How’s it going fellas?
Its day 13 of #web3glossary
Ready for some web3 gyaan?
👉M: metaverse, mining, master node, mempool, MEV
lessgoo 🚀
Metaverse is not a new concept. We have a multiple firms creating realistic metaverse
and its been a hot topic since late 2021. But what’s it all about in the web3 space?
It's an immersive & interactive virtual world where you can play, shop, dance,
party, make friends & much more using avatars & digital objects in 3D space.
With web3 tech people can buy and sell virtual property/ NFTs, earn money while playing
games - all using digital currency
Art, sports, social media & entertainment - All have jumped on the bandwagon of
building a metaverse experience for their users
Have you experienced a metaverse? How was it?
Let’s take the tech route today and understand some fundamental concepts in web3.
Let's start with Mining. Its the process of verifying
transactions, organizing them into blocks, and then adding blocks to the blockchain. "Miners" digitallly validate the transactions on chain.
Do ya'll know how does this work?🤔
Miners solve complex cryptographic hash puzzles to verify blocks of transactions that are updated on the decentralized blockchain ledger.
Pretty hectic right?
Miners earn rewards, paid in crypto, for verifying a new block🪙💰
You’ve heard this catchphrase around - mint your own NFT, but do ya’ll know what minting actually means?
Its the process of validating information, such as domain ownership, and registering that
onto the blockchain
In case of NFTs 👇👇👇
Its uniquely publishing your token on the blockchain to make it purchasable.
You can even mint your NFT for free! Say whaa 👀🤩
checkout mintnft.today by @0xCopeStudio powered by @0xPolygon
All this tech sounds really cool, but who does the heavy loading of all of this computation and validation?
Master node
Its a blockchain node that verifies and relays transactions, stores the blockchain’s complete history...
...and may participate in voting & governance of the blockchain, and other special operations. Master nodes generally operate on a collateral
based system, meaning the operators need to own a significant amount of the cryptocurrency.
Woah, that’s a lot of work. Where do these transaction reside before they are mined ?
In the MEMPOOL
Also known as the transaction pool or pre-chain, it’s a set of in-memory data structures propagated across blockchain nodes that store pending transactions before they're mined.
Mempool is where all the validated transaction hangout!
Miners have access to the mempool. They gotta get some value out of it😎
MEV (Miner/Maximal Extractable Value) is the profit a miner can make in excess of the standard block reward and gas fees by including, excluding,
or re-ordering transactions in a block
Doesn't sound right?
MEV is arguably the most serious issue Ethereum and similar smart contract blockchains face today.
That’s a wrap for Day 13!
I’ll be sharing information on the new vocabulary of the web for next 30 days.
It’s like a free crash course on the terms and methodolgies in Web3.
📌 Follow me @laishawadhwa for more such web3 gyaan!
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