Polybius – The Definitive Metaverse and Web3 Glossary

For most of us, new technologies are often hard to understand. To help bridge this gap and provide a valuable resource for staying ahead of the curve, here's my glossary to give a clear and concise understanding of the various acronyms, neologisms, and underlying technologies driving the Metaverse.

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51% ATTACK

Type of cyberattack that occurs when a single entity or group gains control of more than half of the total mining power of a blockchain network, allowing them to disrupt its integrity.

AGI (ARTIFICIAL GENERAL INTELLIGENCE)

Type of AI designed to perform any intellectual task that a human being is capable of. It adapts to new situations rather than being limited to a specific set of pre-programmed functions. AGI aims to create software exhibiting generalized human-like intelligence, meaning it can solve problems and learn new things like a human would.

AIRDROP

Marketing technique in which a new token is distributed to active blockchain community members for free or in exchange for a small service (such as retweeting a post). In crypto, distribution is usually made by sending small amounts of a currency directly to the recipients' wallets.

ALPHA (GENERATION)

The first generation born entirely in the 21st century. Its members are mostly the children of GenX and Millennials of the 1980s and 1990s. The Alpha generation has friends worldwide, many of whom they have never met in person and may never see in real life. This is because their brains are wired for the digital world from birth.

ALTCOIN

Any cryptocurrency other than Bitcoin.

ANCAP

Colloquial for anarcho-capitalism, a political and economic philosophy that aims to eliminate the State in favor of a society governed by private property, free markets, and private defense agencies. It differs from traditional anarchism in that it supports capitalism and the use of private institutions. There is often an association between blockchain technology and anarcho-capitalism, as some argue that the philosophical underpinnings of blockchain can be traced back to this movement. Anarcho-capitalists believe that peer-to-peer contractual transactions should serve as the cornerstone of society, and they reject any form of collective action, including the defense of a nation. Satoshi's paper, which introduced the blockchain concept, was published during the Great Recession of 2008 and incorporated this same philosophy. As the blockchain community has continued developing distributed ledger technology, these ideas have become prominent again.

ANON

Short for "anonymous." Used to describe someone whose identity is unknown.

ANTI-DEATHISM

Ideology that views death as a "design problem" that can (and should) be solved through scientific means, such as technology, medicine, biotechnology, cryogenic suspension, and virtual reality. It is often associated with transhumanism and emphasizes the importance of life extension and anti-aging. Tech executives like Jeff Bezos and Peter Thiel invested significant amounts of money in startups to extend human life or achieve immortality. This movement is not as far-fetched as it may seem, and many international celebrities have expressed interest in anti-deathism, including Ray Kurzweil, Peter Thiel, Paris Hilton, Britney Spears, and Simon Cowell. This growing trend highlights the fusion between technology and the desire to overcome the inevitability of human mortality through concepts like mind uploading and digital immortality. The Metaverse can (in theory) be our afterlife location, as depicted in the Amazon Prime series "Upload," where humans can transfer their consciousness into a virtual afterlife of their choice, like the fictitious afterlife resort Mohonk Mountain House.

APE IN

Investing extensively into a new cryptocurrency or NFT project without thoroughly researching it first.

APEING

The act of investing heavily in a cryptocurrency or stock, often driven by hype and fear of missing out, without a thorough understanding of the asset. Also, a narrative-based, time-sensitive approach to investing where getting early in growing narratives matters more than fundamentals.

API (APPLICATION PROGRAMMING INTERFACE)

A way for computers or programs to communicate with each other and share information. It acts as an interface between two different systems.

AR (AUGMENTED REALITY)

Technology superimposing digital content onto the real world, typically through a device such as a smartphone or AR glasses. AR allows users to experience digital content in the context of the physical world.

ARCHIVAL NODES

Full nodes in a blockchain that keep a complete history of all transactions and address state changes from the genesis block.

ATH (ALL-TIME HIGH)

The highest price or market capitalization an asset has reached since it was first listed or introduced.

ATL (ALL-TIME LOW)

The lowest price that an asset has ever reached.

AVATAR

Digital representation of a user's identity within a virtual world or online platform. It allows businesses to have a virtual presence in the Metaverse and serves as a way to present their values to their audience. Avatars can interact with each other, participate in virtual events and activities, and even purchase and use virtual goods.

BAGS

Term used to describe a large quantity of a particular cryptocurrency held in a portfolio.

BCI (BRAIN-COMPUTER INTERFACE)

A system that allows a person to communicate with a computer or other device using only their thoughts. It directly connects the brain's electrical activity to an external device like a computer or robotic limb. BCIs use sensors placed on the person's scalp or implanted in the brain to detect brain activity, which is then translated into commands for the external device. BCIs have the potential to revolutionize the way we interact with technology and may have applications in a wide range of fields, including healthcare, rehabilitation, and gaming. Neuralink, a company led by Elon Musk, is presently working on developing BCI with ultra-high bandwidth. A recent demonstration showcased a nine-year-old macaque playing Pong with the help of two Neuralink devices implanted in each side of his brain.

BEAR MARKET

Negative trends in market prices characterized by falling prices over a short period, or stable prices over a long period. The term is commonly used in cryptocurrency, which is known for its volatility and can experience prolonged periods with significant price drops.

BEARISH

Holding a negative view of a market or asset's value, expecting it to decrease over time. Someone who is bearish on a cryptocurrency may be referred to as a "bear" (sometimes intentionally misspelled as "beras").

BETAVERSE

A neologism coined by Massimiliano Nicolini, Director of the R&D Department of private national research agency Olitech, to describe what he believes are just "fragmented pieces" of what the Metaverse will eventually become in the future. According to Nicolini, these "betaverses" are sometimes mistaken for "the" Metaverse.

BITCOIN

Bitcoin (BTC or XBT) is a decentralized digital ledger where users must prove they control an entry to add to it. Each entry indicates an amount of bitcoin, the digital currency. The smallest unit of bitcoin is a satoshi, representing one hundred millionths of a bitcoin. Bitcoin was created by Satoshi Nakamoto, an anonymous person or collective whose true identity remains unknown. On August 18, 2008, the domain name bitcoin.org was registered. On October 31, 2008, Nakamoto posted a link to a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" on a cryptography mailing list. On January 3, 2009, Nakamoto mined the genesis block. Numerous individuals have been speculated to be Nakamoto, including Dr. Vili Lehdonvirta, Michael Clear, Neal King, Vladimir Oksman, Charles Bry, Shinichi Mochizuki, Gavin Andresen, Jed McCaleb, Ross Ulbricht, Hal Finney, Nick Szabo, and Adam Back, but none have been definitively proven. In response to speculation by a former SpaceX intern in a Medium post the previous week, Elon Musk denied being Nakamoto in a tweet on November 28, 2017.

BLOCK

Collection of data added to the blockchain. It contains information about a transaction and a unique code called a "hash" that identifies and links it to the previous block.

BLOCK EXPLORER

Tool allowing users to view and search the blockchain for information about transactions, blocks, and addresses.

BLOCKCHAIN

Distributed database that records and verifies transactions on a decentralized network. It consists of a chain of blocks linked together using cryptographic techniques, making it secure and immutable. Decentralized, distributed ledger that records transactions on multiple computers in a way that makes it difficult/impossible to alter or delete the record. It is the technology behind cryptocurrencies such as Bitcoin and is also used in various other applications, including supply chain management, identity verification, and more.

BLUE CHIP

High-value non-fungible token, cryptocurrency, or digital asset.

BRIDGE

Protocol that allows different blockchain systems to communicate with one another, enabling the exchange of information, tokens, and other data between them.

BTD (BUY THE DIP)

To purchase an asset after its price has dropped.

BULL MARKET

A period of rising market prices.

BULLISH

Holding an optimistic view that a market or asset will increase in price over time. For example: someone bullish on Bitcoin believes its value will continue to rise.

BURNING

The act of destroying a digital asset, typically by making it permanently unavailable or unreadable. This can be done to remove the excess supply of an asset or increase the rarity of it.

CEX (CENTRALIZED EXCHANGE)

A cryptocurrency exchange that is managed by a central business or entity, such as Coinbase, Gemini, or Kraken.

COIN

Type of cryptocurrency built on its independent blockchain and intended to be used as native digital currency within that ecosystem.

COLLATERAL

Asset accepted as security for a loan, such as a physical asset (real estate) or a digital asset (NFTs.)

COMPOSABILITY

Property of systems, especially in computer science and software engineering, referring to the ability to build more complex systems from smaller, simpler building blocks. For example, a fungible token representing a specific cryptocurrency can be used as the basis for creating a decentralized exchange, where multiple tokens can be traded and exchanged with each other.

CONSENSUS MECHANISM

The process by which transactions are verified and new blocks/coins are added to the blockchain. Examples include proof of work and proof of stake.

CREATOR ECONOMY

Type of economy enabling creators to make money from their creations through platforms such as YouTube, TikTok, Instagram, Facebook, Twitch, Spotify, Substack, OnlyFans, and Patreon. The Metaverse will likely rely heavily on content created by humans and AI for users to engage with.

CRYPTO

Prefix used to declare that a transaction is protected by cryptography. Its data structure is shared among the network nodes and preserved in its integrity by cryptography.

CRYPTO WINTER

A term used to describe a significant downturn in the cryptocurrency market, which can result in substantial losses for investors.

CRYPTO-AS-A-SERVICE

Type of service that provides financial institutions with a customizable solution for offering cryptocurrency trading, brokerage, and storage to their customers. Banks and fintech companies can use this service to enable their customers to securely and compliantly buy, sell, and store cryptocurrencies.

CRYPTO-DOMAIN

Naming service for addresses, similar to DNS. They replace the (random) address of wallets, allowing anyone to create a simple, easy-to-remember one. Example: simonepuorto.eth

CRYPTO-EVANGELIST

Crypto-Evangelists envision technology as a substitute for social and political institutions.

CRYPTOCURRENCY

Digital asset that uses cryptography for secure financial transactions. It allows for the transfer of value over the internet without needing a central authority or intermediary. Crypto has the potential to revolutionize traditional economic systems by allowing for secure and low-cost transactions without the need for banks or other financial institutions.

CRYPTOGRAPHY

The practice of using math and computer science to secure communication and protect data from unauthorized access. It is used in various applications, including the creation of cryptocurrencies.

CRYPTOJACKING

Unauthorized use of someone's computer to mine cryptocurrency without their knowledge. It is often done through the use of malware or by embedding code in websites or ads.

CYBERSICKNESS

Also known as virtual reality sickness, it is a type of motion sickness that can occur using VR. It is caused by a discrepancy between what the body and the brain perceive, leading to symptoms such as dizziness, nausea, and disorientation. It can be triggered by various factors, including the model of the headset used, the time spent in VR, and the type of virtual experiences being engaged in.

DAO (DECENTRALIZED AUTONOMOUS ORGANIZATION)

A DAO operates on a decentralized platform governed by encoded rules rather than a central authority. DAOs are designed to be transparent and democratic, with decisions made through consensus among members of the organization. The goal of a DAO is to combine the benefits of capitalism, such as economic efficiency and innovation, with the fairness of socialism, in which resources are distributed equitably among community members.

DAPP (DECENTRALIZED APPLICATION)

Application operating on a decentralized network. DApps are designed to be autonomous, meaning they can function independently without needing a central authority or server. DApps typically rely on smart contracts and can be used for various purposes, including financial transactions, social networking, governance, and more.

DAS (DECENTRALIZED AUTONOMOUS SOCIETY)

Community in which individuals are freed from centralized forms of power through the use of DAOs. These organizations operate according to predetermined rules and protocols and can function independently of centralized control. DAS are influenced by neoliberal theory, which advocates for the privatization of industry, open markets, and the reduction of government regulation. In a DAS, individuals are empowered to make decisions and shape their communities rather than being subject to the control of a centralized authority.

DATAFICATION

Datafication, in the Metaverse, is collecting and storing data about an individual's actions and surroundings while using virtual reality technology. This data can include information about hand movements, physical objects in the environment, and other behaviors. Datafication is essential for understanding how individuals interact with virtual environments and can be used to improve the virtual experience for users. The amount of data collected during a virtual reality session can be vast, and some estimates state that as much as two million pieces of data can be collected in just twenty minutes of use.

DD (DUE DILIGENCE)

Researching a cryptocurrency, stock, or other assets before investing in it. It is essential to do your own DD rather than relying on the opinions or actions of others.

DE-FI (DECENTRALIZED FINANCE)

Financial services built on decentralized platforms aiming to provide an alternative to traditional economic systems. De-Fi services can include trading platforms, lending platforms, and other financial products and services.

DECENTRALIZATION

A critical concept in Web3. It refers to the distribution of power and property on the web, allowing for a more democratic decision-making process. This is in contrast to Web2, which is typically more centralized and controlled by a few large companies or organizations. Decentralization allows for greater collaboration, transparency, and security, reducing the risk of a single point of failure or control. It also enables innovation and competition, creating businesses and organizations without central authorities.

DEEP LEARNING

Type of machine learning that uses algorithms called neural networks. Deep Learning is a subset of machine learning, which studies how computers can learn and adapt without being explicitly programmed.

DEGEN

Someone who is heavily invested in the crypto world and is willing to put in a lot of time and effort to stay informed about new coins, NFT projects, and protocols. The term is derived from the word "degenerate," often used to describe someone involved in gambling. Like a heavy gambler, a degen is willing to take risks and make sacrifices to succeed in the cryptocurrency market.

DEREALIZATION

Psychological phenomenon that occurs when a person experiences a disconnection from the sense of reality while using VR technology. It can cause the user to feel disconnected from their physical body and the real world, leading to disorientation, confusion, and discomfort. A variety of factors, including the design and functionality of the VR system and the length and intensity of the VR experience, can cause this.

DEX (DECENTRALIZED EXCHANGE)

A peer-to-peer cryptocurrency exchange built on the blockchain, run by its users and smart contracts rather than a centralized institution. Examples include Uniswap, 1inch, and Sushiswap.

DIAMOND HANDS

The act of holding onto a particular cryptocurrency, token, or NFT for an extended period of time, despite market fluctuations.

DIGITAL ASSET

Item that exists solely in digital form and has a specific usage right. This can include software, photographs, logos, illustrations, 3D elements, animations, audio and visual media, presentations, spreadsheets, digital paintings, word documents, emails, websites, and many other types of digital media and their associated metadata. Data without specific usage rights are not considered assets.

DIGITAL CENTAURS

People using technology to make themselves more effective and valuable at work and in life. They utilize digital tools to improve their abilities, empower themselves, and ultimately increase their worth in their jobs and society.

DIGITAL TWIN

Virtual representation of a physical entity (such as a machine or a building) created through sensors, data analytics, and other digital technologies. Digital twins can be used to simulate and analyze the behavior and performance of the physical entities they represent and are used in various industries, including manufacturing, construction, and healthcare, to improve efficiency, reduce costs, and optimize operations.

DYOR (DO YOUR OWN RESEARCH)

Term used to encourage individuals to thoroughly research and evaluate a project before investing in it.

ERC (ETHEREUM REQUEST FOR COMMENT)

Series of standards used to create and issue tokens and implement software changes compliant with the Ethereum network. They can be used in various decentralized applications. Some of the most famous ERC token standards are ERC-20, ERC-721, and ERC-1155.

ETHEREUM

Decentralized, open-source blockchain platform that enables the creation of smart contracts and dApps. It provides a platform for developers to build and deploy decentralized applications and a native cryptocurrency called Ether (ETH), used to pay for transactions and computational services on the network.

ETHEREUM 2.0 (ETH2)

Name of the upgraded version of the Ethereum blockchain, which adopted a new consensus mechanism called Proof-of-Stake. The transition to this new system, known as "the Merge," occurred in September 2022. Before the Merge, Ethereum's energy consumption ranged from 46.31 terawatt hours (TWh) to 93.98 TWh per year. However, with the transition to PoS, the network's power consumption has been reduced by over 99.9%.

EVM (ETHEREUM VIRTUAL MACHINE)

Software platform that executes and runs smart contracts on the Ethereum blockchain. It is designed to run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. It is an integral component of the Ethereum blockchain and plays a crucial role in enabling the decentralized nature of the network. It executes smart contracts in Solidity, a programming language specifically designed for the Ethereum platform, and allows developers to build and deploy decentralized applications without needing a central authority or server.

EYE TRACKING

Technology used to study how people process visual information. For example, in the Metaverse, eye tracking can gather data about how people interact with virtual worlds, allowing developers (and advertisers) to optimize the design and functionality of Metaverse applications.

FEW (FEW UNDERSTAND)

A slogan used by some people in the cryptocurrency space to express their belief that they are among the few who understand the potential of this technology and will benefit when it becomes more widely adopted.

FLEXING / TO FLEX

To show off. The right to brag about owning a rare token.

FLIPPENING (THE)

Hypothetical event in which Ethereum's market capitalization surpasses that of Bitcoin. It can also refer to any situation where a smaller or less established cryptocurrency overtakes a larger one.

FLIPPING, FLIP

The act of buying and quickly reselling an NFT for a profit.

FLOOR PRICE

The lowest price at which a product or service can sell in an auction. This term is commonly used on NFT auction platforms such as OpenSea.

FOMO (FEAR OF MISSING OUT)

The feeling of anxiety or urgency that arises when an individual believes they may miss out on an opportunity or valuable experience. For example, in the context of the Metaverse, FOMO often refers to the fear of missing out on buying or investing in virtual assets or experiences.

FOVEATED RENDERING

Technique used in VR and AR headsets that utilize eye tracking to increase the resolution around the iris's focal point, reducing the workload on the system.

FREN(S)

A playful way of spelling "friend(s)," commonly used in online communities focused on blockchain technology and cryptocurrency.

FRIENDLY AI.

The concept of creating AI that is beneficial to humanity rather than harmful, as a malevolent or misguided AI could potentially destroy all humanity. Philosopher Nick Bostrom has demonstrated this risk with the famous "paperclip maximizer" experiment at Oxford University. The experiment illustrates that machines will relentlessly optimize towards a specific goal, regardless of any negative consequences. For example, a hypothetical AI programmed to create as many paperclips as possible will continue to do so without concern for the resources it uses or the environmental damage it causes until it destroys the whole planet. This experiment highlights the potential danger of creating super-intelligent AI that may not share human values or goals. Even Professor Stephen Hawking, not long before his death, warned that the advancement of AI could result in the extinction of the human race.

FUD (FEAR, UNCERTAINTY, AND DOUBT)

Tactics used to manipulate public perception about a product, technology, or individual by spreading misinformation and creating negative emotions. In the context of the Metaverse, FUD may be used to discourage interest in virtual, augmented, and extended realities or to promote the interests of a specific company or platform. It is important to be aware of these tactics and to critically evaluate the information that is presented to us to make informed decisions about our engagement with the Metaverse.

FUTUREVERSE

A hypothetical future version of the internet where the Metaverse is a utopian, interoperable, and decentralized next iteration of the web as we know it today.

GAMIFICATION

The use of mechanisms typical of video games (points, levels, rewards, virtual goods, rankings, etc.) to involve customers in brand's activities and interest them in the services offered.

GAS

Fees paid to miners for each transaction or activity on the Ethereum blockchain. Variable at the time of purchase, it depends on the network's congestion and the complexity of the operation performed, usually paid in the native's blockchain token (ETH for Ethereum, Matic for Polygon, and so on).

GAS LIMIT

The maximum amount a user will pay to execute a transaction or interact with a smart contract on the Ethereum blockchain.

GENERATIVE ART

A practice that uses an autonomous, algorithmic, and non-human system to create an artistic product. At the center of generative art is not the artistic artifact but rather the creative process and the ideas subordinate to the work.

GENESIS BLOCK

The very first block in a blockchain network. It is often given special significance because it marks the beginning of the blockchain and serves as a reference point for all subsequent blocks. On January 3, 2009, Bitcoin's Genesis Block was mined. This date is now referred to as "Genesis Block Day."

GM/GN

Standard abbreviations for "good morning" / "good night." Often used in online communities, including cryptocurrency-related ones.

GPT (GENERATIVE PRE-TRAINED TRANSFORMER)

Type of AI system designed to generate human-like texts based on input. It uses a deep learning algorithm (called a "transformer") to analyze large datasets and create coherent paragraphs of text related to the input provided. GPT models are often used for various purposes, such as generating website content, creating chatbot responses, and improving machine translation systems.

GWEI

A denomination of ether used as the unit of measure for Ethereum gas prices. One Gwei is equal to 0.000000001 ether.

HAPTIC TECHNOLOGY (KINAESTHETIC COMMUNICATION / 3D TOUCH)

Technology that allows users to experience touch through forces, vibrations, or motions. It can be used to create virtual objects in a computer simulation, to control them, and to control machines and devices remotely. Haptic devices may also include sensors that measure the forces exerted by the user on the interface.

HARDWARE

Physical devices that allow interaction with the Metaverse. They are not "the" Metaverse, but only its access point.

HASHING

The process of taking an input of any size and producing a corresponding fingerprint of a fixed length is called a hash. Hashing allows data to be secured, stored, and recalled using a unique identifier. It is a core aspect of blockchain technology, allowing data and transactions to be verified and stored securely. Hash functions are one-way, meaning it is virtually impossible to reverse-engineer the input from the output.

HBA (HUMAN BIOMETRIC AVATAR)

Term used to describe a digital representation of a human being, typically created using biometric data such as facial features, body shape, and voice. An HBA is generally used for virtual or augmented reality experiences, where a person's digital representation can interact with digital environments more effectively and personally. By leveraging blockchain's secure and decentralized nature, HBAs can be created and used in more secure, transparent, and privacy-preserving ways. This can be especially useful in applications such as online gaming or social media, where a person's digital identity can be used to access different services and platforms.

HFSP (HAVE FUN STAYING POOR)

The phrase is often used mockingly to refer to people who do not own any cryptocurrency or do not believe in the value of a particular asset.

HODLER / HODL / HOLD ON FOR DEAR LIFE

In crypto jargon, a person holding a particular cryptographic asset.

HOLOGRAM

3D image created using holography, a photographic technique that captures the light scattered from an object. A hologram appears to be a three-dimensional representation of the original object, even though it is a two-dimensional image.

HUMAN ENHANCEMENT (BIOHACKING)

The use of technology and science to improve human physical and cognitive abilities beyond what is considered normal or natural. Advances in genetics, cybernetics, nanotechnology, computer science, and cognitive science are giving rise to the possibility of longer lifespans, enhanced intelligence, memory, communication, physical skills, and improved emotional control. This could lead to the creation of post-human entities and the fundamental restructuring of society.

ICO (INITIAL COIN OFFERING)

Fundraising method used by cryptocurrency projects to sell tokens to the public to raise capital. ICOs are similar to traditional initial public offerings (IPOs), allowing companies to raise money from a vast pool of investors.

IDENTITY EXPLOSION

Rise of self-expression and the commodification of identity in virtual worlds. In these digital spaces, individuals have more freedom to present themselves in different ways, and this can lead to a complex and multifaceted understanding of one's own identity. This fluidity can pose challenges for corporate diversity and inclusion initiatives, as traditional ideas of identity may not fully apply in the digital world. Additionally, the psychological impact of this fluidity on individuals' self-perception and self-esteem can be significant, as people may find themselves interacting with the world in ways that are different from what they are accustomed to.

IMMERSIVENESS

Immersiveness refers to the extent to which a virtual environment fully engages a user's senses and perception. In the Metaverse, immersiveness is not just about being surrounded by sensory stimuli but also about being able to interact with the environment and avatars dynamically.

INDUSTRIAL METAVERSE

Virtual world that mirrors real machines, factories, buildings, cities, grids, and transportation systems. It integrates new information and communication technologies, such as the Internet of Things, artificial intelligence, and digital twins, with the real economy. In this digital environment, problems can be found and solved quickly, and people can collaborate across countries and continents as if they were in the same room. It supports hands-on work on-site, enables innovation and the exploration of new ideas, and allows us to travel through time to better understand and optimize processes.

INFINITE LOOP MARKETING

The term, coined by the metaverse marketing firm Virtual Brand Group, refers to a strategy to create a seamless connection between the virtual and physical worlds by linking metaverse experiences with real-life purchases. The goal is to keep consumers engaged with the brand by encouraging them to move between virtual and physical spaces, making purchases, and spending more time interacting with the brand. This marketing approach aims to increase the time a consumer interacts with the brand by seamlessly bridging the gap between the virtual and real worlds.

INSIDE-OUT HEADSET-BASED TRACKING

Method used in VR devices to determine the headset's position concerning the environment. The headset uses sensors to monitor its position and orientation within the room constantly and adjusts the virtual environment in real-time as the headset moves. This allows the user to move around within the physical space and have their movements reflected in the virtual environment, creating a more immersive experience.

INTEROPERABILITY

Interoperability refers to the ability of different virtual environments, platforms, and technologies to work together smoothly and seamlessly. This means that users should be able to freely and easily move between different virtual worlds while still being able to access and use their assets. By enabling the transfer of virtual assets across platforms, an interoperable metaverse allows consumers to buy, sell, and trade virtual items, creating a metaverse economy. Ensuring that virtual assets retain their value, even if a user switches to a different platform, is crucial for driving sales and establishing a sustainable metaverse economy. For example, a user's virtual D&G jacket should be able to be worn on any platform, not just the one it was purchased on.

IOT (INTERNET OF THINGS)

Use of sensors and other types of technology that enable physical objects to communicate with each other and with other systems over the internet or different electronic networks.

IPFS (INTERPLANETARY FILE SYSTEM)

Decentralized network for storing and sharing files. It uses a distributed system of nodes to store and retrieve data rather than traditional centralized servers. NFTs (non-fungible tokens) can be stored on IPFS, with the digital asset represented by the NFT uploaded to the network and addressed using its unique hash code, which is stored on the blockchain. This ensures that the original data cannot be modified, as any change to the data would result in a different hash and, therefore, a different address on the network.

IRL (IN REAL LIFE)

Obsolete acronym referring to the physical, offline world that exists outside of the Metaverse or other digital spaces, ofthen used to emphasize the importance of face-to-face interactions or other experiences that occur outside of the digital realm.

L1 (LAYER-1)

Base blockchain platform, also known as the mainchain or mainnet. Examples include Bitcoin, Ethereum, Cardano, Litecoin, Solana, and Polkadot.

L2 (LAYER -2)

Protocols or solutions on top of a layer-1 blockchain and used to improve scalability, privacy, and cross-chain communication. Unlike sidechains, which use their consensus mechanisms, layer-2 solutions are secured by the underlying mainchain. Examples include Lightning Network, Optimism, and Arbitrum.

LAMBO

Short for Lamborghini, it is used as a symbol of success and wealth in the cryptocurrency and gambling communities.

LAND

Digital land plots in the form of NFTs. They represent one or more parcels (minimum units of surface) of land within metaverses and have a specific geographical location within the virtual worlds, which affects their value.

LFG (LET'S FUKING GO)

An expression used as encouragement in online communities focused on blockchain technology and cryptocurrency.

LONGEVITY ESCAPE VELOCITY (LEV)

Concept that suggests that an indefinite lifespan could be achieved by advancing medical and technological improvements that increase the number of years added to human life faster than the passage of time. In other words, LEV proposes that as long as humans continue to find new ways to extend life, they will stay ahead of aging and avoid death. This concept was presented by David Gobel and popularized by Ray Kurzweil and Aubrey de Grey.

LURKERS

Members of a decentralized autonomous organization (DAO) who observe and listen but do not actively participate.

MAAS (METAVERSE AS A SERVICE)

Similar to Software as a Service (SaaS), MaaS allows companies and brands to establish and maintain a presence in a virtual world without the need to build and maintain their systems. MaaS can be beneficial for businesses of all sizes, including small and medium-sized firms, as it allows them to engage in the Metaverse economy without incurring significant upfront costs. The main advantage of Metaverse as a Service is the ability to create Metaverse solutions with minimal digital expertise.

MARKET CAP

A term used to describe the total value of an asset, calculated by multiplying the price of a single unit of the asset by its total supply. For example, the market cap of a cryptocurrency can be found by multiplying the price of a single coin by the number of coins in circulation.

MEAT SPACE

A term used to refer to the physical world, as opposed to the Metaverse or the Internet.

METACRIME

The virtual world has seen a significant increase in its user base and the number of crimes committed. "Metacrime" refers to the problem of these virtual crimes and the need for legal clarity in addressing and preventing them.

METALITERACY

Concept that refers to the need for a new kind of literacy in the digital age, particularly in the context of the emerging virtual worlds. Metaliteracy challenges traditional approaches to information literacy by considering the role of emerging technologies and the need for critical thinking in the digital age.

METAMASK

Browser extension and mobile wallet that allows users to interact with decentralized applications (dApps) built on the Ethereum blockchain. It serves as a bridge between a user's web browser and the Ethereum network, enabling users to store and manage their Ethereum-based assets in a secure and user-friendly way. With Metamask, users can easily connect to dApps and use them without running a full Ethereum node or dealing with complex command-line interfaces. In addition, the extension generates a unique seed phrase that acts as a backup and recovery mechanism, allowing users to restore their wallets and access their assets on any device.

METAPHILIA

Term used to describe the phenomenon in which people are sexually attracted to young individuals in virtual worlds or the Metaverse. The virtual environment of the MetaVerse provides an ideal platform for individuals with this type of pedophilia to prey on minors. In addition, individuals can easily manipulate their appearance and identity in these digital spaces, making identifying and tracking predators difficult.

METAVERSE (EMBODIED INTERNET)

Umbrella term referring to a convergence of various technologies, such as virtual reality (VR), augmented reality (AR), and mixed reality (MR). In many ways, the Metaverse is the internet itself or, at least, its future incarnation.

METAVERSE ETF

Type of exchange-traded fund that invests specifically in companies related to the Metaverse. These funds are similar to other ETFs in that they invest in a specific bundle of stocks, but the stocks in a Metaverse ETF are all related to the virtual world of the Metaverse.

METAVERSE HYPE

Metaverse Hype refers to the buzz and excitement surrounding the development and potential of virtual worlds. It is often fueled by media coverage and marketing efforts, leading to unrealistic expectations and overhyping specific projects or technologies. With a proliferation of various Metaverse projects, it can be challenging to determine which ones are truly worth investing in or exploring.

METAWEST

Term used to describe the Metaverse negatively, as an unregulated and chaotic place. It is often used to suggest that the Metaverse is like the Wild West, a lawless frontier where anything goes. This negative portrayal of the Metaverse can be based on concerns about the potential for abuse, misuse, or harm in virtual environments that are not adequately governed or monitored. Some people may use the term Metawest to criticize the lack of regulations or controls in the Metaverse or to express skepticism about the safety or reliability of virtual experiences.

METAZENS (METAVERSE CITIZENS)

Individuals who are actively engaged in the Metaverse. They are enthusiastic participants in this immersive and integrated world, and are ready to explore and experience all that it has to offer. In addition, metazens are forward-thinking and embrace the possibilities of the next iteration of the internet.

MILES (MASSIVELY INTERACTIVE LIVE EVENTS)

Brand-new form of entertainment that enables performers to reach wider audiences with minimal overhead. Travis Scott did a five-concert tour of 15 minutes each on Fortnite, generating $20 million, while his previous (physical) tour generated "only" $1.7 million.

MINTING

The process of creating and publishing a digital asset, such as an NFT, onto a blockchain.

MOON / TO THE MOON!

A phrase used to express the belief that the value of an asset will rise significantly. It is often used by bullish people on an asset or during a bull market. Another form of this phrase is "wen moon?" which is used to express impatience with an asset that is not increasing in value as quickly as expected.

MOONBOY

A term for social media "financial experts" and YouTubers who are overly optimistic and constantly claim that a particular asset is "about to go to the moon!".

MORAVEC'S PARADOX

The idea that thinking and reasoning don't require much computing power, but using our senses and moving around does. This was noticed by academics who study artificial intelligence and robotics.

MR (MIXED REALITY)

Hybrid of VR and AR, in which digital content is seamlessly integrated into the real world to allow interaction between the two. MR can create many immersive experiences, including games, educational applications, and other interactive content.

NEURAL NETWORK

The type of computer system designed to mimic how the human brain works. It comprises a series of interconnected nodes, or artificial neurons, that process and transmits information. In a biological neural network, the nodes are biological neurons connected by synapses. In an artificial neural network, the nodes are simulated using computer software. The connections between the nodes in a neural network are modeled as weights, which can be adjusted to improve the network's ability to process and transmit information. Neural networks are often used in artificial intelligence (AI) applications, such as image and speech recognition, and can learn and adapt to new data over time.

NFA (NOT FINANCIAL ADVICE)

Disclaimer used to indicate that the speaker is not offering professional financial advice.

NFT (NON-FUNGIBLE TOKENS)

Unique digital assets that cannot be replicated or replaced. They provide a way for users to prove ownership and transfer virtual assets, such as virtual real estate, digital clothing, video game items, and digital art, among other things.

NGMI (NOT GONNA MAKE IT)

A phrase used to imply that a project or asset has a low chance of becoming valuable. It can also be directed at an individual who has made a poor trade or investment.

NOCOINER

Someone who has chosen not to own/invest in cryptocurrency, either because they don't understand it or because they believe it is a scam.

NODE

Any device that is connected to a blockchain network. Nodes have different roles and responsibilities, such as validating transactions, storing the blockchain's history, relaying data, and performing other functions. Nodes come together to create the infrastructure of a blockchain network, which is a distributed peer-to-peer network.

OCR (OPTICAL CHARACTER RECOGNITION)

Technology used to scan physical documents and convert them into digital formats, such as PDFs. It can also be used to interpret language in physical environments and incorporate it into mixed reality experiences.

OFF-CHAIN TRANSACTIONS

Transactions within a network that involve moving value outside the blockchain. Off-chain transactions are becoming increasingly popular due to their low or zero cost, particularly among larger participants. In contrast to on-chain transactions, off-chain transactions occur outside the blockchain.

OMNIVERSE / NVIDIA OMNIVERSE

Platform based on Pixar's OpenUSD, an open-source framework for creating and sharing 3D content, used for developing and operating Metaverse applications in real-time, using multiple graphics processing units.

ON-CHAIN TRANSACTIONS

Transactions that are executed, verified, and recorded on a blockchain network. Once completed, the record of these transactions is visible to all members of the associated blockchain network. "On-chain" can also refer to data that exists on the blockchain.

OPENSEA

The most popular marketplace for NFTs, representing over 60% of the market share.

ORACLE

System designed to record and pass information from external sources to a blockchain network, specifically to enable the use of smart contracts. This information may be provided with cryptographic proof of its authenticity and origin, ensuring the trustworthiness and accuracy of the data being recorded in the blockchain. Smart contracts, which are unable to access data from external sources, rely on Oracles to fetch, verify, and supply them with data from the outside world.

PAPER HANDS

A term used to describe someone who sold a cryptocurrency or stock as its price fell, often resulting in a loss. Someone with paper hands is said to be unable to handle market volatility.

PERMISSIONED BLOCKCHAIN

Type of blockchain that is not publicly accessible and can only be entered by users who have been granted permission.

PERSISTENCE

The ability of a virtual environment to retain its state and memory over time. This means that actions taken in the Metaverse, such as breaking a road sign, will have lasting effects visible to all users. The concept of persistence is crucial for developing a virtual society, as it allows for creating a shared history and continuity of experience for users.

PFP

A profile picture, often used as an avatar on social media platforms like Twitter and Discord. Some NFT collections, like CryptoPunks, are specifically designed to be used as PFPs.

PFP (PROFILE PICTURE NFTS)

Digital collectibles, often static, 2-dimensional images created to be displayed on social media profiles. What makes these social media profiles so unique is that they're non-fungible. Thus, ownership is exclusive to one wallet.

PHYGITAL

Integration of physical and digital elements creating a seamless, cohesive experience for users. This can include incorporating virtual or augmented reality elements into physical retail spaces or using digital tools to enhance the in-person customer experience. It is about combining the convenience and accessibility of the digital world with the tactile and personal nature of the physical world to create a more immersive and engaging UX.

PILL (RED PILL / BLUE PILL / RED-PILLED / BLUE-PILLED)

Choice between learning potentially unsettling or life-changing truths by taking the red pill or remaining in the ordinary reality of the blue pill. The terms originate from the 1999 film The Matrix. "Red Pill" has become a popular phrase among cyberculture and signifies a free-thinking attitude and an awakening from a "normal" life of sloth and ignorance.

PLAY2EARN

Gaming dynamic where the user monetizes the time spent by selling or renting game resources (lands, weapons, avatar skins, etc.) earned directly by playing, and resold within the videogames or externally in marketplaces. The "2Earn" approach can also be applied to music (Stream2Earn), fitness (Walk2Earn), etc.

POP / POAP

Cryptographic proof in the form of an NFT attesting that a person participated in a particular (physical or virtual) event.

POST-SCARCITY ECONOMY

A theoretical economic system where resources, goods, services, and information are abundant and freely available. This abundance could be achieved by developing advanced technologies such as nanotechnology, artificial intelligence, alternative energy, and automated systems that efficiently produce goods from raw materials using molecular assemblers. In a post-scarcity economy, manufacturing could be as simple as duplicating software.

PREVISUALIZATION

It allows potential consumers to preview and experience a good/service before making a purchase. This can be done through immersive virtual reality. By allowing customers to explore and experience a room before booking, for example, hotels can create a stronger emotional connection with the brand and increase customer confidence, ultimately leading to higher revenues.

PRIVATE KEY

Cryptographic key used in asymmetric encryption systems allows a document to be signed in a verifiable and non-repudiable manner. In cryptocurrencies and NFTs, it is typically used to initiate transfers from one account to another.

PROBABLY NOTHING

This term is often used to express interest or excitement about something without fully committing to it. It is often used playfully or sarcastically, implying that the speaker is only slightly interested or that the thing being discussed may not be as important as others think it is.

PROOF OF STAKE (POS)

Consensus mechanism in which computers (known as validators) lock aside a certain amount of cryptocurrencies as collateral to receive the opportunity to add blocks/coins to the ecosystem and earn rewards. This method requires much less energy to create new blocks than PoW.

PROOF OF WORK (POW)

Consensus mechanism in which all computers compete to solve a mathematical problem. The first miner who correctly solves the problem adds the new blocks/coins and earns a cryptographic reward. However, it requires high energy to create new blocks.

PUBLIC KEY

Cryptographic key used in asymmetric encryption systems that anyone can use to encrypt a transaction, which can be decrypted only through knowledge of the corresponding private key. In cryptocurrencies, as with NFTs, the public key is typically used to identify an account (or accounts) associated with crypto assets. It is impossible to trace back to the corresponding private key from a public key.

PUMP AND DUMP

Artificially inflating the price of a cryptocurrency or other asset by promoting it heavily and then selling it as soon as the price rises. This is often done by unscrupulous players who aim to profit off of unsuspecting investors.

REKT

Short for "wrecked." It describes a situation in which someone has suffered a significant loss or setback, usually due to a risky or poorly thought-out investment. For example, in the context of the crypto market, it might refer to someone who has invested heavily in a coin or token only to see its value plummet, resulting in a significant loss.

RIGHT CLICK SAVE AS

Term often used humorously or sarcastically to poke fun at someone new to the concept of non-fungible tokens (NFTs) and who doesn't yet understand the value of owning an original, unique digital asset.

RUG PULL

Type of fraud in which the owners of a cryptocurrency project abscond with investor funds and abandon the project.

SCARCITY

Never, in the history of the internet, have we had scarce goods because everything was (and is) downloadable and copyable. Bitcoin, tokens, and NFTs have brought, for the first time, the concept of uniqueness to the digital world.

SEED PHRASE

Password allowing users to access their digital wallet. It is formatted as a series of 12 to 24 randomly generated words.

SELF-SOVEREIGN IDENTITY (SSI)

SSI is a concept that aims to give individuals control over their online identities. It's a decentralized approach to identity management, allowing users to own and manage their data without relying on centralized authorities or third parties, thanks to cryptographic techniques such as public/private key pairs and Decentralized Identifiers (DIDs).

SER (SIR)

A common intentional misspelling of "sir," used in crypto circles.

SHILL

To "shill" means to promote a cryptocurrency or NFT through implicit advertising. For example, shill threads on social media platforms and shill channels in Discord are common places where people advertise their work.

SHTCOIN

A derogatory term used to describe a cryptocurrency that is perceived to have weak fundamentals and little to no practical use case.

SIMULATION HYPOTHESIS (SIMULATION ARGUMENT / SA.)

The simulation hypothesis proposes that our entire existence, including reality and consciousness, is a virtual reality that could be likened to a computer simulation. This hypothesis has similarities to other skeptical scenarios found throughout the history of philosophy and was popularized in its current form by philosopher Nick Bostrom. If true, this hypothesis has significant epistemological consequences that could lead to skepticism or even nihilism, as it suggests that all human perceptual experiences may be part of the simulation. According to Bostrom, there is a 20 percent chance that we live in a simulated reality. However, recent scientific studies suggest that the probability of this being true is closer to 50/50. The simulation hypothesis also firmly convinces Elon Musk: in a podcast with Joe Rogan, Musk expressed his belief in the theory, stating that as video game technology advances, it will eventually become indistinguishable from reality, concluding that our current reality is most likely a simulation. According to Musk, the chance of us living in the "base reality" is one in billions.

SINGULARITY (TECHNOLOGICAL SINGULARITY)

Hypothetical point in time where the development of superintelligence and accelerating technological progress could cause an existential shift for humanity. This event, often described as an "intelligence explosion," is considered a social event horizon due to the uncertainty surrounding how it will occur and its potential impact, including the possibility of human extinction or the emergence of post-human life.

SLIPPAGE

The difference between the quoted price of a cryptocurrency and the actual price at which a trade is executed. This difference can occur because the cryptocurrency price may change between when the order is placed and when it is filled.

SMART BODY

Collection of data that includes various measurements and characteristics related to a person's physical body. This data includes anthropometric measurements, body mass indexes (BMI), and information about body shape and size. When integrated with a 3D Avatar, this data allows the avatar to become a virtual representation of the real subject, complete with accurate physical characteristics. Smart body helps to create more realistic avatars by providing important information about the person's physicality.

SMART CONTRACTS

Computer programs or transaction protocols that automatically execute, control, or document events and actions based on the terms of a contract or agreement. They are designed to reduce the need for intermediaries, arbitration costs, and fraud and minimize exceptions due to malicious or accidental actions. As some put it, they replace the need for trust with direct access to truth.

SOLIDITY

The native programming language of Ethereum, primarily used to write smart contracts.

SPATIAL AUDIO

Feature that allows avatars in some Metaverses to communicate as if they were in the physical world. When an avatar speaks, nearby avatars will hear them at a normal volume, but the volume will decrease for avatars farther away. This creates a more natural and immersive communication experience within the Metaverse.

STABLECOINS

Type of cryptocurrency pegged to a reserve asset, such as the US dollar. Stablecoins aim to create a more durable option, similar to fiat currencies while taking advantage of cryptocurrency's instant processing and privacy. Stablecoins are typically backed by a fiat currency but can be pegged to physical assets like precious metals or other cryptocurrencies like Bitcoin. Examples include USDT, Dai, and USDC.

SUPERINTELLIGENCE

Theoretical concept that refers to an AI that can perform tasks at a level that is beyond the capabilities of even the most intelligent and skilled human beings. According to the 2022 Expert Survey on Progress in AI, which surveyed 738 AI experts who published at the 2021 NIPS and ICML conferences, there is a 50% chance that high-level machine intelligence will be achieved by as early as 2059, with older surveys coming to similar conclusions.

SYNCHRONIZATION

In immersive virtual reality, it refers to the ability of users to interact with one another in real time with no delays or lag.

TESTNET

Replica of a blockchain network that is used for testing and experimenting without risking real funds or impacting the main network.

TOKENOMICS

The economic factors that influence the use and value of a token. These factors include, but are not limited to, the token's creation and distribution, supply and demand, incentives, and burn schedules. Investors and stakeholders need to consider a project's tokenomics before deciding to participate. Tokenomics is essential to conducting thorough research on a cryptocurrency project, and well-designed tokenomics is crucial for the success of a crypto project. In addition to evaluating the team, roadmap, and community growth, it is important to consider the tokenomics of a blockchain project in order to assess its potential for long-term development.

TOKENS

Digital assets built on top of a blockchain. They can represent a wide range of assets, including physical goods, virtual items, and even intangible rights, such as access to a service or membership in a group.

TPS, OR TRANSACTIONS PER SECOND

A measure of the computational power of a blockchain referring to the number of transactions that the blockchain can handle in a single second.

TRADFI

A humorous term referring to traditional finance (or the financial system outside of decentralized finance). This term is used to contrast the decentralized nature of DeFi with the centralized authority of conventional financial institutions like banks and governments.

TRANSHUMANISM

Transhumanism is a belief system and movement that aims to enhance the human experience by using technology to improve human physical and mental abilities, extend human life, and enable new forms of consciousness. Transhumanism sees technological advancements as an essential component of human progress and a means to transcend the limitations of human biology. The ultimate goal of transhumanism is to create a post-human society capable of achieving a greater degree of intelligence, happiness, and freedom than is currently possible. Biologist Julian Huxley popularized the term in his 1957 article, which has since become synonymous with using emerging technologies to improve the human condition. One of the key figures in transhumanism is our Polybius Evangelist Zoltan Istvan, who has worked as a reporter for National Geographic Channel and has written about technology, secularism, and politics for major media outlets like The New York Times. Istvan has also run for political office, including a run for President of the United States in 2016, Governor of California in 2018, and the Republican Party's nomination in the 2020 election. In addition, he has raised awareness for transhumanist political issues by driving a bus shaped like a casket, called the "Immortality Bus," across the United States and delivering a "Transhumanist Bill of Rights" to the US Capitol. In 2013, Istvan published "The Transhumanist Wager," a novel that depicts the life of Jethro Knights, whose advocacy for transhumanism eventually leads to a global revolution. The book has played a significant role in popularizing transhumanism and has been the subject of much interest among futurists.

TXN HASH (TRANSACTION HASH)

Unique identifier for a specific transaction. It is written as a long string of letters and numbers and can be used to find more information about the transaction using a block explorer like Etherscan.

UNITY

Powerful game development platform that enables developers to create interactive experiences for a wide range of devices, including desktop computers, mobile, console systems, and virtual reality headsets. Developed by Unity Technologies, Unity was first introduced in 2005 as a game engine for Mac OS X. Since then, it has been continually updated and expanded to support a variety of platforms, and it is now a leading choice among game developers around the world.

UNREAL ENGINE

Software platform used to create 3D content, including virtual and augmented reality experiences. Developed by Epic Games, Unreal Engine is a powerful tool that supports the creation of immersive projects, including an entire Metaverse. It is widely used by game developers, artists, and other creators to build interactive 3D environments and experiences.

UPLOADING (MIND UPLOADING, MIND TRANSFER)

The idea of transferring one's consciousness and cognitive processes to a digital medium such as the Metaverse. It is a potential method for achieving digital immortality or preserving humanity's identity, as well as for space travel and disaster recovery. Recent developments in neuroscience support the functionalist interpretation of the mind, and the Church-Turing theory suggests that the mind can be replicated in a computer. This has sparked speculation about various possibilities, including the extension of life, virtual reality environments, and entire civilizations living within computers.

UTILITY TOKEN

A crypto asset intended to provide access to a good or service supplied by the Token issuer. Utility tokens have many use cases, including voting on dApp improvement proposals, buying in-game items in blockchain-based games, receiving rewards in play-to-earn games, getting perks on centralized crypto exchanges, tipping content creators, and paying network fees using the blockchain's native utility token.

VAGUEPOSTING

The act of posting cryptic or enigmatic messages, often to generate buzz or promote a project, without providing concrete information or details.

VAPORWARE

A product or project that is announced and marketed but never actually materializes.

VR (VIRTUAL REALITY)

Immersive, computer-generated environment that a user can interact with in real time. VR is often used for gaming, training simulations, and other applications requiring a high immersion level.

VRO (VIRTUAL ROOM OBJECT)

Synchronization algorithm that XPL processes are based on. Developed in 1994 to simplify complex information exchange, VRO bypasses operating systems and communicates directly with the kernel. Built on the BICOS software infrastructure, it remains one of the fastest process synchronization and analysis systems.

WAG BAT (WE'RE ALL GONNA BUY A TEAM)

Acronym coined by a community of basketball enthusiasts who aim to purchase and operate an NBA team as a decentralized autonomous organization.

WAGMI (WE'RE ALL GONNA MAKE IT)

Phrase used to express optimism or confidence in the future success of a project or idea.

WALLET / SMART WALLET

Software/hardware designed to hold and manage digital assets, such as cryptocurrency or NFTs. They typically include features such as secure storage, easy management of assets, and the ability to interact with decentralized applications. They can be "hot" (online only, with a high level of vulnerability) or "cold" (hardware devices that allow transactions only through physical authorization). In the future, wallets could come in a more cyborg version (under skin chips, tattoos, etc.). Public wallets, with our NFTs, will likely become the new social media: what we will find in our wallets will be an indicator of the image we decide to promote to the world.

WALLET ADDRESS / ACCOUNT ADDRESS

An alphanumeric code that serves as the address for a blockchain wallet or an account. Other users can send crypto assets to your wallet/account using your public key, but only you can access the contents of your wallet/account using the corresponding private key.

WEB3

Third generation of the World Wide Web, which aims to bring decentralized, blockchain-based technology to the internet as a whole. It allows for the creation of decentralized applications and decentralized autonomous organizations. In the context of the Metaverse, Web3 technology enables the creation of virtual worlds where users can truly own and trade digital assets rather than simply using them within a proprietary platform. This adds a layer of security and permanence to the Metaverse, ensuring that users can retain control of their virtual possessions even if the platform they use disappears. One of the critical features of Web3 is its ability to enable peer-to-peer (P2P) communication and exchange of value without the need for intermediaries. This means that users can interact directly with each other and exchange assets without needing a third party, such as a bank or payment processor. Web3 also has the potential to enhance the security and privacy of online interactions. Traditional web applications often rely on centralized servers to store and process data, which can be vulnerable to hacks and data breaches. In contrast, Web3 applications store and process data on a decentralized network, making them more resiliant. In addition, web3 allows the Metaverse to function like the internet, enabling users to exchange information and value. Web2, on the other hand, limits the Metaverse to functioning like an intranet, a private network that is isolated from the internet and can only be accessed by specific users. In this way, Web2 restricts the Metaverse from functioning like a wallet garden, with limited access and value exchange.

WHALE

Term used to describe a person or organization that holds a large amount of a particular cryptocurrency and therefore has the potential to significantly influence the market.

WORLD (VIRTUAL WORLD)

Virtual space where users can interact with each other and with virtual objects. They can range from austere environments to highly immersive and interactive experiences. Understanding the creation process of these virtual worlds is essential for businesses looking to enter the Metaverse, as the professional role of a creator is vital for the success of a world. It is also worth noting that creating virtual worlds is typically a collaborative effort involving immersive and interactive technologies.

XR (EXTENDED REALITY)

Collective term encompassing various technologies that enable creating and using immersive, interactive virtual environments. These technologies include Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR).

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