Metaverse, Web3, NFT, DAO: A Guide to 2021’s Tech Buzzwords

[ad_1]

This year, tech CEOs drew inspiration from the 1990s science fiction novel, Reddit investors’ vocabulary of “diamond hands” and “monkeys” rocked Wall Street, and one so-called DAO sought to buy a rare copy of the United States. Constitution.

If you’re still drawing a vacuum by the end of 2021, here’s a little glossary:

Metawares

Metawares refers to shared, high-speed digital environments that can be moved between people and accessed through virtual reality or augmented reality headsets or computer screens.

Some technology CEOs are betting that this will be the successor to the mobile internet. The word was coined three decades ago in the dystopian novel “Snow Crash”. This year CEOs of technology companies from Microsoft to Match Group discussed their role in creating metawares. In October, Facebook renamed it Meta to reflect its new metaverse focus.

Web3

Web3 is used to describe the possible next phase of the Internet: Registered technology The decentralized Internet running on blockchain.

This model, in which users own shares in platforms and applications, differs from today’s Internet of Things Web2, where some of the major technology giants, such as Facebook and Alphabet’s Google, control the operating system.

Social audio

Clubhouse, once the only invitee among the Covid-19 lockdowns, waxed out this year’s lyrics about tools for live, live audio conversations.

NFT

The fungus-free tokens that exploded popular this year are a type of digital asset that exists on blockchain, which records transactions made on networked computers.

In March, a work by American artist People was sold in Christie’s for nearly $ 70 million (approximately Rs. 530 crores), the first sale of a large non – physical art auction center.

Decentralization

The devolution of power or the transfer of power and functions from central authorities such as companies or governments to the hands of users has emerged as a key theme in the field of technology.

Such changes can affect everything from how businesses and markets are organized to functions such as controlling the content of sites. Twitter, for example, is investing in a project to create a decentralized common standard for social networks called Bluesky.

DAO

A decentralized autonomous organization (DAO) usually operates on its member-owned Internet community and blockchain technology. DAOs use smart contracts, code pieces that establish group rules and execute decisions automatically.

In recent months, the crowd-funded crypto-group ConstitutionDAO has failed in its attempt to purchase a rare copy of the U.S. Constitution at an auction conducted by Sotheby’s.

Stones

This deliberate spelling of “shares” generated by the Internet meme made headlines as online traders gathered in forums such as Reddit’s WallStreetBets and raised shares including GameStop and AMC. The language of these merchants calls themselves “monkeys” or praises the “diamond hands” who held positions during the big market swings.

Gamefi

Gamefi is a broad term that refers to the tendency of gamers to earn cryptocurrency by playing video games, in which players can earn money through means such as obtaining financial tokens to win battles at the popular game Axi Infinity.

Altcoin

The term includes all cryptocurrencies except Bitcoin, from Ethereum, the backbone of the future financial system, to Dogecoin, the digital currency first created by the comic and popularized by Tesla CEO Elon Musk.

FSD Beta

Tesla has released a trial version of its enhanced fully self-driving (FSD) software, which features a set of driver-assisted features – such as automatically changing lanes and making turns – to a wider audience this year.

The very name of the highly researched software itself is controversial, with controllers and users claiming it misrepresents its capabilities because it still requires driver attention.

Fabs

The abbreviated “Fabs” for the semiconductor fabrication plant entered the major Lexicon this year as the shortage of chips is said to be the cause of a global shortage of everything from cars to gadgets.

Net zero

Thanks to the COP26 UN climate talks in Glasgow, it was popularized this year that a country, company or product will not contribute to global greenhouse gas emissions. This is generally accomplished by reducing emissions such as the use of fossil fuels and by balancing emissions with efforts to absorb carbon, such as planting trees. Critics say any emissions are unacceptable.

© Thompson Reuters 2021


[ad_2]

Leave a Comment