🚀 Vernaculars of Web3 that Everyone must know explained with simple daily life examples.

🍐 Peer-to-Peer (P2P):

A direct connection between two participants in a system – with no involvement of the third party. Al participants are equally privileged, presenting a fairer model.
⛓️Consider this like you're talking to someone in person. Everything you say goes directly to the person you're talking to in real life.

🔑Public Key

A public key allows you to receive cryptocurrency transactions. A public key is a unique string of characters derived from a private key that is used to encrypt a message or data. You can freely share your public key without worry. You may have seen donation pages for content creators or charities with the public keys for their crypto addresses online.
🏦Consider this as your bank account number.

🔐 Private Key

A private key gives you the ability to prove ownership or spend the funds associated with your public address.
The private key is used to decrypt the message or data. Here is one crucial piece of advice to remember: Never share your private key with anyone.
🏧Consider this as your ATM pin that shouldn't be shared with anyone.

⚒️ Mining

In a public blockchain, the process of verifying a transaction and writing it to the blockchain for which the successful miner is rewarded in the cryptocurrency of the blockchain.
💱Consider this as the tunnel to get to the other side of the transaction.

⛽ Gas :

the cost necessary to perform a transaction on the network. Miners set the price of gas based on supply and demand for the computational power of the network needed to process smart contracts and other transactions.
💸Consider this as the fees you're paying to someone (here the miners) to perform your transactions.

🫂DAO (Decentralised Autonomous Organisation)

These can be understood as an organization run without an associate degree with non-human involvement underneath the management of an incorrupt set of business rules.
🪢Consider it as a community in your college. For example a coding community.

📅dApp: An abbreviation of ‘decentralized application’

An application made using a peer-to-peer network.
📲Consider this as your normal app but decentralized.

🏦DEFI or decentralized finance:

a financial application built on blockchain technology that enables digital transactions between multiple parties.
📱Consider this as your Gpay or Paytm but decentralized.

💱NFT: Non-Fungible Token

NFT stands for Non-Fungible token. The word fungible essentially means replaceable or interchangeable. So NFTs are not interchangeable, nor are they replaceable. An NFT has a unique cryptographic signature as proof of its authenticity.
🖼️Consider this as an artwork of an artist. It can't be divided or interchanged. Even if it is, it won't be authentic.

If you made it till the last, Thank you for reading. There will be a lot more parts on this particular topic. And if you liked my explanation, please drop a comment below :))