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Web3 Glossary

All words and definitions related to Web3 and Blockchain.

🗿 Web3

The third version of the web. First proposed by Dr. Gavin Wood, Web3 represents a new vision and focus for web applications: from centrally owned and managed applications, to applications built on decentralized protocols.

Non-Fungible Token (NFT)

A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger. Types of NFT data units may be associated with digital files such as photos, videos, and audio. Because each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies, such as Bitcoin.

InterPlanetary File System (IPFS)

The InterPlanetary File System (IPFS) is a protocol and peer-to-peer network for storing and sharing data in a distributed file system. IPFS uses content-addressing to uniquely identify each file in a global namespace connecting all computing devices.

🗄 Blockchain

A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

HEX String

Block height, e.g. "0xd3fc1c"

String "earliest"

Earliest block / Genesis block

String "latest"

Latest block

String "pending"

Status / transaction for pending