Web3 represents the next evolution of the internet, where users own data, assets and identity. As with any new paradigm, Web3 has developed its own vocabulary.
Here are the key terms explained clearly and quickly.
Web3
A decentralised version of the internet built on blockchain technology.
dApp
Decentralised application that runs on a blockchain rather than central servers.
DAO
Decentralised Autonomous Organisation. A community governed by token holders through on-chain voting.
Governance Token
A token that gives holders voting rights in protocol decisions.
Tokenomics
The design of a token’s supply, distribution and incentive model.
On-chain
Data or activity recorded directly on a blockchain.
Off-chain
Data or activity handled outside the blockchain.
Interoperability
The ability for different blockchains to interact with each other.
Decentralised Identity
User-controlled digital identity without central authority ownership.
Wallet Connect
Technology allowing users to connect wallets to dApps securely.
Gas Optimisation
Reducing transaction costs through efficient smart contract design.
Web3 is still early. Understanding its terminology gives founders, investors and operators a serious advantage in navigating decentralised markets.
If you are building, hiring or investing in Web3 and want strategic or talent insight, book a call with Priority Tech or reach out directly. Strategic guidance is always available before any recruitment discussion.
