Dapp-related Termbase

2019-02-07 05:56:05 · 1095 views · 5 min read

  • Dapp Browser: A fully functioning Web3 browser that can be used to interact with dapp. The meticulously crafted tool that provides a seamless, simple, and secure connection between a user, Ethereum network, and any dapp.

 

  • Web 3: The term used to describe the evolution of the Web as an extension of Web 2.0 (a second generation of the World Wide Web that is focused on the ability for people to collaborate and share information online). This definition of Web 3.0 is the popular view held by Tim O'Reilly. In contrast, Nova Spivack defines Web 3.0 as connective intelligence; connecting data, concepts, applications, and ultimately people.

 

  • Non-fungible Tokens: A special type of cryptographic token which represents something unique; non-fungible tokens (NFT) are not interchangeable. It's unlike other cryptocurrencies like bitcoin (fungible token), and many networks or utility tokens that are fungible in nature.

 

  • P2P Network: P2P stands for "Peer to Peer". P2P Network is a distributed application architecture that partitions tasks or workloads between peers. In a P2P network, the "peers" are computer systems which are connected to each other via the Internet.  

 

  • Smart Contracts: In the simplest of terms Smart Contracts are self-executing contracts for simple transactions between a buyer and a seller. The details of the simplest function that a Smart Contract can have is as follows: it can only confirm that the seller is selling an item for a certain amount and that the buyer is willing and able to pay that amount inside the code which needs to be validated by the decentralized ledger on the blockchain network.​​​​​​      

 

  • Consensus: Consensus protocol means that the nodes on the network agree on the same state of a blockchain, in a sense making it a self-auditing ecosystem. 

 

  • Nodes: Individual components that take in input and perform a function on them and gives out an output. 

 

  • Gas Fee: The payment of paying for the computation, when you send tokens, interact with a contract, or do anything else on the blockchain. 

 

  • DAODAO (Decentralized Automated Organization) is an intricate system where everyone within its organization has voting power. The voting power can be used to affect a variety of decisions that are habitually reserved for the leaders of the organization (chairman/president/manager). The members of this kind of organization can take part in decisions to increase working hours, wages, provide health insurance for everyone, decide where to invest, etc. 

 

  • Sidechain: Sidechains are seen as a solution to upscale blockchains networks. They are emerging mechanisms that allow tokens and other digital assets from one blockchain to be securely used in a separate blockchain and then be moved back to the original blockchain if needed. 

 

  • Lighting Network: It is a "Layer 2" payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions between participating nodes and has been touted as a solution to the Bitcoin scalability problem.

 

  • Sharding: A form of database partitioning. Sharding is a potential solution to blockchain’s ongoing scalability issues.

 

  • Staking: The act of locking up one's tokens to help verify transactions for cryptocurrencies with Proof of Stake consensus mechanisms. Stakers earn staking rewards for providing this service.

 

 

 

 

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