The web3 and blockchain space have many technical terms, and understanding these words is important. Here are 10 essential web3 terms to know:

1. Blockchain: A digital record of transactions shared across many computers. It's very secure and can't be changed.

2. Cryptocurrency: Digital money secured by cryptography and stored in digital wallets. Bitcoin and Ethereum are two of the most well-known cryptocurrencies.

3. Smart Contract: A program that automatically carries out an agreement when certain conditions are met, without needing a middleman.

4. Non-Fungible Token (NFT): A unique digital item stored on a blockchain, like digital art or collectables.

5. Decentralized App (dApp): An app that runs on a blockchain network instead of a single computer, without a central authority.

6. Decentralized Autonomous Organization (DAO): An organization run by rules coded as smart contracts on a blockchain, without central management.

7. Consensus Mechanism: The rules that blockchain networks use to agree on the state of the digital record and keep it secure.

8. Gas: The units used to measure the computational effort needed to do something on the Ethereum blockchain. Users pay gas fees to miners.

9. Layer 1, Layer 2, Layer 3 Protocols: Different layers of blockchain networks that work together for scalability, security, and efficiency.

10. Zero-knowledge Proofs: A way to prove something is true without revealing the underlying information, used in web3 for privacy and scalability.

Learning these basic terms will help you understand the web3 and blockchain world better.

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