When you decide to enter the crypto space, youâre going to start seeing a lot of terms like blockchain, decentralized, NFT, web3, and more. While theyâre all related, they donât all mean the same thing.
Lucky for you, Iâm here to explain all this crypto-speak for you! Once youâre better equipped with the, youâll be ready to navigate the decentralized web with more confidence and swag.
- Blockchain : a publicly-accessible digital ledger used to store and transfer information without the need for a central authority. Blockchains are the core technology on which cryptocurrency protocols like Bitcoin and Ethereum are built.
- Decentralized : a system operated by a distributed, peer-to-peer network instead of a central figure or authority.
- Minting : the process of validating information, such as domain ownership, and registering that onto the blockchain.
- NFT (Non-fungible token) : a digital certificate of authenticity used to assign and verify ownership of a unique digital or physical asset. Unlike fungible tokens, NFTs are not interchangeable with one another. Unstoppable Domains are NFTs themselves, meaning you have complete ownership and control over them.
- Wallet : a software application or hardware device used to store the private keys to blockchain assets, such as cryptocurrencies and NFTs. Unlike a traditional wallet, a blockchain wallet does not actually store the coins or tokens themselves. Instead, it stores the private key that proves ownership of a given digital asset. (e.g. Metamask, Coinbase Wallet, Ledger, Trezor)
- Wallet Address : also known as a public key, this is an alphanumeric code that serves as the address for a blockchain wallet, similar to a bank account number. Unstoppable Domains replaces these complicated addresses with easily-readable domain names. Anyone can send digital assets to your wallet via your public key or domain name, but only you can access your walletâs contents by using the corresponding private key.
- Web3 : the next iteration of the web being ushered in as we speak, which leverages blockchain technology, open-source applications, and the decentralization of data and information. Web3 aims to remove control of the web from monopolistic tech companies, and return ownership of data and content to its users. Also referred to as the âdecentralized webâ and the âread-write-trust web.â
