Practical terms in Metanet
Last updated
Last updated
Smart contracts are basically automated contracts between the contract creator and the recipient. This agreement, which is written in code form, is constructed on a blockchain, making it immutable as well as irreversible. They are usually used to automate the execution of the agreement so that all parties can be assured of the conclusion immediately without the need for any intermediaries.
BSC stands for Binance smart chain and is an extremely fast and secure blockchain that is capable of executing smart contracts and its native currency is BNB, which can be used for paying fees in the chain as well as in the Binance exchange.
Binance is the world's largest cryptocurrency exchange as of January 2018, with more than 1.4 million transactions per second
It is a web graphical environment; Imagine a virtual world where billions of people live, work, shop, learn, and interact with each other - all conveniently from their couches in the physical world. In this world, the computer screens we use today to get connected to a global information web have become portals to a 3D virtual realm that is tangible just like real life, only larger and better. Digital scans of ourselves, or avatars, move freely from one experience to another experience, streaming our identity and our money. Metaverse is a combination of blockchain, video games, artificial intelligence, virtual reality (VR), augmented reality (AR), and social media.
It is a place or website where people can put their physical and digital products for selling and trading. In the traditional models, these marketplaces were implemented on web, such as Amazon or Divar; though with the advent of blockchain, it became possible to decentralize these platforms. MetaNet is one of the first decentralized marketplaces in the world.
NFT stands for "Non-Fungible Token", which refers to a type of digital asset that the owner is not distinguishable. In other words, each NFT has unique characteristics that makes it distinct and different from other NFTs. In contrast with ordinary digital currencies that are exchangeable, interchangeable, and usually have the same value, each NFT is more valuable due to its unique features and cannot be exchanged with other NFTs. Thus, NFTs are used to create non-fungible digital assets, such as digital artwork, computer games, sports cards, etc.
A digital wallet is an online payment tool or software application that functions as an electronic version of a physical wallet. Also known as E-Wallets/Mobile-Wallets. And it allows users to safely store digital versions of payment methods - credit and debit cards, gift cards, digital currency, airline tickets, event tickets, passwords, and coupons. These are possible while moving with smartphones or smart watches.
The MetaMask wallet app permits users to send or receive coins with any other wallet or smart contract, on the condition of using a supported blockchain. Users can also purchase coins using the platform providers such as MoonPay, Wyre, and Transak.
