We’re almost at the end of our crypto and web3 slang and jargon series. In our penultimate week we’re going to get a little bit techy but balance that with some fun but useful slang.
For our penultimate week we spoke to Dr. Nicolas Kokkalis, Head of Technology at Pi Network and Israel Gaudette, CEO of Flawless SEO. They both shared their favourite terms.
1. Dutch Auction
This is a type of auction that starts at the highest price and reduces until someone accepts the price. Sometimes there will be a predetermined minimum price.
2. FBA
This is one of Dr. Nicolas Kokkalis’ favourite web3 words. “FBA stands for ‘Federated Byzantine Agreement’,” he told Blockleaders. “[It’s] a decentralized consensus algorithm that derives security based on a trust graph quorum mechanism.”
Bonus word: Consensus Algorithm
In computer science, a consensus algorithm is a method for getting multiple processes or systems to agree on a single data value.
3. IPFS
IPFS is short for ‘Interplanetary File System’. It is a protocol and peer-to-peer (P2P) network for storing and exchanging data on a distributed file system. Juan Benet launched the ambitious IPFS project in 2015 with the goal of addressing some of the problems that currently exist with HTTP. For instance, uploading content to the IPFS network necessitates that each node host data on the decentralized and distributed network rather than relying solely on one single-host server. NFT photos are typically kept on IPFS platforms like Pinata.
4. IRL
Short for ‘in real life’. This means the physical world we are living in, as opposed to the virtual world.
5. Looks rare
Rareness plays a significant role in NFT collections. However, when someone uses the ironic adage “it looks rare,” they actually mean “it doesn’t look rare.”
6. Raids
Raids are short-term campaigns run on Twitter or other social media sites. Some NFT projects enjoy using raids to maintain community engagement and advance their NFTs.
7. Shilling
Israel Gaudette brought this “oldie but goodie” to our attention.
“It describes how crypto enthusiasts can sometimes get a little too excited about the technology.” Israel told us.
“If you’ve ever seen someone post on Twitter about how their new favorite coin will change the world, or if you’ve heard someone say that they’re going to quit their job because they just found out about this new cryptocurrency, then you’ve probably heard them ‘shill’.
But shilling isn’t necessarily bad; it’s just a way of showing passion for what you believe in. And we need more people like that in the world!”
And speaking of people we will have our last web3 slang article out next week specifically looking at vocab around the people of web3.
Find the previous listicles in the series here:
