Web3 Terminology: Wrong Answers Only

Most of my friends’ eyes glaze over when I start talking about my work (even though it's insanely interesting). Marketing and Web3? They often think it's far too technical, or it all sounds made up, and boy, do I get grilled to explain and define what it all means. 

On a lovely Thursday evening happy hour, I decided to flip the script and ask my Web2-oriented friends to define some of the most common terms in Web3. Three drinks deep, the answers they gave were absolute gems. 

WHAT IS A FORK?

“Oh sure… that’s easy – it’s clearly a digital eating utensil, but, you know, you use it in the metaverse to eat things like spaghetti and cake. But never soup, that requires a blockchain spoon.”
- Craig, sales manager

Real Definition:

Close, Craig… let’s compare it to the real definition. 

Fork: In blockchain, a fork usually happens whenever a community cannot agree on changes to the blockchain’s protocol and different factions emerge who want different things –when this happens, there’s a fork in the road and the chain splits — producing a second blockchain that shares all of its history with the original but is headed off in a new direction. Forks are useful by adding functionality, helping address security risks, and even resolving disagreements concerning the chain’s future. Forks, however, can be more disruptive than useful in the world of blockchain when developers disagree about the future of the chain. 

 

WHAT DOES NFT STAND FOR?

“New Futuristic T-Rex – but I don't know what dinosaurs have to do with Web3, so that's probably wrong. Are there digital T-Rexs?” 
- Jillian, guidance counselor

“Neat Futuristic Tech…. That’s about the extent of blockchain I understand.”

- Hannah, fashion journalist

“Never Forget Twitter” 
- John, a very bitter X user

Real Definition:

While I, too, would like to see a digital T-Rex (maybe in the metaverse?), that’s not quite right Jillian. 

NFT: a digital certificate of authenticity used to assign and verify ownership of a unique digital or physical asset. You may know them from the digital art world, but NFTs are simply digital devices to prove ownership, sign contracts, and more. There are huge opportunities for digital assets in real estate, DEPIN, and more beyond the art space. 

 

WHAT DO YOU THINK GAS IS?

“Sounds like a serious personal issue, but I guess even technology can get digital IBS”
- Dexter, who thinks he’s quite the comedian and really wanted to stay anonymous

Real Definition:

Gas: a fee a user pays to conduct a transaction or execute a smart contract. And thankfully, it has nothing to do with tummy troubles. 

 

DEFINE PROOF OF STAKE (POS).

“Steak! Clearly, a delicious meal you eat with your blockchain fork” 
- Craig, again…

“A coupon to Chili’s for a big juicy steak as payment for developing code.”  
- Steve, apparently, everyone was starting to get hungry at this point

Real Definition:

Proof of Stake: a consensus mechanism that requires nodes, called validators, to stake a set amount of cryptocurrency on the blockchain to verify transactions and mint blocks. This is the magic (steak) sauce that helps keep blockchain transactions honest and transparent.
 

Honestly, I could’ve kept this up all evening, and I’m sure the answers would have only gotten wilder. Hopefully, unlike my friends, you took away a few learnings – or at least a laugh. Are you curious to learn more about the basics of Web3 and blockchain? Feel free to check out our Guide to Blockchain or subscribe to our Glitchwire podcast to stay current in this space.