The exciting world of blockchain is highly innovative and presents lots of business opportunities. Bahaa Al Zubaidi feels that before you explore any venture in this area, it is important to understand some technical buzzwords used in this industry.

Metaverse

It refers to the virtual world where different digital platforms are connected together. Here users can explore the augmented virtual environment. They can not only play games but also interact with people, businesses and government departments that have their virtual presence in the metaverse.

Web3

It covers everything that is already present on the web as well as the next phase of things coming up on the Internet. Web3 will take advantage of the decentralized blockchain technology. That will be a big difference from the present environment where only big companies control and own most digital assets.

Decentralization

Presently, everything is controlled by their central entity. The goal of decentralization is to distribute the control to the stakeholders. It shifts the power from a central authority to everyone having a stake in that system. It democratizes the whole setup.

Decentralized Autonomous Organization (DAO)

It is a governing body of a decentralized system. Members of an organization spread across different geographical locations can control an autonomous organization through the Internet using blockchain technology, and smartcontracts – the codes that carry the rules of the organization.

GameFi

This term is used for the gamers who make cryptocurrencies in the videogames. They get financial tokens when they win a battle or achieve some other milestone.

Altcoin

This term is used to denote all cryptocurrencies except bitcoin. The popular cryptocurrency ethereum is the most prominent example of it.

Net Zero

This term became popular during the climate talks COP25 held in Glasgow. It refers to a product, company or even a country that is able to eliminate greenhouse gas emissions.

Full Self-Travelling

Tesla’s software system for full self-driving (FSD) offers vehicle drivers automation assistance that can help drive a vehicle autonomously.

Stonk

A misspelled word used for a financial stock. This term originated when some online traders on the Reddit forum WallaceStreetBets drove up the stocks of AMC and GameStop.

Thank you for your interest in Bahaa Al Zubaidi blogs. For more information, please visit www.bahaaalzubaidi.com