Glossary
Crypto is full of cryptic terms (no pun intended). This glossary can help you get familiar with some of the terms that you will see one or another as you start your journey to the world of crypto and web3.
This is an ever evolving document. Anyone can edit it, add new terms, and improve existing definitions. Edit this document (see the list of contributors at the bottom).
ALPHA - early investment advice or information that puts you ahead of the game
APEING IN - buying into an NFT project, perhaps without due diligence
ADDRESS - a string of characters that represents a wallet that can send and receive cryptocurrency
AIRDROP - a marketing campaign that distributes a specific cryptocurrency or token to an audience via wallets
BLOCK - file with information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.
BLOCK EXPLORER - interface that lets you see transactions on the blockchain eg. etherscan
BLOCKCHAIN - a sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies eg. Bitcoin, Ethereum, Solana, Avalanche
BTFD - buy the f'ing dip, when a crypto price is dropping hard, that's the time to buy in
BUIDL - build useful stuff, when crypto is dipping, building useful stuff proves that it's still valuable.
BURN - NFTs or coins are considered “burned” when they have been purposely and permanently removed from circulation
COLD WALLET - stores digital assets off-line, making them secure from bad actors but more difficult to use (Ledger).
CRYPTO - cryptocurrency, a digital currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend
DAO - decentralized autonomous organization, a blockchain-based org where all involved can have ownership and engage in decision-making
DAPP - decentralized app, any practical application of blockchain and/or cryptocurrency, like mobile games or social sites eg. @CryptoKitties
DECENTRALIZATION - the transfer of control and decision-making from a centralized entity (individual or organization) to a distributed network
DEFI - decentralized finance, removes the control banks and institutions have on money, financial products and services
DEGEN - degenerate/gambler, someone shooting at all chances, possibly taking extreme risks
DYOR - do your own research before you invest in cryptos, buy NFTs etc.
ERC-20 - simple interface that allows for the creation of tokens on Ethereum that can be re-used by other applications, from wallets to decentralized exchanges.
ERC-721 – defines non-fungible tokens (NFTs) on Ethereum, allows anyone to create tokens that are completely unique.
REGEN - opposite of degen, someone using crypto as a coordination tool to regenerate the soil, nature, communities and people.
FOMO - fear of missing out
FUD - fear, uncertainty and doubt
FIAT - a term for government issued currencies, like the US dollar or any currency controlled by a central authority
FLOOR - the lowest price available for an NFT in a collection, the minimum amount you need to buy one.
FREN - means "friend". Because we are all friends here on a happy mission quest together.
GAS - the fee required to conduct a transaction or execute a contract on the Ethereum blockchain
GWEI - denomination used to define the cost of gas in transactions on Ethereum
GM - means "good morning". We say good morning to each other because we are a friendly happy optimistic global community and it is nice to say good morning to your friends as you start your day.
GMI - gonna make it
GN - means "good night". We say good night to each other because we are a friendly happy optimistic global community and it is nice to say good night to your friends as you end your day.
HODL - holding on for dear life when a crypto price tumbles IRL - in real life
HOT WALLET - is online and easily accessible but also more susceptible to hackers (MetaMask).
IMMUTABLE - data cannot be changed or modified by anyone after its creation, the core defining feature of blockchain.
INTEROPERABILITY - the ability to see and share information across multiple blockchains.
LAYER 2 - a scaling solution that promotes mass adoption of the Ethereum platform, provides tools to create scalable dapps that prioritize performance, user experience, and security eg. Polygon.
LMAO - laughing my ass off
MAXI - maximalist, someone who believes that one particular crypto is the only viable one by far and predominantly invests in it
METAVERSE - a digital universe with all the aspects of the real world—real-time interactions and economies.
MINING - process where blocks are added to a blockchain, verifying transactions, also how new bitcoin or some altcoins are created.
MINT - the creation of a new NFT token, turns a digital file into a crypto collectible or digital asset NFT - non fungible token, a unique digital object that confers ownership of a virtual good, like a digital artwork or online collectible
NGMI - not gonna make it
NODE - the most basic unit of blockchain infrastructure that stores data.
PROBABLY NOTHING - often used sarcastically to mean the opposite. It probably is something.
PROOF OF STAKE - a crypto mining system that rewards mining power to miners based on how many tokens they have, is more energy efficient than 👇
PROOF OF WORK - a mining system involving solving computationally intensive puzzles to validate transactions and create new blocks.
REKT - wrecked, refers to a crypto trader who is ruined due to losses from a price crash
RUGGED - when developers market a project to generate sales and then abandon it, taking existing profits and the project value (and buyer's NFT) goes to zero
SHILL – unsolicited endorsing in public, promoting an NFT you're dropping or a coin you’ve invested in
STABLECOIN - a cryptocurrency with extremely low volatility, that has its market value pegged to some external reference such as the USD.
STAKING - putting your tokens in to serve as a validator to the blockchain and receive a reward.
SWEEP THE FLOOR - buying NFTs in bulk at the floor or base price
PERMISSIONLESS - often used to describe blockchains, a system where no entity can regulate who can use it and how
P2E - play to earn, as in games like Axie Infinity
PFP - profile pic, as in World of Women
POAP - Proof of Attendance Protocol, NFT asset minted on Gnosis Chain for free by collectors as a lasting memory of a life event. Found in nearly every web3 community and expanding into IRL events worldwide.
REFI - Regenerative Finance and the use of tokens, tokenomics, and blockchain tools to fund public goods and shift the control of capital to the communities that most need it. ReFi creates positive externalities in trade.
SEED PHRASE - a series of words that unlocks your crypto wallet. It's like your bank account number, your social security number, date of birth, home address, and ATM pin—all in one. If someone gets it, they can take all your Crypto assets.
SELF CUSTODY - only you have the possession of your digital assets because you control the private key, versus holding assets at an exchange like Coinbase
SMART CONTRACT - a piece of code that self-executes once certain conditions are met, like a vending machine but online.
SOCIAL TOKEN - a type of cryptocurrency that a brand, community, or influencer can use to monetize themselves.
TOKEN - a representation of an asset, can be held, traded, or staked to earn interest.
TRUSTLESS - an environment where there is no centralized authority such as a bank.
WEN - when
WAGMI - we're all gonna make it
WHALE - individuals, institutions or exchanges that hold significant amounts of tokens of a particular cryptocurrency
WALLET - a place to store crypto assets.
WHITE/ALLOWLIST - a list of addresses that get early and guaranteed access to mint NFTs at a specific date and window of time.
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