What is Web3?
Web3 (aka Web 3.0) is a concept of an evolved type of worldwide web that incorporates decentralisation, blockchain technology, and token-based economics.
What has Web3 got to do with DEFY?
DEFY as well as having its own token in $DEFY, it is also heavily backed by blockchain technology acquiring your own tradable assets as you earn them in-game.
Unlike Web 2.0, where in-game items are lost if your account is deleted by the game creators, Web3 allows for direct ownership of these items through non-fungible tokens (NFTs). This allows you to buy or sell in-game items on the Black Market with other players.
Web3 words you might come across:
Blockchain - a digital ledger used to store and transfer information without the need for a central authority. It’s an immutable database, which means that information can’t be tampered with or altered once it’s been recorded.
Bridge - a tool used to transfer digital assets out of a blockchain into another context (e.g. another blockchain or a game server).
CEX (Centralised Exchange) - a cryptocurrency exchange managed by a centralised business or entity.
Cold Wallet - These wallets can be in the form of hardware devices, or they can simply be sheets of paper containing a user's private keys. Since cold wallets are not connected to the internet, they are generally considered a safer method of storing cryptocurrencies.
Cryptocurrency - a digital asset designed to be used as a medium of exchange. They are borderless, secure, and maintained by blockchains instead of centralised banks or governments.
DEX (Decentralised Exchange) - a cryptocurrency exchange made up of “smart contracts” that enables users to transact in a direct peer-to-peer manner without any intermediary.
ERC-20 - the Ethereum token standard, providing a standardised smart contract structure for fungible tokens e.g. the $DEFY Token.
ERC-721 - an Ethereum token standard that allows for the formation of unique tokens, otherwise known as NFTs, or non-fungible tokens. Unlike the ERC-20 standard, ERC-721 tokens have specific properties that allow each to be uniquely identified and valued independently of one another e.g. the DEFY Premium Masks.
ERC-1155 - an Ethereum token standard which allows for fungible, non-fungible, and semi-fungible tokens to be managed by a single smart contract simultaneously. These are commonly used in gaming and collectible trading to reduce the number of necessary transactions e.g. the raw materials (scrap metal, copper etc).
Gas - a unit of measurement that represents the computational effort required to complete a transaction. The cost of completing a transaction is determined by multiplying the total amount of gas by the gas price.
GWEI - a denomination of ETH that is equivalent to 1/1,000,000,000 of 1 ETH (1 ETH = 1,000,000,000 Gwei). It is often used when discussing gas prices.
Hot Wallet - a crypto wallet that is accessible online as a software application.
NFT / Digital Collectible - A non-fungible token (NFT) is a digital asset based on Ethereum's ERC-721 token standard that can be used to represent ownership of a variety of digital assets including art, photography, music, and more. A more non-crypto friendly word can describe NFTs as Digital Collectibles.
Seed Phrase - A list of words served a master password to access a crypto wallet. It is very important you always keep your seed phrases to yourself and never give them out to anyone. Always be sure to write down your seed phrase on a piece of paper and keep them safe and not store them in digital format on your computer or device.
Wallet Address - a unique alphanumeric code that serves as the address for a crypto wallet.