Welcome to Web3: key words

A special kind of IOU that everyone trusts other people will accept in exchange for goods and services. Source

A promise to pay someone back at a later date. Source

Something expected to keep its value in a fairly predictable way over time. Source

The thing prices are written in, for example on menus, contracts or price labels. Source

Something people hold because they plan to swap it for something else, not because they want it for itself. Source

Money the central bank won't convert into gold or any other asset. Bank of England money has been fiat money since 1931. Source

A collection of transactions: a record of who paid what to whom. Source

A shared digital ledger where transactions are grouped into blocks, and each block is linked to the one before it. Source

Spending the same digital money more than once. Digital money is easy to copy, so a system has to stop this. Source

A catch-all term for a vision of an internet where users own things, built on blockchains and tokens. Source

A blockchain can record data from the real world, but on its own it can't check that the data is true. Source

Also called a seed phrase. The master key to a crypto wallet: anyone who has it can take everything in the wallet. Source