8/31/2023 0 Comments Gamer lingo wai![]() In such a system, power and decision-making authority is concentrated in the hands of a relatively small number of individuals at the top of the hierarchy. This is a system that is controlled and organized according to a rigid hierarchical structure. Nothing that’s been coded on the blockchain can be deleted, so anyone who wants to delete (burn) an NFT has to send it to a smart contract that nobody can access.Ĭentralized system. To burn an NFT is effectively to send it into oblivion, the closest thing to destroying it completely. ![]() A block, the constituent element of a blockchain, is an individual unit in which data is stored.Ī bridge, in a web3 context, is a protocol which links blockchain systems together, allowing users from one system to send assets and information to another. The transparency and immutability of the blockchain makes it a very reliable and trustworthy business resource both for individuals and companies.īlock. Each new piece of information is also assigned a timestamp, which makes it easy for users to find out exactly when it was linked to the database. New data is filed into blocks – and blocks are subsequently chained together – in chronological order, so a blockchain becomes longer and longer as more information is added to it. The name comes from the fact that a blockchain stores data in ‘blocks,’ individual units that are linked, or ‘chained,’ together. If there’s an error in an entry, then a new, revised entry must be made, and both entries will subsequently be visible on the ledger. It’s an immutable database, which means that information can’t be tampered with or altered once it’s been recorded. A ‘blockchain’ is a distributed digital ledger that’s used to record transactions. It was also the world’s very first cryptocurrency, postulated by ‘Satoshi Nakamoto’ (which is typically presumed to be a pseudonym) in a now-famous white paper called ‘A Peer-to-Peer Electronic Cash System’ in 2008.īlockchain. ![]() An avatar is a digital rendering of a human being or other entity in VR, a video game, the internet or another virtual space.īitcoin is at the time of writing the most valuable cryptocurrency in the world. Pokémon Go is one common example of AR, because it blends virtual information with one’s physical environment.Īvatar. In its current form, AR can be facilitated by devices worn over the eyes – such as glasses or goggles – or by a smartphone or computer screen. A technology that combines elements of virtual reality (VR) with physical reality. A conjoining of the words ‘alternative’ and ‘coin,’ the term ‘altcoin’ initially was used to refer to any cryptocurrency that wasn’t Bitcoin.Īugmented reality (AR). Altcoins, or alts, are cryptocurrencies that are relatively new to the market and have relatively low valuations. ![]()
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