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Web3 glossary

Satoshi Nakamoto

Satoshi Nakamoto is the pseudonym used to refer to the founder(s) of Bitcoin. Although we don’t know his/her/their identity, we do know they are the biggest bitcoin whale with more than one million BTC in their possession.


Short form of satoshis. Sats refer to the smallest unit of Bitcoin (0.00000001 BTC). 100M Satoshis equals 1 Bitcoin.


One of the largest challenges faced by Web3 and cryptocurrencies. Scalability refers to the ability of a specific blockchain network to handle a large number of transactions per second (TPS) without undermining its security.


A software development kit (SDK) is a set of tools that allows programmers to develop applications for a specific platform.

Want to build with privacy and permanence? Learn more about Akord’s SDK.

Seed Phrase

A seed phrase, also known as a backup phrase or recovery phrase, is a set of 12 or 24 words that is generated when you create your wallet or when you are utilizing most web3 services. You can think of it as a master password that is required in order to access your wallet, data, crypto or NFTs. It’s important to safely store your seed phrase, as anyone with access to it will be able to access your assets stored in the wallet.


Sharding is a technique used to help blockchain networks improve their scalability by dividing the network into smaller groups of nodes. Each group can then process transactions independently, which helps to increase the network’s capacity and efficiency.


A shiller is an individual who heavily advertises a project while trying to appear objective. In reality, they can actually benefit from the project becoming popular as they may have a stake in the project.


A cryptocurrency that has no value or utility, often a scam.


Crypto slashing occurs when a validator becomes a bad actor by misbehaving and undermining the network. In turn, their staked cryptocurrency is burned or redistributed as punishment. Therefore, this acts as an accountability measure and encourages validators to behave appropriately.

Smart Contract

A smart contract is an unalterable, self-executing code based on if-then logic. Once deployed, smart contracts facilitate transactions on a blockchain without the need of an intermediary.


Sniping essentially means getting a great deal. For example, you’re quickly able to buy an NFT that has been listed at an undervalued price.


Designed by Gavin Wood, Solidity is a popular object-oriented programming language in which smart contracts are written.


Cryptocurrencies that are pegged to cryptocurrency, fiat money, or to exchange-traded commodities. Stablecoin prices are meant to remain steady according to the asset that backs them.


Staking is a way of earning rewards while holding onto cryptocurrencies that use a Proof of Stake (PoS) consensus mechanism. You “stake” some of your tokens by locking them up as collateral in order to be selected for mining block rewards.

Sweep the floor

To sweep the floor refers to individual(s) buying all the NFTs off a collection’s floor. This might be a bullish sign for a project or that whales are accumulating as they expect the prices to rise.