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Web3 Terminology: Wrong Answers Only

Morgan McVay, Director of Accounts  ·  Aug 06, 2024
Web3 Terminology: Wrong Answers Only

Forks, NFTs, Proof of "Steak," and more — explained by people who have no idea what any of it means.

Most of my friends' eyes glaze over when I start talking about my work. Web3? Marketing? They think it's either too technical or entirely made up. So on one particularly inspired Thursday happy hour, I decided to flip the script: I asked my Web2 friends to define some of the most common terms in Web3. Three drinks deep, the answers were absolute gems.

What is a fork?

"Oh sure — it's clearly a digital eating utensil, but 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: A fork happens when a blockchain community can't agree on changes to the protocol, and different factions split off. The chain divides, producing a second blockchain that shares its full history with the original but heads in a new direction. Forks can add functionality, address security risks, or resolve disagreements — though they can also be disruptive when developers genuinely can't agree on 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." — Jillian, guidance counselor
"Never Forget Twitter." — John, a very bitter X user

Real definition: A Non-Fungible Token — a digital certificate of authenticity used to assign and verify ownership of a unique digital or physical asset. You may know them from digital art, but NFTs are tools for proving ownership, signing contracts, and more across real estate, DePIN, and beyond.

What is gas?

"Sounds like a serious personal issue, but I guess even technology can get digital IBS." — Dexter, who requested anonymity

Real definition: A fee a user pays to conduct a transaction or execute a smart contract on a blockchain. Completely unrelated to tummy troubles.

Define Proof of Stake

"Steak! Clearly a delicious meal you eat with your blockchain fork." — Craig, again

Real definition: A consensus mechanism that requires validators to stake a set amount of cryptocurrency on the blockchain to verify transactions and mint new blocks. The mechanism that helps keep blockchain transactions honest and transparent — and yes, conceptually nothing like a steakhouse.

Hopefully, unlike my friends, you walked away with a few real learnings — or at least a laugh. Curious to go deeper? Check out our Guide to Blockchain or tune into the Glitchwire podcast.