Key terms in Web3.0

Blockchain

A blockchain is a digitally distributed ledger that facilitates the process of recording transactions and information across a network. You can think of it as a decentralized or distributed database.

Gas fees

Think of gas fees as blockchain transaction costs. TS has no say in setting gas fees – they are determined by supply/demand across the network (blockchain).

Private key

A string of numbers (often 256 characters long) that represents your signature to authorize transactions on the blockchain.

Dapp (decentralized app)

A blockchain-integrated website that requires you to connect and approve all transactions with your wallet signature. Examples include TS, Pancakeswap.

Smart contract

Smart contracts are decentralized codes that run on blockchains. Dapps are powered by smart contracts.