WEB 3 VOCABULARIES: GET FAMILIAR

in LeoFinance3 years ago (edited)

Get familiar with Web 3.0 vocabularies.

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✓DApps
DApps are decentralized applications that exist and run on the blockchain. They are not controlled by any single entity unlike the traditional normal apps.

✓DAO
DAO are decentralized autonomous organization that has no single entity in charge, nor any directory board and is operated entirely by its community members.

✓DeFi
DeFi stands for “decentralized finance,” it is also known as open finance. It is a financial system that operates without a central authority. Rather, transactions would be governed by smart contracts and other peer-to-peer (P2P) technology.

✓NFTs
Also known as non-fungible tokens, are digital assets such as art, music, in-game items and videos etc that can be bought and sold using this blockchain technology.

✓Metaverse
The metaverse is essentially a merging of virtual, augmented, and physical reality made possible by technology such as VR, AR, 3D reconstruction etc.

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Nice one, thanks for this short article