Frequently asked questions
What is Shiller about?
Shiller is an engaging new platform for the Web3 community to come together and share their passion, explore ideas, collaborate and educate using authentic, interactive real-time video and audio broadcasts.
Who is Shiller intended for?
Shiller is a platform for all in the Web3 community.
Artists – Showcase and curate your art to the world.
Creators – Engage your audience from a single platform, using the best of live video audio mediums.
Projects – Build a safe, secure place for your tribe to come together, using ownership of your project NFTs to control access to conversations.
Enthusiasts – Explore the world of Shiller to find your tribe. Engage directly with your favourite artists, projects and creators.
What can I do on Shiller?
Creators can make interactive live video or audio shows that can be shared with anybody in the world.
Show hosts and members of the community can interact within these shows via real time chat, speaking on audio shows and joining the host on camera on video shows.
Items of interest such as Feature Merch & NFTs and web3 related products can be added to the show in a way that allows the audience to interact with them within the show.
How do I become a creator?
We are delighted to welcome Artists, Creators and Projects onto the Shiller platform. Click here to complete a short application flow so we can get things moving for you.
How do I setup a live show?
Shiller is designed to allow you to go live at any time, from anywhere using your mobile device. Just click on the Shiller icon in the bottom right of the screen to choose audio or video, add a show icon and name, click ‘Start Room’ and you are live streaming to the world.
How do I use Zones (Token Gating) to restrict access to my shows?
When creating a live show, you can choose to restrict audience access to your audio and video shows based upon ownership of tokens from a specific collection/smart contract. To do this, simply enable the ‘Zone’ toggle when setting up a show and input the smart contract address that you wish to validate token ownership against.
Note that in order to do this, you also need to own one of the tokens in question so you will need to have connected your wallet in the Profile section of the app first.
How do I add NFTs/Products/Merchandise to my live shows?
You can add NFTs from Rarible, Coinbase, OpenSea and Sorare by clicking on the basket in the bottom left of the show and then clicking on the globe icon to access links to any of these marketplaces form within the app. Choose a marketplace, find the NFT that you wish to include in your show and click ‘Add to Cart’.
NFTs or products from the web:
You can also link products from elsewhere on the web by searching for them in your browser and copy/pasting the URL into the field above the marketplace icons.
Note that occasionally, products from some websites may not pull through correctly into the show. We monitor for these cases and attempt to improve product linking from the web each week.
How do I share the link to my live shows?
From within the live show, click on the share icon in the bottom right of the screen and choose where/how you want to share the link. We support integrated link sharing in Instagram, Snapchat, Twitter, Facebook, WhatsApp, TikTok and Discord. You also have the option to click an icon to copy the link to your pasteboard, allowing you to send via alternatives such as email or SMS too.
How do I end a live show?
Click on the x icon in the top right-hand corner of the screen to end the live video or audio show.
What happens to the live show after it has ended?
All previously live shows instantly become replayable (and remain shareable) on Shiller.
I’ve changed my mobile number – how do I let you know?
We will shortly be releasing an update that allows you to change your mobile number from within the app, but in the meantime, please email us at email@example.com using the same email address that you used to apply to become a Shiller and will make amend the number for you.
Can I change my username in the app?
Yes, to change your username at any time, just access your user profile, click on the settings icon on the top right of the screen and select ‘Account’.
I’m having problems using your app – what should I do?
Please report any problems you are experiencing in an email to firstname.lastname@example.org so that our team can investigate accordingly. We will need your username, mobile number and device details so that we can fix any technical faults relating to your account and/or app. Feel free to include any screenshots or video recordings that you think will help us to investigate for you.
I’d like to close my account – what should I do?
Within the app, you can select your user profile, click on the settings icon on the top right of the screen and select ‘Delete My Account’. Please note that this action will permanently remove your account from Shiller and cannot be undone. To regain access to the Shiller app, you would need to complete the application flow again by clicking here.
How do I view a live show on Shiller?
You can join a live video or audio show by clicking the Creator’s link that has been shared.
You can also see whether a live show is currently taking place by visiting a Creator’s profile page link.
How can I interact with the host in a live video show?
You can use real time chat and also apply to join the host in screen as a guest via the camera on your phone or webcam if viewing the show from a desktop or laptop.
How can I interact with the host in a live audio show?
You can request permission from the host to speak on an audio show by clicking the ‘Request’ button next to the microphone symbol on screen.
Do I need to register an account on Shiller and log in to be able to view a show?
No, though we do ask you to add a temporary profile icon and name in order to use the real time chat feature or join the host on camera or audio.
How do I access a show that is using token gating?
Where a Creator has chosen to apply access restrictions using token gating, you will need to connect your wallet and confirm ownership of a token from the specified smart contract in order to interact fully with the show.
Note that this wallet connection is ‘read only’, Shiller will only use this to check for the specified token and will not be able to process any wallet transactions.
How do I access the NFTs and products within a show?
When viewing a show (whether live or playback) you can find out more about the NFTs and products that are displayed within the show by clicking on the basket icon and then clicking on the NFT or product that you are interested in.
Shiller will ask you to confirm that you wish to visit the site on which the NFT or product is hosted and if you agree, will open a new browser tab for you and place the show in the bottom right of your screen so that you can keep watching or listening whilst looking at the NFT or product that you have selected.
You can return to the main show at anytime by clicking on the mini-player version of the show, or by closing the browser tab of the NFT or product page that you are viewing.
If I buy an NFT or product from a show, does Shiller take my payment?
No, if you choose to purchase anything from an NFT or product site that you have accessed via a show, you would purchase directly from the site on which the NFT or product exists.
If I buy an NFT or product from a show, is the Creator making money?
In some cases, for example Rarible, Shiller has a referral programme agreement in place that allows Creators to receive a small % of sales as a referral fee. Note that you are not paying more to purchase anything from a Shiller show, any referral fee is paid by the seller from the purchase price of their NFT or product.
How do I share shows with my friends?
From within a show, click on the share icon in the bottom right of the screen and choose where/how you want to share the link. We support integrated link sharing in Instagram, Snapchat, Twitter, Facebook, WhatsApp, TikTok and Discord. You also have the option to click an icon to copy the link to your pasteboard, allowing you to send via alternatives such as email or SMS too.
How do I replay a show on Shiller?
You can access and replay a video or audio show by clicking on the Creator’s link that has been shared.
You can also find and access all shows to date from a Creator by visiting their profile page.
What is an NFT?
NFTs or non-fungible tokens, are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
NFTs are unique and not mutually interchangeable, which means no two NFTs are the same.
NFTs can be a unique digital artwork, sneaker in a limited-run fashion line, in-game item, digital collectible etc.
What makes an NFT valuable?
NFTs have two main sources of value: collectability and utility. These characteristics are both subjective and oftentimes not easy to define.
Understandably, two people may assign very different valuations to the significance of an art piece or the benefits of going to a conference such as VeeCon. This is why it can be helpful to have a framework for understanding why specific NFTs have value.
An NFT may have collectible value for a number of reasons such as:
- An NFT may be desirable due to its historical nature if it was created prior to the current adoption cycle of the industry.
- People may want to collect a specific project because it represents some level of technological innovation.
- An NFT may be collectible if it was launched by a significant brand or culturally relevant creator.
How do NFTs work?
Traditional works of art such as paintings are valuable because they are one of a kind but digital files can be easily and endlessly duplicated.
With NFTs, artwork can be “tokenised” to create a digital certificate of ownership that can be bought and sold. As with crypto-currency, a record of who owns what is stored on a shared ledger known as the blockchain.
The records cannot be forged because the ledger is maintained by thousands of computers around the world. NFTs can also contain smart contracts that may give the artist, for example, a cut of any future sale of the token.
What’s the connection between NFTs and cryptocurrency?
NFTs aren’t cryptocurrencies, but they are built using technology similar to Ethereum and Bitcoin.
Also, like cryptocurrencies, NFTs exist on a blockchain, which verifies their unique identity and ownership.
The blockchain also keeps a record of all the transactions connected to the NFT and the property it represents. Many NFTs are held on the Ethereum blockchain.
How does somebody make an NFT?
How do I buy and sell an NFT?
NFTs are typically acquired from different curated platforms that specifically deal in digital assets with open marketplaces such as Rarible, OpenSea, and Magic Eden very popular for buying and trading NFTs, and Makers Place, Nifty Gateway, Super Rare and Known Origin for digital art.
The currencies that can be used to purchase on these marketplaces varies. Some accept both USD and cryptocurrencies, and some only accept cryptocurrencies.
There are also an increasing number of aggregator sites that allow buyers to buy from many different sites within the same transaction (if buying multiple NFTs at the same time). These include genie.xyz, blur.io, gem.xyz and x2y2.io
How can I validate the authenticity of an NFT?
NFT ownership is recorded on the blockchain, and that entry acts as a digital pink slip. Sites like etherscan.io (a blockchain explorer and analytics platform) allow you to view, analyse assets, balances and transactions on the Ethereum network.
How is an NFT valued?
The value of an NFT can vary widely based on the digital asset up for grabs. NFTs are becoming an increasingly popular way to acquire and sell digital assets, so valuing an NFT would look at the popularity of an artist along with the historical sales of NFTs.
Dragon the Crypto Kitty continues to be one of the most expensive NFTs in the space, valued at 600 ETH.
What type of NFTs are on the market?
It’s important to note that ‘NFT’ is a very general term. Many different types of NFTs exist on the market and the variety should increase over time as more use cases for the technology are discovered. There are currently ten main categories of NFTs:
Art – such as Beeple, Chromie Squiggles, Where My Vans Go.
Collectibles – such as Crypto Punks, Bored Ape Yacht Club, Vee Friends, Gutter Cat Gang.
Membership passes – such as Proof Collective, Quantum Key, Vayner Sports Pass.
Tickets – such as VeeCon, Rocket Factory Mothership .
Virtual Land – such as Otherside, Sandbox, Decentraland.
Domain names – such as ENS Domains, Linagee domains, Unstoppable domains.
Gaming – such as Axie Infinity, Sorare, Illuvium.
Fashion – such as RTFKT, Adidas Originals, 10KTF.
Music – such as Royal, Snoop Dogg, Spottie Wifi.
Film – such as Calladita, Keepers of the Inn.
What is Web3?
Web3 is just the next evolution of the internet, growing out of Web 2.0. We’re already getting glimpses of what it will eventually be, even if there is no hard definition of what this progression will entail.
Like the earlier versions of the internet, Web3 is building off the past generations and adding to it. It is considered the read-write-own or read-write-execute version of the internet. Decentralization, privacy, machine learning and safety are some trends we are already seeing that will shape the Web 3.0 environment.
Fairness through decentralization
The big focus of Web3’s meaning is decentralization—making online communities owned by everyone, with transparent information sharing.
Instead of storing information through database giants such as Google, information will be freely shared and stored in many locations (this is called distributed computing). Everything will be shared by DAOs (Decentralized Autonomous Organizations). DAOs are groups built for one purpose, community run, relying on each member within the DAO to work in the best interest of reaching a common goal.
“DAOs really emerged among cryptocurrency enthusiasts and are largely used to make decisions in a bottom-up, ideally equitable management approach,” explains Sharad Varshney, CEO of OvalEdge, a data governance consultancy.
Privacy through blockchain
Blockchain is considered a pivotal part of decentralization. Ownership of things on the internet will be registered on the blockchain, which is a transparent and publicly accessible data system that allows anybody to see what goes on in it, says Billy Huang, co-founder of Luna Market.
An example of people using blockchain includes registering digital assets (NFTs) and tokens (crypto), which allow people to transfer digital goods seamlessly without needing to know the other party. Personal identity isn’t revealed unless users decide to share their real identity by tying their blockchain wallets (think of this as your Web 3.0 ID) to their personal information.
There is one main difference between blockchain technology and past infrastructures: databases. “Databases in the past were controlled by a single person or organization, and they had complete control over that system,” says Huang. “They could control how the data is stored and changed, leading to errors and fraud. Blockchains, on the other hand, allow anyone to create systems that can be audited by anybody. Because it is open to everyone, it allows anyone to understand the systems they are interfacing and develop trust with users who use their apps.”
Security through encryption
Encryption is another part of Web3. It basically ensures that no one can access data except for the intended parties. While we already use encryption to protect our online data, as the internet evolves, we’ll use it to ensure data can be both publicly transparent and privately owned.
For example, encryption will keep your information private as you transfer ownerships and assets on the blockchain, said Huang.
Machine learning through artificial intelligence (AI)
Another piece of the Web 3.0 puzzle was dreamed of way back in the 1990s. The idea was computers would be able to contextualize information much like the human brain. Beyond just knowing what the information is, the AI would understand the meaning and emotion behind the information, serving it up to humans in a more intelligent way than search engines do today.
AI could, for example, find you the pair of shoes at the best price point for you using your personal preferences and style, just like a human personal shopper. It may also be able to shop for a car or vacation for you and then provide you with highly customized options.
AI could also be used to make things of value using this advanced way of learning, such as creating new medicines or manufacturing new products.
“There are already a few use cases of artificial intelligence in Web 3.0 applications,” said Huang. “For example, there is AI-generated art, which is then sold as NFTs.”
How might this all fit into the metaverse someday?
“Although it’s hard to pinpoint, it’s expected that the metaverse will use blockchains to keep track of digital asset storage,” says Huang. One potential use is that creators in the metaverse may be able to register their digital assets, like sound, music, immersive experiences and games, in a safe and transparent way.
Web 3.0 AI may also be able to build you custom metaverse games or environments based on your personality and preferences.
Examples of Web3 companies, platforms and networks
There are already many Web3 examples created and thriving. Popular Web3 networks include Ethereum, Solana, Polygon and Cosmos. Some popular Web3 platforms include OpenSea, Coinbase, Ledger and MetaMask.
Many of these networks and platforms sell NFTs or cryptocurrencies like Bitcoin.
Cons of Web3
Are there downsides to Web 3.0? It’s really too soon to tell. We are still in the infancy of this new version of the internet.
There are theories, though. Some believe that DAOs, in particular, could be chaotic. Without someone or something in control, hate speech and misinformation, for example, could get worse because there won’t be anyone to police it. Policies may help sort things out, eventually.
“Even though DAOs reject the constraints of centralized control, they still need to adopt governance policies, including data governance,” says Varshney. “As DAO organizations operate entirely online, governing data effectively is critical for security, access, collaboration and more. DAOs are built on and work using digital information. Ensuring that this data is well managed using a dedicated tool should be at the top of the list when deciding on governance protocols.”
How Web3 could affect your life
In the future, your data will be yours and you can use it to create a better life. Companies collecting your personal data every time you buy something or search for something online could be a thing of the past.
AI could work as your own personal butler, creating personalized experiences for you using the data you control. You may also be able to build custom games and environments using AI.
Though there is a lot that may come with Web3, there are some overall themes that are already emerging. The pull away from “big data” with an emphasis on giving the user more freedom and security is already happening.
While Web 3.0 may seem exciting, and a little daunting, it is important to remember that there won’t be a big change right away. Over time, the internet as we know it will slowly evolve into the new version, just like 1.0 evolved into 2.0.
It will be easy for most to adapt, as earlier functionalities of the web will remain, and we may not even realize it’s happening.
As for when that will be, some experts predict it will take a minimum of 5 to 10 years.
Source: https://www.rd.com/article/what-is-web3/ (Alina Bradford)
Glossary of Web3 terms
Airdrop. In the crypto world, an airdrop is a free distribution of tokens or coins from a company directly into its users’ or members’ wallets.
Altcoins, or alts, are cryptocurrencies that are relatively new to the market and have relatively low valuations. A conjoining of the words ‘alternative’ and ‘coin,’ the term ‘altcoin’ initially was used to refer to any cryptocurrency that wasn’t Bitcoin.
Augmented Reality (AR). A technology that combines elements of virtual reality (VR) with physical reality. In its current form, AR can be facilitated by devices worn over the eyes – such as glasses or goggles – or by a smartphone or computer screen. Pokémon Go is one common example of AR, because it blends virtual information with one’s physical environment.
Avatar. An avatar is a digital rendering of a human being or other entity in VR, a video game, the internet or another virtual space.
Bitcoin is at the time of writing the most valuable cryptocurrency in the world. It was also the world’s very first cryptocurrency, postulated by ‘Satoshi Nakamoto’ (which is typically presumed to be a pseudonym) in a now-famous white paper called ‘A Peer-to-Peer Electronic Cash System’ in 2008.
Blockchain. A ‘blockchain’ is a distributed digital ledger that’s used to record transactions. It’s an immutable database, which means that information can’t be tampered with or altered once it’s been recorded. If there’s an error in an entry, then a new, revised entry must be made, and both entries will subsequently be visible on the ledger.
The name comes from the fact that a blockchain stores data in ‘blocks,’ individual units that are linked, or ‘chained,’ together. New data is filed into blocks – and blocks are subsequently chained together – in chronological order, so a blockchain becomes longer and longer as more information is added to it.
Each new piece of information is also assigned a timestamp, which makes it easy for users to find out exactly when it was linked to the database.
The transparency and immutability of the blockchain makes it a very reliable and trustworthy business resource both for individuals and companies.
Block. A block, the constituent element of a blockchain, is an individual unit in which data is stored.
Bridge. In a web3 context, is a protocol which links blockchain systems together, allowing users from one system to send assets and information to another.
Burn. To burn an NFT is effectively to send it into oblivion, the closest thing to destroying it completely. Nothing that’s been coded on the blockchain can be deleted, so anyone who wants to delete (burn) an NFT has to send it to a smart contract that nobody can access.
Centralized system. This is a system that is controlled and organized according to a rigid hierarchical structure. In such a system, power and decision-making authority is concentrated in the hands of a relatively small number of individuals at the top of the hierarchy. Corporations, for example, are centralized systems.
Consensus Mechanism. A system that validates transactions and encodes new information on a blockchain. The most common consensus mechanisms are Proof-of-Work (PoW) and Proof-of-Stake (PoS).
Cryptography. A word derived from the Greek ‘kryptos’ meaning ‘hidden’ – this is the process of using mathematics to encode and protect sensitive information from malicious actors.
Crypto Winter. A period of steep decline within the cryptocurrency market, resulting in the loss of huge sums of money for some investors.
DAO. A Decentralized Autonomous Organization, colloquially referred to as a ‘DAO,’ is an organization that is controlled by its members and not subject to the authority of any single individual or entity.
Unlike a traditional corporation or government, they are completely free of hierarchical, top-down structures.
Its codes of conduct are recorded on a blockchain to ensure transparency and decentralization, and participation in a DAO is usually accessed through the acquisition of a digital token.
Dapp. A decentralized application, colloquially called a dapp, is an application constructed on the blockchain which functions autonomously, according to the stipulations in smart contracts.
Like any other application on your phone, dapps come with a user interface and are designed to provide some kind of practical utility.
Decentralized. Refers to a system that is controlled in equal measure by each of its constituent parts.
Blockchains – the technological framework for web3 – are decentralized, meaning that no single individual, corporation or other entity is able to exert a disproportionate degree of control over how they are constructed and run.
DeFi. Decentralized finance, or DeFi, refers to a financial system built upon the blockchain, and therefore fully distributed and not subject to any centralized authority, such as a bank, government agency or financial management firm.
Digital twin. This is a virtual rendering of a physical object.
A digital twin is more than a mere three-dimensional simulacrum – they’re designed, ideally, to be as dynamic and environment-dependent as the objects they’re imitating.
For example, let’s say a team of engineers is making structural improvements to a bridge. They could design a simulation of that bridge, a simple 3D model, which would allow them to make basic measurements and study the overall structure.
But that simulation wouldn’t be able to tell them much about how the wind, the traffic or any other number of more subtle environmental factors have been impacting the integrity of the bridge.
To study those processes, they might distribute sensors over the bridge in order to create a digital twin.
This would allow the team to create a much more informative model.
Ethereum. This is a decentralized blockchain network built by Vitalik Buterin in 2015.
The opensource network is home to its native cryptocurrency, also called Ethereum but more commonly known simply as Ether or ETH (there’s some debate about whether it’s pronounced ‘eth’ or ‘eeth’).
The Ethereum platform also gave rise to smart contracts.
Exit Liquidity. You become someone’s ‘exit liquidity’ when they sell their asset to you after they’ve gained profits on their investment. Common example would be when a whale buys many at low a floor price, rides the price action upward and then sells them all to others who are ‘fomoing in’. This usually does not end well for the new buyers.
Extended reality. Also commonly referred to as ‘XR,’ extended reality is a category of multiple technologies – including VR, AR and mixed reality (MR) – which, in various ways, blend virtual worlds with physical reality.
FIAT money. Not to be confused with the car brand, fiat money is a term used to refer to any kind of currency that has been declared legal tender by a government body (the declaration itself is often called a fiat.)
FIAT money isn’t backed by any intrinsically valuable commodity, such as precious metals like gold and silver. Instead, the value of Fiat money is determined by the fluctuations of supply and demand.
Paper money, like the US dollar, is FIAT money, subject to an economic force called ‘variable supply,’ which means the governing body that issued the FIAT can control its value by tweaking a variety of levers, such as the adjustment of interest rates.
Cryptocurrency, which is not subject to the authority of any centralized authority, is often positioned as the opposite of FIAT money.
Floor Price. The lowest price for which a product or service can sell at an auction.
This is a common phrase to encounter on NFT auction platforms, such as OpenSea.
FOMO. Stands for ‘Fear Of Missing Out’ and is the feeling of apprehension that you are not in the know or are missing out on information, events or experiences.
Commonly used to describe how you’re feeling when there’s a trending NFT project that you don’t currently hold.
Many people ‘FOMO IN’ on a project too late and end up losing money/crypto by becoming the original buyer’s exit liquidity.
Gas. In the context of web3, gas refers to a fee that’s required in order to execute a smart contract or transaction on Ethereum blockchain.
Gas, which is often denominated in a very tiny fraction of an ETH called a WEI, is paid to node operators, AKA miners.
GM. A common greeting on social media among web3 enthusiasts to wish each other a good morning.
GWEI. The smallest denomination of the cryptocurrency ETH is called GWEI (for reference, 1 ETH is worth 1bn GWEI).
HODL. A common acronym used in the crypto space, which stands for ‘hold on for dear life.’
It’s typically invoked at times when the crypto market is undergoing some dramatic fluctuations and investors are feeling nervous, as in: “Don’t sell just yet, the markets will recover and your investments will bounce back if you just HODL.”
Interoperability. In web3-speak, refers to the ability of multiple blockchains to cooperate and exchange information with one another, enabling virtual assets (such as non-fungible tokens [NFTs]), avatars and other pieces of code to move seamlessly from one platform to another.
IRL. Shorthand for ‘in real life,’ IRL is an acronym commonly used in the web3 space to describe a person, place, thing or event in physical – as opposed to virtual – reality.
Layer 1 or L1. Layer 1 blockchains are the foundations of multi-level blockchain frameworks and can facilitate transactions without support from other blockchain networks.
All layer 1 blockchains – including Bitcoin and Ethereum – offer their own native cryptocurrency as a means of accessing their networks.
Layer 2 or L2. Layer 2 blockchains are built on top of layer 1 blockchains, often enhancing the latter’s performance and expanding its accessibility.
Polygon, for example, is a popular layer 2 blockchain that allows users to enjoy the benefits of using the Ethereum network without having to go through that network’s relatively slow transaction speed and costly fees.
LFG. Stands for ‘Let’s Fucking Go’ which is a common way to express excitement.
Liquidity. A term used in economics to describe the degree to which an asset can be converted into either cash or some other asset.
Main network or Mainnet. A finalized version of a blockchain that is fully developed and available for public use.
Meatspace. Refers to the physical world, i.e. the tangible counterpart to the virtual world of the metaverse. It may not be the most elegant of terms, but it’s been catching on among tech circles.
Meta. Facebook Inc changed its name to Meta (officially Meta Platforms Inc) as part of the company’s pivot toward the metaverse. There are many who mistakenly believe that the metaverse is a technology owned by Meta.
MetaMask. Software built for the Ethereum blockchain that functions as a crypto wallet.
Metaverse. ‘The metaverse’ is not synonymous with ‘web3.’
The former is the virtual landscape that’s accessible via VR technology, whereas the latter is a term that’s commonly used to describe the next evolutionary stage of the internet.
‘Web3’ is inclusive of blockchain, cryptocurrency, the metaverse and other emergent technologies.
Minting. A term used to describe the process of registering a digital asset on the blockchain, thereby turning it into a purchasable NFT.
Once an NFT has been minted, given the nature of the blockchain it cannot be altered.
Minting NFTs on the blockchain requires a vast amount of energy, which has led many to criticize the blockchain and its proponents.
Mixed Reality or MR. A technology that, like AR, blends virtual and physical components.
Unlike AR, however, MR allows the user to interact with virtual elements in more or less the same way that they would in the real world.
Looking through an MR headset at your real, actual dining room table, for example, you might see a virtual potted plant sitting on top of it, which you can then pick up and put down, just as you could with a physical, tangible houseplant.
NFT. A non-fungible token, or NFT, is a collection of data stored on a blockchain that is non-interchangeable – in other words, it can’t be replicated into multiple copies of equal value in the same way that, say, US quarters can be replicated and exchanged with one another.
NGMI. Popular slang acronym in the NFT space, meaning ‘not gonna make it,’ and used to refer to a campaign or specific token that is unlikely to attain a high value.
Its opposite, WGMI – ‘we’re gonna make it’ – is also commonly used.
Off-chain transactions. Transactions that do not take place on a blockchain network, but can subsequently be incorporated into a blockchain.
The parties to off-chain transactions must consent to use an intermediary third-party to validate the transaction. (Note: “Off-chain” can also refer to data that exists separately from the blockchain.)
On-chain transactions. Transactions that are executed, verified and recorded on a blockchain network.
Once completed, the record of these transactions is viewable for all members of the associated blockchain network. (Note: “On-chain” can also refer to data that exists on the blockchain.)
P2P. Peer-to-peer, or P2P, is a term used to describe a network of individual computers exchanging information with one another without the oversight of a central server.
Management of a P2P network is distributed among its constituent computers.
POAP. A Proof of Attendance Protocol, or POAP, is a virtual token that serves as evidence – also commonly called a ‘badge’ – that an individual attended, either virtually or IRL, a particular event.
Private key. In crypto-speak, this is an alphanumeric code that must be entered by a user in order to access one’s wallet or authorize an exchange of blockchain-based assets or currency.
Proof of Stake or PoS. A system for validating transactions and establishing new blocks in the blockchain.
It’s a consensus-based mechanism, with each validator’s role in the process being directly proportional to the size of their stake in the cryptocurrency that’s involved in the transaction.
Proof of Work or PoW. A system for establishing consensus and building new blocks in the blockchain.
A PoW mechanism requires each participant in a cryptographic process to submit proof that they have expended a certain amount of contributory computational effort.
Public Key. An alphanumeric code that’s connected with a particular wallet.
Analogous to a bank account number, a public key is a code that other users would input to send assets directly into your wallet.
Red pilled. A slang term used to describe a situation in which someone’s worldview – or their perspective on a specific issue – has undergone a sudden and dramatic shift.
The phrase refers to the famous red pill from The Matrix film franchise, which basically symbolizes the decision to swallow a hard and uncomfortable truth about oneself or about the nature of reality.
Smart Contracts. These are blockchain-based computer programs that are designed to automatically go into effect as soon as the parties privy to the contract have fulfilled their respective obligations. Once they’ve been coded and their terms have been agreed upon, they become fully automated, which negates the need for any facilitating third party.
Because they’re built upon the blockchain, transactions made via smart contracts can be closely monitored – but can’t be tampered with after the fact – by the parties involved.
Test Network or Testnet. A blockchain where developers can test the functionality of new protocols, before activating them on a mainnet.
Tokenomics. A blending of the words ‘token’ and economics, is an umbrella term that refers to all of the various qualities of a virtual currency that can cause its market value to fluctuate.
TradFi. Tongue-in-cheek shorthand that some in the crypto community use to refer to ‘traditional finance’ – basically the pre-DeFi paradigm of centralized financial authority, in which governments, banks and other institutions control and regulate currency.
Virtual Reality or VR. A technology that creates three-dimensional, immersive digital environments, wherein visitors can interact with other people (or rather, their avatars) and other elements of the environment.
VR technology, though still in its infancy, has been advancing rapidly. Meta’s Oculus Quest headset is an example of a piece of hardware that can transport the wearer to VR worlds.
Wallet. A crypto wallet is an application that stores and protects the keys to blockchain based assets and accounts. (See definitions for ‘private key’ and ‘public key’ above.)
WAGMI. Stands for ‘We’re All Gonna Make It’ and is bullish sentiment within the web3 space.
It speaks to the idea that all early participants in web3 are going to prosper and profit from engaging in the space during its early stages before mainstream adoption.
Often used with a pinch of irony as most now acknowledge this ultra-positivity was misplaced and unrealistic.
Source: https://www.thedrum.com/news/2022/10/17/blockchain-lingo-madeeasy-here-s-updated-glossary-web3-terms with some amendments/additions from Fitzy