# The Web3 Playbook

**Published by:** [Ankittt.eth](https://paragraph.com/@ankittt/)
**Published on:** 2022-10-05
**URL:** https://paragraph.com/@ankittt/the-web3-playbook

## Content

Today we are gonna transform you from a newbie to a degen by sharing with you all the jargons to help you enter and deep dive into the world of Crypto, Blockchain, and Web3. https://ankittt.substack.com/?utm_source=substack&utm_medium=email&utm_content=share&action=share Airdrop - Crypto projects send their native tokens directly to the wallets of users to increase awareness and adoption. Alpha - Valuable or insider information, usually regarding cryptocurrencies and NFTs. FOMO - Fear of Missing Out Altcoins(Alts) - Refers to any cryptocurrency that wasn't Bitcoin, altcoin may now refer to any new cryptocurrency with a relatively small market cap Ape - Someone who invests heavily into crypto or stock. ATH (All-Time High) - Highest price an asset has ever had. ATL (All Time Low) - Lowest price an asset has ever had. Block - Batches of transactions with a hash of the previous block in the chain. Sharding - Method of separating a network's nodes into smaller groups(shards) to increase scalability. Block Explorer - Tool for browsing information on a blockchain, such as transactions, and wallet addresses. Bridge - Protocol allowing separate blockchains to interact with one another, enabling the transfer of data, tokens, and other information between systems. BUIDL - BUILD(misspelled) HODL - Hold on for Dear Life(misspelled) Burn - The process of removing tokens from crypto circulating supply, usually done by sending them to an inaccessible wallet address. FUD - Fear, Uncertainty, and Doubt GMI - Gonna Make it and NGMI - Not Gonna Make it Cold Wallet - An offline device used to store crypto. They can be hardware devices or simply sheets of paper containing the user's private keys. A generally safer method for storing crypto. Ex - Electrum wallet Gm - "good morning". Commonly used in crypto and web3 communities. Consensus Mechanism - A process through which nodes on a blockchain come into agreement on a transaction state of the network. DEX(Decentralized Exchange) - Crypto exchange built on the blockchain run by its users and smart contracts instead of a centralized institution. DAO(Decentralized Autonomous Organization) - Organization governed by its users and based on open-source code. De-Fi(Decentralized Finance) - Trustless, peer-to-peer financial tools built on public blockchains without the use of banks. They are open and interconnected. Dapp(Decentralized Application) - App built on open-source code that runs on a peer-to-peer blockchain network and is independent of centralized groups/institutions. EIP(Ethereum Improvement Proposal) - Standard format for presenting new features to the Ethereum community. ERC(Ethereum Request for Comments) - Standard smart contract outline on which Ethereum-based smart contracts are built. Ex- ERC-20,ERC-721 and ERC-1155 ,etc. Fork - Change in blockchain's protocol when a blockchain diverges into two potential paths forward. Gas - Fees paid by users to miners to execute a smart contract or conduct a transaction on the Ethereum Blockchain. Fee changes depending upon the current demand on the network and the transaction's complexity. Genesis Block - Very first block of a Blockchain network. ICO(Initial Coin Offering) - The selling of tokens to the public in order to raise capital for a crypto project. IEO(Initial Exchange Offering) - Same as ICO, but managed by an existing crypto exchange which tends to make the ICO process more secure. L1(Layer1) - It’s the blockchain platform itself also referred to as the base layer. L2(Layer2) - Protocols built on top of Layer1 blockchains to improve scalability, privacy, and efficiency like Polygon. Liquidity - Measure of how easily an asset can be bought, sold, or traded. LP(Liquidity Pool) - Collection of user-provided funds locked into a smart contract to trade on a DeFi platform. Minting - Process of validating information and registering that onto the blockchain. To the moon - Implies that the value of an asset will go extremely high. Nocoiner - Term used to describe someone not holding any cryptocurrency and is generally unfamiliar with crypto. NFT(Non-Fungible Token) - A digital asset stored on a blockchain used to verify ownership of a unique digital or physical asset and is not fungible/interchangeable. 51% Attack - An attack in which a single entity or organization gains control of over half of the nodes or mining power on a network allowing them to disrupt the network and perform malicious acts. WAGMI - We are All Gonna Make It Node - Devices connected to the blockchain network that are authorized to keep track of the distributed ledger and confirm the legality of each network transaction, known as blocks. TVL(Total Value Locked) - Measure of the overall value of assets. Rekt - Wrecked(Someone suffering a huge loss) Pump and dump - Scheme where an asset is hyped up, leading people to buy it raising its price for a short period of time, and then leading to a sharp selloff. Rugpull - Scam where the scammer attracts investors to a crypto project, then pulls out before the project is built and takes away the investor's money. Satoshis/Sats - Named after Satoshi Nakamoto, these are the smallest denomination of BTC, equal to 0.0000001 bitcoin. Shitcoin - Cryptocurrency with little to no value having weak fundamentals and no use case. Txn Hash(Transaction Hash/ID) - It’s a unique string of letters and numbers given to every transaction verified and added to the blockchain. TPS(Transactions per second) - No. of transactions that a blockchain can handle per second. Slippage - It’s the difference between a cryptocurrency's quoted price and the price that trade actually executes at. Hope we covered most of the terms to help you get started with the Web3 ecosystem. Please do share if we missed some of it. Subscribe That was all for today pioneers!!

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