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Crypto Terminology

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One of the issues that confuses individuals who are eager to learn and understand more about crypto is terminology. Cryptocurrency, blockchain, distributed ledger technology, Web3.0, are all terms that are often used to refer to the same family of concepts. While there are some subtle differences between these terms, their usage is used so inaccurately, that thinking of them all as one thing is probably the most accurate. For example, although a cryptocurrency based on a dog meme may be strictly a speculative instrument and nothing more, it is still built using blockchain or distributed ledger technology. Therefore, to try to separate the two conceptually usually becomes wasted effort. Instead, it is much more important to try to take the world of Crypto (which is how builders in the space refer to the tech and the community) and break it into categories of what is being built. Concepts such as Layer 1 blockchains, decentralized finance, NFTs, Stablecoins and, yes, memecoins, are far more valuable distinctions. But these distinctions only arrive from a deeper understanding of the technology.

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