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Welcome back to Blockleaders ultimate guide to crypto and web3 slang and jargon. 

In part 1 we learned about ‘DeFi’ and ‘devs’, in part 2 we learned about ‘bear markets’ and ‘cold wallets’ and in part 3 we spoke to some leaders in the space learning about terms such as ‘ape’ and ‘hodl’. Definitely check them out if you want to learn more.

The block leaders

Last week we had so much fun hearing from our leaders that we spoke to some more this week. We will be sharing commentary from Gökçe Güven, CEO and Founder of web3 brand loyalty and marketing platform Kalder and Greg Keogh, SVP of full-stack NFT platform Curios.

What crypto and web3 slang will we be learning this week?

1. Airdrop

A cryptocurrency airdrop is the free distribution of coins, tokens, or NFTs to various wallet addresses. As a thank you to the owners of the first NFT collection, some NFT projects may release free NFTs. Holders of the "Bored Ape Yacht Club" NFT collection received an airdrop of "mutant serum" in August 2021, allowing them to plant a free Mutant Ape that can be traded.

2. Floor price

Greg Keogh is a fan of this one. “[It] refers to the lowest price for a NFT in a given collection.”

3. Floor is lava

No, it’s not the kids game. But it’s related. If you’re not familiar with the game, it’s a simple concept. Players must not touch the floor at all, using everything from furniture to toys to boxes as a buffer.

In the web3 world this refers to avoiding the low price meaning the floor price is rising.

4. Hard Fork

A change in a blockchain that is not compatible with the current protocol, requires the establishment of a new chain. Bitcoin Cash is an example of a hard fork.

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5. Hot Wallet

This is another one of Greg’s words of choice. “It refers to a digital wallet that is used haphazardly across the internet. No large amount of cryptocurrencies or NFTs are held in this wallet as it is particularly susceptible to hacks.”

5. Mining

This is the procedure of confirming transactions, grouping them into blocks, and then adding blocks to the blockchain in a Proof of Work system. Those who participate are referred to as miners.

6. Nerd Sniping

This one might sound a bit aggressive but no nerds were harmed in the making of this article. Gökçe Güven assured us that this has nothing to do with snipers and is actually a fun term to describe the collaboration that has become so ingrained in the world of web3.

"My favorite Web3 slang term is ‘nerd sniping’.” Gökçe told Blockleaders.

“Nerd sniping describes a particularly interesting problem that is presented to a tech expert. The “nerd” casts all other activities aside to devote their full attention to solving the challenge at hand often at their own peril.

“I always use this one with my friends in the blockchain industry about the project we build. If I can nerd snipe friends by telling them what I am building or asking a question about enhancing my product, it validates how cool and exciting it is. If someone says, ‘Oh you’re nerd sniping her about this new protocol - sick!’, that’s a massive compliment.”

7. Proof of Work (PoW)

This is a process in which miners must solve challenging mathematical riddles in order to validate transactions and mint blocks. A miner can access the next block's minting process and earn the associated block reward and transaction fees when they successfully solve a problem.

Make sure and check back next week for our next 7 terms! 

Read next: Leading Blockchains speaking to each other to unlock long term potential