Thread by @laishawadhwa

GM Folks!
2 weeks of #web3glossary 🥳🥳

It's day 14 today 🙌
Lets get back to some basics, shall we?

N: NFTs, Nonce, Node
👇👇

Blockchains are a huge network of blocks of data. Where does this data get stored?🤔
These blocks of data are stored on nodes. Basically, node is any device connected to a blockchain.

All the nodes on a blockchain are connected to each other & they exchange information on the blockchain

Different nodes have varying levels of responsibility, & help in validating transactions, store the blockchain’s history, relay data, and perform other functions

Nodes are the building blocks of the blockchain network and come together to create the network’s infrastructure. 💪
We’ve already learned about full, master & light nodes. If you haven’t read about it, do check out the previous threads👇👇
tinyurl.com/day13masternode

All these nodes communicate with each other to enable the peer-peer decentralised network. There must be a way to ensure that old communications cannot be reprocessed on chain.🤔

We use Hashing
Proof of work systems use nonce values to vary input to a cryptographic hash function

Nonce??
Nonce = no. used only once. It’s a 4 bit number added to a hashed block in a blockchain, which when rehashed, meets the difficulty level restrictions

Its the number a blockchain miner needs to discover before solving for a block in the blockchain.🤯🤯

Miners open new blocks by generating a nonce that makes the hash they create, less than the hash from the block they’re validating. For a deep dive, checkout one of my prev threads
tinyurl.com/hashingnonce

Let’s close the day with the hottest topic of the web3 space.
NFT: Non Fungible token

It’s a digital certificate/receipt of authenticity used to assign and verify ownership of a unique digital or physical asset.🪙🪙

NFTs are not interchangeable with one another. They’re based on Ethereum's ERC-721 token standard.

Anything real/digital can be an NFT- real estate, art, music, tweets, signed movie posters and much more.🤩

💡Collectors have sent over $37 bn into the NFT marketplaces as of May 2022.🤯

💡In Q1 2022, 950,000 unique addresses bought or sold an NFT.
It’s a growing market and expected to reach $122.43 bn by 2028. 💯💯

Do you own an NFT?🫵 When did you buy/mint your first NFT?

For all the new folks here

#web3glossary series is a free resource for folks new to crypto, NFTs, blockchain, and all things decentralized.
It’s an attempt to help demystify commonly used terminology and to help you better understand Web3.

That’s a wrap for Day 14!
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!
📌RT the first tweet to share with more folks.