🧑‍💻Glossary

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A graphical representation of a user, usually as a 2D image or a 3D character. They are usually customisable and are used to interact and navigate within a digital environment, such as metaverses.

Blockchain

A decentralised, transparent database that is essentially a chain of data blocks. Each of these blocks is linked to a previous block, meaning that the record cannot be altered without breaking the connection between blocks. It operates on a network where each participant has a copy of the entire blockchain of choice, ensuring shared consensus and eliminating the need for a central authority.

DAO (Decentralised Autonomous Organisation)

A self-governing organisation operating on a blockchain that uses smart contracts to automate decision-making, often with token-based voting systems. This means there is no reliance on a centralised authority because the code of the smart contract can be run without human supervision.

Decentralised

Decentralised means operating without a central authority, where power and decision-making are spread across multiple participants or devices.

Ethereum

A widely used blockchain platform that was that was the first to bring the idea of smart contracts to the core of blockchain technology. Ethereum offers blockchain-based solutions for decentralised apps and smart contracts with its own digital currency known as Ether (ETH).

Metaverse

Metaverse is a portmanteau of “meta” and “universe”, originating from the 1992 science fiction novel Snow Crash by Neal Stephenson. Typically, a metaverse is a virtual digital world that is fully immersive and allows for interaction between avatars and the digital environment. Often these are 3D and internet-based, such as Second Life, which has existed for two decades.

NFT (Non-Fungible-Token)

An NFT is usually a one-of-a-kind digital asset stored on a blockchain, representing ownership or proof of authenticity for items like art, collectibles, or virtual real estate. NFT stands for Non-Fungible Token, “non-fungible” means that something is unique and cannot be replaced by something else of the same appearance and value. They each contain data describing themselves and often a link to a media resource. They are logged on the blockchain so that the owner and the price of the NFT are trackable.

Smart Contract

Essentially, this is a piece of code on a blockchain that is a self-executing digital contract. It's like having a digital referee that makes sure everyone plays by the rules. It therefore eliminates the need for intermediaries because it directly facilitates, verifies, and enforces the agreed-upon terms between parties as stated in the contract. Smart contracts are publicly visible and cannot be changed once they are deployed.

Tezos

A popular blockchain platform that lets you build and run decentralised apps and smart contracts with its own digital currency known as commonly as Tez.

Token

In the context of Web3, a token is a special type of digital object created and controlled by a smart contract. The smart contract defines the rules and behavior of the token. Tokens can be either fungible, meaning they are interchangeable, or non-fungible, meaning each token is unique and cannot be exchanged on a one-to-one basis.

VRChat

A metaverse platform that allows users to socialise, play games and have shared experiences via avatars in a 3D world. It is intended to be used with virtual reality headsets but can also be used in desktop mode without a headset.

Wallet

Allows interactions with a blockchain. It is a digital wallet that stores, manages, and interacts with cryptocurrencies and digital assets in the Web3 ecosystem. It contains a public address that can be used to send and receive cryptocurrency or tokens. Every time a transaction is made using a web3 wallet, the associated address and details are recorded on the blockchain, ensuring transparency and a permanent record of the transaction.

Web3

The latest iteration of the internet that is built on blockchain technology. Web1 was the early internet, like static websites for information. Web2 brought interactive websites and social media. Web3 is the next phase, using blockchain and promoting values like decentralisation and co-ownership.