NFTs and more: 7 technical terms that will be trending in 2022

This year, social media has been flooded with new terms often associated with technology. such a word”NFT“, “blockchain” and”metaverse“It’s becoming more common in featured posts and threads, which don’t mean much to most users.

To make life easier for internet users and prevent them from missing out on the next trend, tech world A short glossary of up-to-date vocabulary is prepared. Check:

blockchain

Often quoted in explanations, term “Blockchain” Can be translated as “blockchain”, referring to a technology Data Protection and Authentication. It operates by noting down small sets of information called “chunks,” the order of which must be verified through a numerical math challenge, and sent to an online and decentralized network of users with each new addition.

An example of how blockchain works. (Source: iHodl/Copy)Source: iHodl

This process, known as “mining,” is fueled economically by the respective network’s native digital reward (the notorious cryptocurrency), and participants can transact without restrictions.This model, proposed by Bitcoin creator Satoshi Nakamoto in 2008, guarantees Strong encryption level And has not been decoded by any hacker or algorithm.

Originally developed for financial use, the technology ensures that digital value transactions cannot be copied or deceived by malicious users. Currently, however, the solution has been used as a tool for validating other documents, such as artwork and certificates.

NFT

NFTs can be copied, but they will be considered worthless copies.NFTs can be copied, but they will be considered worthless copies.Source: OpenSea

Another topic that has been hotly debated on social media is “NFTs”. The meaning of the acronyms non-fungible token” And can be translated into Portuguese as “non-fungible token” or “non-reproducible code”, which can be freely adapted. Very simply, the term refers to an asset sent to the blockchain to be verified as “unique”, with a decentralized certificate of authenticity that can reliably transfer its ownership between users.

NFTs eventually became popular for their use in the artistic environment, as they made it possible to trade digital works using ownership certificates signed by their respective authors. Naturally, it didn’t take long for the niche to face sudden hype, followed by so-called energy consumption issues and plagiarism cases, dividing some netizens into supporters and protesters.

metaverse

Metaverse should provide more immersive possibilities for interaction.Metaverse should provide more immersive possibilities for interaction.Source: Shutterstock

Gaining traction on the social network following the announcement of Facebook’s parent company giant Meta, “Metaverse” can be defined as a fully digital “world”, hidden on the Internet, capable of providing a higher level among users by interactive augmented reality technology.

However, the name is not entirely new as it was coined in the book avalanche, Written by Neal Stephenson and published in 1992. It means the result of a neologism that combines the Greek words “meta” and “universe” to give rise to the expression “beyond the universe” – as an evolution of digital space on the Internet.

Network 3.0

Still being theorized by many experts, the term “WEB 3.0” represents the future evolution and decentralization of the Internet. What makes this feat different is the adoption of artificial intelligence in its structure, thereby mitigating the influence of large corporations, governments and other authorities on online navigation.

As distant as it may seem, it’s worth mentioning that the iterations of WEB 1.0 and WEB 2.0 actually meant the democratization of content access and production on the Internet — something that started 32 years ago.

Decentralized Finance

As an acronym, the word is translated into Portuguese as “decentralized finance,” which stands for financial instruments that work without intermediaries such as banks and other regulators. Its operation is guaranteed through smart contracts residing in multiple blockchains that automatically execute financial transactions according to their own rules.

Altcoins

Ethereum is considered to be the top altcoin in the market.Ethereum is considered to be the top altcoin in the market.Source: Shutterstock

The term is an abbreviation corresponding to “alternative currency”, in the free translation from Portuguese, referring to Any cryptocurrency other than Bitcoin. By segment, this category also contains other asset groups such as: “Meme Coins” someone inspired by internet jokes; in “rubbish coins”which is generally unfounded and part of a fraudulent mechanism; and “stablecoins”, Backed by fiat currencies such as US dollars.

To sum up, for example, it can be said that all meme coins Yes altcoins, But the reverse is not always true.

Buy now, pay later

An evolution of the beloved “carnêzinho”, the word “Buy now, pay later” Refers to digital instalment plans that are increasingly popular in international trade. This method has been very successful among young people, and it is possible to pay in instalments even without a bank.Advance payments are secured by loans provided to each user FinTech, Only some basic data is required for evaluation.

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