Glossary of terms

A technology that superimposes computer-generated images or information on top of a user's view of the real world.
The beacon chain is a new layer in the Ethereum 2.0 network that is responsible for coordinating and managing the validators and shards on the network. It maintains the overall state of the Ethereum 2.0 network and ensures that all validators are working in a coordinated and secure manner.
Bitcoin is a decentralized, digital currency that uses cryptography for secure financial transactions. It is the first and most widely-used cryptocurrency.
A block is a unit of data on the Bitcoin blockchain that contains a group of transactions. When a block is added to the chain, it becomes part of the permanent record of all past transactions.
A decentralized, digital ledger that records transactions across a network of computers. NFTs are often stored on a blockchain.
A consensus mechanism is a protocol used by blockchain networks to ensure that all nodes agree on the state of the network and the validity of transactions. PoW and PoS are examples of consensus mechanisms.
A digital or virtual currency that uses cryptography for security and is decentralized, meaning it is not controlled by any government or financial institution. Bitcoin, Ethereum, and Litecoin are examples of cryptocurrencies.
A unique string of characters that represents the data in a file. The hash is created using a cryptographic algorithm, and any changes to the data will result in a different hash.
A type of organization that is run using smart contracts and operates on a decentralized, blockchain-based platform.
A financial system that is built on decentralized networks and protocols, such as blockchain and smart contracts. DeFi applications and platforms allow users to access financial services, such as lending and borrowing, without the need for intermediaries.
ERC-20 is a standard for creating tokens on the Ethereum blockchain. It defines a set of rules and guidelines that must be followed in order for a token to be compatible with Ethereum's existing infrastructure. ERC-20 tokens are widely used in initial coin offerings (ICOs) and other decentralized finance (DeFi) applications.
ERC-1155 is a standard for creating tokens on the Ethereum blockchain that allows for the creation of both fungible (interchangeable) and non-fungible (unique) tokens in a single smart contract. It is designed to be more efficient and cost-effective than using separate smart contracts for each type of token.
ERC-721 is a standard for creating non-fungible tokens (NFTs) on the Ethereum blockchain. It defines a set of rules and guidelines for creating unique digital assets that can be bought, sold, and traded on the Ethereum network. ERC-721 tokens are often used to represent collectible items, virtual real estate, and other one-of-a-kind assets.
Ethereum is a decentralized, open-source blockchain platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. Ethereum is the second-largest blockchain platform by market capitalization, after Bitcoin. Ethereum is often used to create and issue NFTs.
Ethereum 2.0, also known as Serenity, is the next major upgrade to the Ethereum blockchain. It aims to improve the scalability, security, and efficiency of the Ethereum network by introducing new features such as sharding and proof-of-stake consensus.
The Eth2 deposit contract is a smart contract on the Ethereum 1.0 chain that allows users to "lock up" their Ethereum and participate in the Ethereum 2.0 network as validators. By depositing their Ethereum into the contract, users can earn rewards for helping to secure the network and ensure its continued operation.
The Ethereum Virtual Machine (EVM) is a decentralized, runtime environment that executes smart contracts on the Ethereum network. It is responsible for ensuring that the terms of a smart contract are carried out as intended, without interference or tampering.
Ethereum Request for Comments (ERC) is a standard for smart contracts on the Ethereum blockchain. It defines a set of rules and guidelines for creating new standards and protocols on the Ethereum network.
The property of a good or asset that can be exchanged for another good or asset of the same value. For example, one dollar is interchangeable with any other dollar. Fungible assets are often used as a medium of exchange because they are interchangeable. Non-fungible assets, on the other hand, are unique and cannot be exchanged for something else of equal value.
A unit of measurement for the processing power required to execute a transaction on the Ethereum blockchain. Gas is used to prevent spam and abuse on the network by requiring users to pay for their actions.
MetaMask is a browser extension that allows users to interact with the Ethereum blockchain from their web browser. It acts as a digital wallet for Ethereum-based assets and allows users to access decentralized applications (dApps) on the Ethereum network.
The metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the internet. It is a virtual reality shared by millions of users, where the users themselves, as well as virtual objects and virtual reality, are all part of the same space.
Mining is the process of verifying transactions on the Bitcoin network and adding them to the blockchain. Miners compete to solve complex mathematical problems in order to earn the right to add a new block to the chain and receive a reward.
The process of creating and issuing a non-fungible token (NFT).
The original version of a non-fungible token (NFT) that is created and issued by the creator.
A unique digital asset that represents ownership of a specific item, such as a piece of art, a collectible, or a virtual real estate property. NFTs are stored on a blockchain, which allows for the creation and transfer of ownership of the asset in a secure and transparent way.
An online platform where users can buy and sell NFTs (non-fungible tokens).
Proof-of-stake is a consensus mechanism in which the validator of a new block is chosen based on their stake (how many coins they hold) in the network. In a PoS system, validators are incentivized to act in the best interests of the network by earning rewards for their efforts. PoS systems are generally more energy-efficient than PoW systems, as they do not require miners to solve computationally intensive problems in order to validate transactions.
Proof-of-work is a consensus mechanism used by some blockchain networks, such as Bitcoin and the current version of Ethereum, to validate transactions and add new blocks to the chain. In a PoW system, miners compete to solve complex mathematical problems in order to earn the right to add a new block to the chain and receive a reward. The difficulty of the problems is adjusted periodically to ensure that the rate at which new blocks are added to the chain remains consistent.
A private key is a secret piece of data that is used to access and control the ownership of a digital asset, such as a cryptocurrency. It is typically a long string of characters that is kept secret by the owner of the asset.
A public key is a unique identifier that is associated with a digital asset, such as a cryptocurrency. It is made up of a long string of characters and is used to receive transactions from other users.
"Play to earn" is a model of monetization in which users earn rewards for participating in an online game or platform. This can take various forms, such as earning in-game currency or items for completing tasks or challenges, or earning real-world rewards, such as cryptocurrency or other digital assets, for participating in the game or platform.
Sharding is a scaling solution that aims to improve the performance of a blockchain by breaking up the network into smaller, more efficient pieces called "shards." Each shard processes its own transactions, allowing for faster and more efficient transaction processing overall.
A satoshi is the smallest unit of Bitcoin, equal to 0.00000001 BTC. It is named after the pseudonym of the person or group of people who created Bitcoin, known as "Satoshi Nakamoto."
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein are stored and replicated on a blockchain network.
In a proof-of-stake system, stake refers to the amount of coins that a validator holds in the network. Validators with a larger stake are more likely to be chosen to validate new blocks and earn rewards.
A token is a digital asset that represents ownership of a specific item, such as a piece of art, a collectible, or a virtual real estate property. Tokens can be either fungible (interchangeable) or non-fungible (unique).
A validator client is software that runs on a node and allows it to participate in the Ethereum 2.0 network as a validator. The client is responsible for communicating with the beacon chain, signing and proposing blocks, and participating in the consensus process.
A computer-generated simulated environment that can be accessed using a headset and other equipment, allowing the user to interact with the simulated environment as if it were real.
A wallet is a digital storage platform for cryptocurrencies and other digital assets. It typically consists of a software application or service that allows users to store, send, and receive digital assets, and also to track the balance of their holdings.