Web3 Dictionary

M

David 07/02/2023 0

Metamask

(Noun): A cryptocurrency wallet and browser extension that allows users to manage their digital assets and interact with decentralized applications (dApps) on the Ethereum blockchain.

Example: I installed Metamask on my browser to securely store and send my Ethereum tokens.

Mining

(Noun): The process of verifying and adding transactions to a blockchain network, typically associated with cryptocurrencies. Miners use computational power to solve complex mathematical problems and are rewarded with new coins or transaction fees.

Example: Bitcoin mining involves powerful computers solving mathematical puzzles to validate transactions and add them to the blockchain.

Multi-signature

(Adjective): A security feature in blockchain transactions that requires multiple authorized signatures to validate and execute a transaction, enhancing security and reducing the risk of fraud or unauthorized access.

Example: The multi-signature feature of the wallet ensures that funds can only be accessed if at least two out of three authorized parties approve the transaction.

Masternode

(Noun): A full node on a blockchain network that performs additional functions beyond transaction validation and block creation. Masternodes often provide enhanced network stability, privacy features, and participate in decentralized governance.

Example: By operating a Dash masternode, users can earn additional rewards and participate in decision-making processes within the network.

Mainnet

(Noun): The main network of a blockchain, where real transactions occur. It is the fully operational version of a blockchain, as opposed to testnets or other experimental environments.

Example: The Ethereum mainnet is where users can interact with smart contracts and conduct real transactions using Ether.

Micropayment

(Noun): A very small financial transaction typically involving a tiny amount of money, often facilitated by digital payment systems. Micropayments enable cost-effective and efficient transactions for low-value goods and services.

Example: I used a micropayment service to pay a few cents for reading a single article on a news website.

Marketplace

(Noun): An online platform or physical location where buyers and sellers can engage in trade or exchange goods, services, or assets.

Example: I found a vintage record player on an online marketplace and purchased it from a seller in another city.

Metadata

(Noun): Descriptive information or data that provides context about other data. In the context of blockchain, metadata can include details about transactions, such as timestamps, sender and receiver addresses, and transaction amounts.

Example: The metadata associated with an NFT includes the creator’s name, the artwork’s title, and a description of the piece.

Minting

(Verb): The process of creating or generating new tokens or NFTs on a blockchain. Minting often involves unique identifiers or attributes assigned to each newly created token.

Example: The artist minted a limited edition of 100 NFTs representing their digital artwork.

Multi-chain

(Adjective): Referring to a system or platform that operates across multiple interconnected blockchain networks, allowing for interoperability and the exchange of assets or information between different chains.

Example: The multi-chain platform enables seamless token transfers between Ethereum, Binance Smart Chain, and other supported blockchains.

NFT Marketplace

(Noun): An online platform where non-fungible tokens (NFTs) can be bought, sold, and traded. NFT marketplaces provide a space for artists, collectors, and enthusiasts to engage in the NFT ecosystem.

Example: The NFT marketplace hosted a virtual art exhibition where collectors could purchase unique digital artworks.

Multi-token

(Adjective): Describing a system or platform that supports multiple different types of tokens or cryptocurrencies, allowing users to hold and manage various assets within a single interface.

Example: The multi-token wallet provides a convenient way to store and transact with different cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

Multisig wallet

(Noun): Short for “multi-signature wallet,” it is a cryptocurrency wallet that requires multiple authorized signatures to initiate transactions, providing an additional layer of security.

Example: The organization’s treasurer uses a multisig wallet that requires two out of three authorized board members’ approval to transfer funds.

MakerDAO

(Noun): A decentralized autonomous organization (DAO) built on the Ethereum blockchain that facilitates the creation and management of the stablecoin Dai. MakerDAO utilizes smart contracts and a collateralized debt position (CDP) system.

Example: To obtain Dai, I collateralized my Ethereum and generated Dai through the MakerDAO platform.

Masternode

(Noun): A full node on a blockchain network that performs additional functions beyond transaction validation and block creation. Masternodes often provide enhanced network stability, privacy features, and participate in decentralized governance.

Example: By operating a Dash masternode, users can earn additional rewards and participate in decision-making processes within the network.

Metaverse

(Noun): An immersive virtual reality space or digital universe where users can interact with a computer-generated environment and other users in real-time.

Example: The metaverse allows people to socialize, explore virtual landscapes, and engage in various activities using virtual reality headsets.

Multi-factor authentication

(Noun): A security mechanism that requires multiple forms of identification or verification to access a system or account. It typically combines something the user knows (e.g., a password), something the user has (e.g., a physical token), and/or something the user is (e.g., a biometric feature).

Example: To enhance account security, the online banking platform employs multi-factor authentication, requiring users to enter a password and provide a fingerprint scan.

Multi-sig transaction

(Noun): Short for “multi-signature transaction,” it is a transaction that requires multiple authorized signatures to be executed successfully.

Example: The escrow service facilitated a multi-sig transaction, ensuring that the funds would only be released when both the buyer and the seller confirmed the completion of the transaction.