Important Web3 terms for developers

4 min readDec 12, 2022

So you might have heard about Web3, huh?
Web3 looks like that thing that people on that bird app Twitter have been chirping about. Hehehehehe, anyways I was just joking about it…. We are not done exploiting web3 and someone is already mentioning web5!!!
Anyway; I believe Web3 is the future

Twitter, Reddit and some major news are talking about it, leading to so much info and some uninformed truth being shared all over the internet. if you’re new to this topic which is “What and why on earth is Web3?” don’t worry, I used to be like you so check the previous article!
In this article, we will learn about important terms in web3 (in no order) as a developer.

Blockchain

There is a mixed feeling about it, some people love it while some people hate it, don’t be surprised that the majority don’t know what blockchain is. Blockchain is at the core of web3.
In real terms, Blockchain technology is a system for recording data that makes it difficult or impossible to change. Blockchain is an irreversible database where data can only be added i.e data can be added as blocks in which each block has the address of the previous one.

Token

A token is a type of currency that represents an asset. Tokens are built as utilities that exist on another blockchain.

Smart Contracts

Smart contracts are program snippets compiled and executed by the EVM and stored in executable blockchains and run when predefined conditions are met.
It helps you to do safe transactions without the involvement of a third party and transactions done in a smart contract cannot be reversed.

Decentralized Applications (Dapps)

Dapps is short for “Decentralized Applications” and refers to any application that is decentralized in nature, built on a blockchain. Dapps are not controlled by a single organization and operate on a blockchain network that is free of control.

Metaverse

The Metaverse is a concept about a virtual 3D world that is free and will be built around Web3 concepts.
Facebook changed its name to Meta, I sincerely have not understood why yet but I believe it is an attempt to lay hold of the future goodies meta has to offer.

DeFi

DeFi stands for “Decentralized Finance” and it is the regular financial application we see but built on a decentralized model. DEFI apps allow people to do regular transactions on the blockchain.

DAO

DAO is a short form for decentralized autonomous organizations, they take the concept of traditional organizations and decentralize it. In DAO different people are interacting with each other according to a specific protocol that is enforced by the blockchain.

Ethereum

Ethereum is a technology for building applications and organizations, holding assets, transacting and communicating without being controlled by a central authority. Ethereum is programmable.

Ethereum virtual machine (EVM)

Ethereum has validators that ensure that all the information on each network transaction is valid; Through gas incentives, the EVM allows peer-to-peer Turing completeness, making use of the resources of the world to run programs.

Consensus Protocols

consensus protocol at the heart of a blockchain network gives a specific method for verifying whether a transaction is true or not. It provides a method of reviewing and confirmation of what data should be added to a blockchain’s record.
blockchain networks typically don’t have a centralized authority dictating who is right or wrong, nodes on a blockchain all must agree on the state of the network, following the predefined rules, or protocol.
For bitcoin, the consensus protocol is proof of work (POW)

Non-custodial wallet

A non-custodial wallet means that you possess complete control over your assets in the wallet, and you possess the private key to your web3 wallet. For a non-custodial wallet, you will be responsible for keeping your private key and password safe so nobody else will have access to it. Examples of non-custodial wallets are metamask, trust wallet, etc

Solidity

Solidity is a programming language for implementing smart contracts on various blockchain platforms. Programs in Solidity run on Ethereum Virtual Machine

Hardhat

Hardhat is a development environment to compile, test, deploy, and debug Ethereum software. It helps developers manage and automate the recurring tasks that are inherent to the process of building smart contracts and dApps, as well as easily introducing more functionality around this workflow. This means compiling, running, and testing smart contracts at the very core.

What makes Spheron Unique?

In terms of facilitating the adoption of Web3, Spheron protocol, the industry giant in offering decentralized hosting solutions, enables devs to choose among Spheron’s ecosystem and strategic partners to utilize their infrastructures quickly and effectively. The underlying ethos is to reduce the learning curve and leverage the power of web3 infra. Spheron’s Alpha release has harnessed the compute integration by the Akash network, where users can deploy their instance to spheron in just two simple steps.

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