Terms used in Web2 and Blockchain

Terms used in Web2 and Blockchain

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These are some of the terms (not all) used in web2 and blockchain. Enjoy!

Blockchain Terms

Actor: In the blockchain industry, any entity that is capable of participating in an action or a network.

Addresses: Quite similar to a URL, a blockchain address is a location to or from which transactions occur on the blockchain.

ABI: The ABI (Application Binary Interface) is a specification that defines the encoding/decoding of data types and a standard for exposing and invoking methods in a smart contract.

Bitcoin: This is a documented cryptocurrency, supported by the proof-of-work blockchain.

Central Ledger: These refer to a ledger maintained by a central agency.

Chain Linking: This is the method of connecting 2 blockchains with one another, therefore permitting transactions between the chains to take place.

Consortium Blockchain: This is a blockchain where the according method is controlled by a pre-selected set of nodes.

Cryptocurrency: This type of digital currency supported arithmetic, where secret writing techniques are used to regulate the generation of units of currency and verify the transfer of funds.

Cryptography: This refers to the method of encrypting and decrypting data.

DAPP: An abbreviation of decentralized application, these applications have to be utterly ASCII text files, they should operate autonomously, and with no entity dominating the bulk of its tokens.

DAO (Decentralized Autonomous Organization): This can be understood as an organization run without an associate degree with non-human involvement under the management of an incorrupt set of business rules.

Decryption: This is the method of turning cypher text into plaintext.

Digital Signature: A mathematical scheme for verifying digital messages or documents satisfy two requirements – they have authenticity (from a known sender) and integrity (were not altered in transit).

Ether: It is the native token of the Ethereum blockchain that can be used to purchase dealing fees, mineworker rewards and different services on the network.

Ethereum: This open-source blockchain technology allows developers to jot down good contracts and build and deploy localized applications.

Encryption: It is the method of turning a clear-text message (plaintext) into an information stream (cypher-text) that seems like a pointless and random sequence of bits.

EVM code: This is the programming language within which accounts on the Ethereum blockchain will contain code.

Fork: This is the creation of another version of the current blockchain, by making 2 blocks at the same time on completely different elements of the network. This creates 2 parallel blockchains, wherever one amongst the 2 is the winning blockchain.

Public/Private Key: A public key is a unique string of characters derived from a private key which is used to encrypt a message or data. The private key is used to decrypt the message or data.

Smart Contract: Self-executing computer code deployed on a blockchain to perform a function, often, but not always, the exchange of value between a buyer and a seller.

Token Type – ERC-20: A type of fungible Ethereum token (i.e smart contract) standard which is defined by a series of functions that must be supported, including functions to retrieve the total supply, transfer from one wallet to another, and approve a transaction.

Token Type – ERC-721: A type of non-fungible Ethereum token (i.e., smart contract) standard which is defined by a series of functions that must be supported, including functions to retrieve the total supply, transfer from one wallet to another, and approve a transaction.

Wallet: A digital file that holds coins and tokens held by the owner. The wallet also has a blockchain address to which transactions can be sent.

Web2 Terms

API: API stands for Application Programming Interface. APIs are mechanisms that enable two software components to communicate with each other using a set of definitions and protocols.

Accessibility: Accessibility refers to the practice of making sure your website can be used and accessed by all people, with all abilities and impairments.

Back-End: The back-end relates to how the site works, updates and changes. It’s basically everything the user can’t see from the front end. Back-end development is essential for any dynamic site that includes features that need to change often and update regularly, e.g., blogs, news sites and aggregate websites.

CMS: A CMS, or Content Management System, refers to an online platform in which end-users can create, change and edit website content through the use of an editor that doesn’t require HTML knowledge. These systems are often built by developers and used as a program so that non-developers can edit their content more easily.

Domain: A domain, or domain name, is your website address. Typically this looks like ‘yourcompany.com’ but could also end with country-specific options like .com.au, .co.uk, .co.nz or hundreds of other variations.

Repository: The repository, when speaking about a website repository, is a location where all the data is kept, maintained and organized. These files will be hosted on a server which has a physical location, but anyone given administration access can download information and modify it.

SEO: SEO stands for Search Engine Optimization. Since the rise of the Internet and the complete saturation of web pages on the world wide web, it has become more and more critical to optimize your web page for search results.

These are the few terms used where blockchain and web2 are concerned. There are so more terms attached to each topic that can be found on the internet. To find more terms, you can use the resources/links provided below or you can search directly on the internet.

Resources used

https://aws.amazon.com/what-is/api/

https://data-flair.training/blogs/blockchain-terminologies/

https://objectcomputing.com/expertise/blockchain/glossary

https://igniteonline.com.au/blog/the-ultimate-web-terms-glossary/