May 18, 2022

From metaverse to DAOs, a guide to the tech buzzwords of 2021


This year tech CEOs took inspiration from a 1990s sci-fi novel, Reddit’s investor lexicon infiltrated the mainstream as “diamond hands” and “monkeys” rocked Wall Street, and something called a DAO tried to buy a rare copy from the United States. Constitution. If you’re still not in the loop at the end of 2021, here’s a brief glossary:

METAVERS

Metaverse typically refers to shared, immersive digital environments that people can move between and access through virtual reality or augmented reality headsets or computer screens.

Some tech CEOs are betting this will be the successor to mobile internet. The term was coined in the dystopian novel “Snow Crash” three decades ago. This year, CEOs of tech companies from Microsoft to Match Group discussed their role in building the metaverse. In October, Facebook rebranded itself as Meta to reflect its new metaverse focus.

WEB3

Web3 is used to describe a potential next phase of the internet: a decentralized internet running on the blockchain of record keeping technology.

This model, where users would have ownership shares in platforms and apps, would be different from today’s Internet, known as Web2, where a few big tech giants like Facebook and Google Alphabet control the platforms.

SOCIAL AUDIO

Tech companies have gotten lyrical this year about tools for live audio conversations, rushing to release features after the buzz, after the invitation-only app Clubhouse saw a first wave amid COVID-locks. 19.

TVN

Non-fungible tokens, which have exploded in popularity this year, are a type of digital asset that exists on a blockchain, a record of transactions kept on networked computers.

In March, a work by American artist Beeple sold for nearly $ 70 million at Christie’s, the first ever sale by a major art auction house that does not exist in physical form.

DECENTRALIZATION

Decentralization, or the transfer of power and operations from central authorities such as businesses or governments to the hands of users, has emerged as a key theme in the tech industry.

Such changes could affect everything from the way industries and markets are organized to functions like moderation of platform content. Twitter, for example, is investing in a project to build a common decentralized standard for social networks, called Bluesky.

DAO

A Decentralized Autonomous Organization (DAO) is typically an internet community owned by its members and running on blockchain technology. DAOs use smart contracts, pieces of code that establish group rules and automatically execute decisions.

In recent months, crypto-finance group ConstitutionDAO has attempted unsuccessfully to purchase a rare copy of the U.S. Constitution at an auction hosted by Sotheby’s.

ACTION

This deliberate misspelling of “stocks,” which came from an internet meme, grabbed headlines as online merchants rallied in forums like Reddit’s WallStreetBets drove stocks up, including GameStop and AMC. The jargon of these traders, calling themselves “monkeys” or praising the “diamond hands” who held positions during big market swings, has become mainstream.

GAMEFI

GameFi is a broad term referring to the tendency of players to earn cryptocurrency by playing video games, where players can earn money through mechanisms such as obtaining financial tokens to earn cash. battles in the popular game Axie Infinity.

ALTCOIN

The term covers all cryptocurrencies except Bitcoin, ranging from Ethereum, which aims to be the backbone of a future financial system, to Dogecoin, a digital currency originally created as a joke and popularized by Tesla CEO Elon Musk.

FSD BETA

Tesla released a trial version of its upgraded Full Self-Driving (FSD) software, a system of driver assistance functions – like automatic lane change and cornering – to the general public this year.

The name of the much-scrutinized software has itself been controversial, with regulators and users claiming it misrepresents its capabilities because it always requires the driver’s attention.

FABS

“Fabs,” short for a semiconductor manufacturing plant, entered the mainstream lexicon this year as a shortage of chips from fabs was blamed for the global shortage of everything from cars to gadgets.

NET ZERO

A term, popularized this year thanks to the climate discussions at the United Nations COP26 in Glasgow, to say that a country, a company or a product does not contribute to global greenhouse gas emissions. This is usually accomplished by reducing emissions, such as the use of fossil fuels, and balancing any remaining emissions with efforts to absorb carbon, such as planting trees. Critics say all shows are unacceptable.