GLOSSARY

Regardless of whether you have to familiarize yourself with relevant IT topics from scratch, want to deepen your existing knowledge or undergo an update, here you will find a short and compact overview of the most important topics and terms:

What is Blockchain?

Blockchain is a decentralized, digital ledger that records transactions across a network of computers. It uses cryptography to secure and validate transactions, as well as to control the creation of new units of a particular cryptocurrency. Each block in the chain contains a number of transactions, and every time a new transaction is added to the network, a record of that transaction is added to every participant’s ledger. This creates an immutable record of all transactions, making it difficult for any single user to alter the records.

Technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain”, in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a “digital ledger”; Source (https://www.simplilearn.com)

This technology is used for many different use cases such as payments, digital identity, supply chain management and more. Blockchain is like a digital book where people can record their transactions and keep track of who owns what. It’s a way to make sure that no one can cheat or change the records. Think of it like a big online notebook that lots of people can use at the same time and everyone has a copy of it, so everyone can see what’s been written. It’s like a big online club where everyone has a membership card and every time you buy or sell something, it gets recorded on your card and everyone else’s card too. This way, everyone knows what is happening and it’s harder for people to be dishonest.

What is cryptography?

Cryptography is the practice of securing communication and information through the use of codes, ciphers, and other mathematical algorithms. “Cryptography is a method of protecting information and communications through the use of codes, so that only those for whom the information is intended can read and process it”; source (techtarget.com). It is used to protect sensitive information such as financial transactions, personal data, and confidential communications from unauthorized access and tampering. Cryptography is used in various forms such as symmetric key, asymmetric key, and hashing algorithms. Symmetric key cryptography uses the same key for encryption and decryption, while asymmetric key cryptography uses a pair of public and private keys for encryption and decryption.Cryptography is a fundamental element in blockchain technology, providing the security and privacy of transactions and communication in the network.

Cryptography is like secret code that is used to keep information safe. Imagine you want to send a message to your friend, but you don’t want anyone else to read it. Cryptography is a way to make that message into a secret code that only your friend can read. Think of it like a special language that only a few people know how to speak. It creates a system that allows you to use a secret code to lock up your message and a secret code to open it, or use a special key to scramble up your message and another key to unscramble it. It’s like a puzzle that only certain people can solve and it’s used to keep information private and secure.

What are NFTs?

NFT stands for Non-Fungible Token. It is a unique digital asset that represents ownership of a digital item, such as a digital artwork, collectible, video or music, video game item, virtual land, and more. “Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other”; source (https://www.investopedia.com/non-fungible-tokens-nft-5115211). These NFTs are created on blockchain networks and are unique, meaning that no two NFTs are identical. Unlike cryptocurrencies, such as Bitcoin or Ethereum, NFTs cannot be exchanged for an identical item. NFTs are verified by the blockchain and can be bought, sold, or traded on various marketplaces. They are usually created using smart contracts and have metadata that can include information about the item, such as the artist, date of creation, and rarity. NFTs have gained popularity in the digital art world, where they allow artists to monetize their work and give art collectors verifiable proof of ownership of a digital artwork.

NFTs are like special digital stickers or trading cards that you can buy, sell or trade online. Imagine you have a collection of stickers, each one is unique and you can’t get a duplicate of it, that’s how NFTs work. They’re like digital collectibles that are one-of-a-kind, you can own them and prove that you own them. NFTs can be used to represent ownership of a digital item, like a digital artwork, a tweet, a video or a song. NFTs have become popular in the digital art world, where artists can use it to sell their work and for collectors to own a digital artwork.

What is Web3?

“The premise of ‘Web 3.0’ was coined by Ethereum co-founder Gavin Wood shortly after Ethereum launched in 2014”; source (https://ethereum.org/en/web3/). Web3, also known as Web 3.0, is the next evolution of the internet and refers to the development of a decentralized and distributed web. It is built on top of blockchain technology and aims to create a more open, transparent, and secure internet where users have more control over their data and online interactions. Web3 allows for the creation of decentralized applications (dApps) that are not controlled by any single entity and can run on a peer-to-peer network, enabling users to interact with each other directly without intermediaries.

Web3 is like a new version of the internet where people can have more control over their own information and how they use the internet. It’s like an upgrade to the way the internet works today. Right now, a lot of companies and websites control how we use the internet, but with Web3, people will be able to use the internet in a more open and fair way. It’s like building a new neighborhood where everyone can have their own house and take care of it, instead of living in an apartment controlled by a landlord. Web3 is built on something called blockchain, which is like a big online notebook that keeps track of everything that happens on the internet and makes sure that no one can cheat or change the information.

Additionally, Web3 technologies allow for the use of digital assets, such as cryptocurrency and non-fungible tokens (NFTs), to enable new forms of online marketplaces, digital identity and reputation systems.Web3 is still in its early stages of development, but it is expected to bring significant changes to the way the internet is used, including the way we interact, share, and transact online.

What is the difference between Web2 and Web3?

Web2 and Web3 are different versions of the World Wide Web, with Web2 being the current version of the internet and Web3 being the next evolution of the internet.

Web2, also known as the current web, is a centralized web that is mostly controlled by large companies and institutions. Websites, apps and platforms like Google, Facebook, Amazon, etc, are the gatekeepers of user’s data and control the way we interact, share and transact on the internet. Web2 is primarily based on a client-server architecture, which means that users access data and services through a central server, which is controlled by a single entity.

Web3, on the other hand, is a decentralized web that aims to create a more open, transparent and secure internet where users have more control over their data and online interactions. It’s built on top of blockchain technology and enables the creation of decentralized applications (dApps) that are not controlled by any single entity and can run on a peer-to-peer network, allowing users to interact with each other directly without intermediaries. Web3 also allows for the use of digital assets, such as cryptocurrency and non-fungible tokens (NFTs), to enable new forms of online marketplaces, digital identity and reputation systems.

In summary, Web2 is a centralized version of the internet, where a few companies and institutions control most of the data and interactions, while Web3 is a decentralized version of the internet where users have more control over their own data and interactions, thanks to the use of blockchain technology and the creation of decentralized applications (dApps).

What is Cybersecurity?

Cybersecurity is the practice of protecting computers, servers, mobile devices, electronic systems, networks, and data from digital attacks, theft, and damage. It involves a combination of technologies, processes, and practices that are designed to prevent unauthorized access, use, disclosure, disruption, modification, or destruction of information. “Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks.”; Source (https://www.cisco.com). It includes a wide range of security measures, including firewalls, antivirus software, intrusion detection and prevention systems, encryption, and multi-factor authentication. These measures are used to protect against a wide range of cyber threats, such as malware, phishing, ransomware, and denial-of-service attacks. Additionally, cybersecurity also includes incident response and disaster recovery plans, which are used to quickly detect and respond to cyber incidents, and to minimize the impact of a security breach.

The goal of cybersecurity is to ensure the confidentiality, integrity, and availability of information and systems. Cybersecurity is a critical aspect of protecting personal and organizational information, as well as maintaining the integrity of digital systems and networks. It is essential for protecting sensitive information, such as financial data and personal information, and it is also important for the protection of critical infrastructure and national security.

Why is cybersecurity important?

Cybersecurity is important because it helps protect sensitive information, such as personal data, financial information, and confidential communications, from unauthorized access and tampering. With the increasing use of technology in our daily lives, more and more information is being stored and shared electronically, making it a valuable target for cybercriminals.

Cyber Security also helps prevent cyber attacks. Cyber attacks can have severe consequences for individuals, businesses, and organizations. For example, a cyber attack on a business can lead to loss of revenue, damage to reputation and loss of customer trust. It can also lead to the theft of sensitive information, such as financial data or personal information, which can be used for identity theft or financial fraud. In addition to the financial damage, cyber attacks can also cause disruptions to operations and critical infrastructure, leading to safety risks and loss of life.

Cybersecurity is also important for national security, as cyber attacks can target critical infrastructure and government networks, potentially causing widespread damage and disruption.

Overall, cybersecurity is crucial to protect individuals, organizations, and society from the potential harm caused by cyber attacks. It is essential to take appropriate measures to protect against cyber threats and to continuously monitor and update security systems to stay ahead of evolving threats.

What is the metaverse?

The Metaverse is a term used to describe a virtual world that is created by the convergence of virtual reality, augmented reality and the internet. It is a collective virtual shared space, created by the convergence of virtually enhanced physical reality in which people, organizations, and systems can interact in an immersive environment. The Metaverse is a decentralized and distributed network of virtual spaces, where users can interact, create and transact in a shared digital environment. “The metaverse is a vision of what many in the computer industry believe is the next iteration of the internet: a single, shared, immersive, persistent, 3D virtual space where humans experience life in ways they could not in the physical world.”; source (techtarget.com).

The Metaverse is like a big digital playground where people can go and do different things, like playing games, hanging out with friends, and even making money. Imagine it like a giant virtual city where you can enter different worlds and have different experiences all in one place. It’s a place where people can create and own digital things, like virtual clothing, houses, or even digital pets.  It’s also a place where people can interact with each other in a new way and make new friends, even if they are in different parts of the world.

The Metaverse is still in its early stages of development, but it is expected to bring significant changes to the way we interact, work, and transact online, as well as to the way we consume entertainment, and even how we form our identities. It is also expected to have a significant impact on the economy and business world, enabling new forms of digital marketplaces, digital asset ownership, and new business models.

MORE QUESTIONS ?

Do you want to learn more about us or have a specific request?

Feel free to contact us.

We look forward to you.

4 + 6 =