Web3 meaning: Decoding with Web2 Terms

In the rapidly evolving digital world, the shift from Web2 to Web3 has introduced a new vocabulary that can be challenging to understand. Here’s a simple translation of Web3 terms into familiar Web2 concepts to help you navigate this new landscape.

Web3 meaning with Web2 terms glossary

You can read in this way: Web3 terms (Web2 term).

  1. Airdrop (Rewards): In the Web3 world, an airdrop is like a reward or bonus given to users, often for free. It’s similar to loyalty points or rewards you might receive from a Web2 service.
  2. Blockchain (Servers): A blockchain is a decentralized network of computers, akin to servers in Web2, that work together to validate and record transactions.
  3. DAOs (Communities): DAOs, or Decentralized Autonomous Organizations, are like online communities or forums where decisions are made collectively by its members.
  4. DEX (Marketplace): A DEX, or Decentralized Exchange, is a marketplace where users can trade directly with each other, similar to an e-commerce platform in Web2.
  5. Degen (Nerd): In the crypto world, a ‘degen’ is someone who is deeply involved in the space, much like a ‘nerd’ or enthusiast in traditional tech circles.
  6. Gas (Costs of running servers): Gas refers to the fees required to perform transactions on a blockchain, similar to the costs associated with running servers in Web2.
  7. Interoperability (Standards): Interoperability is the ability of different blockchain systems to work together, akin to the universal standards that allow different Web2 systems to interact.
  8. Layer 1 (Internet protocol): Layer 1 refers to the foundational blockchain protocol, similar to the underlying internet protocols in Web2.
  9. Mainnet (Production environment): Mainnet is the live, functioning blockchain where transactions take place, much like a production environment in Web2.
  10. Miners & Stakers (People running servers): Miners and stakers are individuals who validate transactions on a blockchain, akin to people running servers in Web2.
  11. Minting (Publishing): Minting is the process of creating new tokens or NFTs, similar to publishing new content in Web2.
  12. NFT (Media assets): An NFT, or Non-Fungible Token, represents unique digital assets like artwork or music, akin to media assets in Web2.
  13. Node (Individual servers): A node is a computer that participates in the blockchain network, similar to individual servers in a Web2 network.
  14. Oracle (Data provider): An oracle in Web3 is a source of external data for smart contracts, much like a data provider in Web2.
  15. Ownership (Ownership): In Web3, users truly own their digital assets, a concept that doesn’t have a direct Web2 equivalent.
  16. Private Key (Passwords): A private key is a secret code used to access your digital assets, similar to a password in Web2.
  17. Public Key (User names): A public key is a unique identifier for your digital wallet, akin to a username in Web2.
  18. Seed Phrase (Simplified password): A seed phrase is a list of words that can be used to recover your digital wallet, similar to a simplified password in Web2.
  19. Sharding (Scaling): Sharding is a method for increasing the capacity of a blockchain, akin to scaling solutions in Web2.
  20. Smart Contract (Apps): A smart contract is a self-executing contract with the terms of the agreement directly written into code, similar to an app in Web2.
  21. Testnet (Test environment): Testnet is a simulated version of the blockchain used for testing, much like a test environment in Web2.
  22. Token (Platform assets): A token represents a unit of value on a blockchain, similar to digital assets on a Web2 platform.
  23. Tokenization (Digitalization): Tokenization is the process of converting rights to an asset into a digital token on a blockchain, akin to digitalization in Web2.
  24. Wallet (Account): A digital wallet is where you store and manage your digital assets, similar to an account in Web2.

Understanding these terms is the first step towards embracing the Web3 revolution. As we transition from Web2 to Web3, it’s essential to familiarize ourselves with this new vocabulary to fully participate in the decentralized future.

Giovanni Rasulo

Giovanni Rasulo

Web Project Manager e Digital Marketing Specialist in Blockchain School.

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