount goes to the seller excluding any creator royalties or service fees.
A self-executing contract with the terms of the agreement between a buyer and seller being directly written into lines of code.
The process of converting a real-world asset into a digital asset, represented as an NFT on a blockchain.
The economic system behind a token or cryptocurrency including its supply, distribution, and the incentives for users to hold or use it.
An NFT that has a specific function and offers value to owners beyond their inherent uniqueness. Unlike a digital collectible, these NFTs can usually be redeemed for exclusive access to a product, service, or feature.
A software program that allows you to store, send, receive, and manage a wide range of digital assets such as NFTs and cryptocurrencies.
A term used to describe the next generation of the internet, where users have greater ownership, security and control over their data and digital assets through the use of blockchain technology and other decentralized systems. Dive deeper into web3 here.