EVM & Web3 Glossary

Core EVM / Web3 Basics

• What is ERC-20?

  Short answer: ERC-20 is a standard for fungible tokens on EVM-compatible blockchains.

  A bit more detail: ERC-20 defines the common functions tokens must have (like transfer and balanceOf) so wallets, exchanges and apps can support them universally.

• What is a Token?

  Short answer: A token is a digital asset created using a smart contract on a blockchain.

  A bit more detail: Tokens can represent currencies, utility, governance rights, stablecoins, reward points and more. On EVM chains, most fungible tokens use the ERC-20 standard.

• What does Web3 mean?

  Short answer: Web3 is the “read–write–own” internet where users control accounts and assets via blockchain wallets.

  A bit more detail: Instead of logging in with emails and passwords controlled by companies, people connect with wallets and interact directly with decentralized apps and smart contracts.

• What is an EVM?

  Short answer: The EVM (Ethereum Virtual Machine) is the runtime environment that executes smart contracts across many blockchains.

  A bit more detail: Any EVM-compatible chain can run the same contracts and tools (MetaMask, Hardhat, Remix). It’s like a shared global computer for Web3 logic.

• What is a Smart Contract?

  Short answer: A smart contract is code on a blockchain that runs automatically.

  A bit more detail: Smart contracts handle logic like payments, NFTs, governance, marketplaces and more - without any central authority pressing buttons.

Wallet & Security Basics

• What is a Crypto Wallet?

  Short answer: A wallet is an app or device used to manage addresses and sign blockchain transactions.

  A bit more detail: Wallets don’t hold coins. They store your private keys, which prove you own a blockchain address and allow you to send funds or interact with dApps.

• What is a Private Key?

  Short answer: A private key is the secret that controls your blockchain address.

  A bit more detail: Anyone with your private key has full control over your wallet - so it must never be shared or typed into unknown sites.

• What is a Seed Phrase?

  Short answer: A seed phrase is a list of 12–24 words used to restore your wallet.

  A bit more detail: The phrase generates all your private keys. Losing it can mean losing your wallet forever. There’s no password reset in Web3.

• What does “Gas Fee” mean?

  Short answer: Gas fees are small network costs paid to process transactions.

  A bit more detail: They compensate validators for computing and storing your transaction. Efficient networks keep gas fees extremely low.

Blockchain Essentials

• What is a Blockchain?

  Short answer: A blockchain is a decentralized ledger shared across many computers.

  A bit more detail: Data is stored in blocks linked together cryptographically. This makes the system transparent, secure, and very hard to alter after the fact.

• What is a Transaction Hash?

  Short answer: A transaction hash (TX hash) is a unique ID for a blockchain transaction.

  A bit more detail: It lets you look up the exact details of your transaction on a blockchain explorer.

• What does “On-Chain” mean?

  Short answer: “On-chain” means information or actions recorded directly on the blockchain.

  A bit more detail: On-chain data is public, permanent and verifiable by anyone using a block explorer.

Electroneum Smartchain – Beginner Friendly

• What is the Electroneum Smartchain?

  Short answer: An EVM-compatible blockchain designed for speed, low fees and sustainability.

  A bit more detail: It supports smart contracts, tokens and dApps using familiar Ethereum tools - but with faster confirmations and very low costs.

• What is ETN?

  Short answer: ETN is the native cryptocurrency of the Electroneum ecosystem.

  A bit more detail: It is used for gas fees and value transfer on the Smartchain, just like ETH on Ethereum.

• How is the Electroneum Smartchain different from Ethereum?

  Short answer: It has faster block times, lower fees and a more energy-efficient validator model.

  A bit more detail: Electroneum uses an IBFT-style consensus with a small, efficient validator set - not thousands of nodes - which keeps the chain fast and environmentally friendly.

• What does ‘EVM Compatible’ mean for Electroneum?

  Short answer: It can run the same smart contracts and tools that developers use on Ethereum.

  A bit more detail: This makes deploying apps simple - no rewriting, just deploy with MetaMask, Hardhat or Remix as usual.

• Why is the Electroneum Smartchain considered energy-efficient and sustainable?

  Short answer: It uses an IBFT consensus system that doesn’t rely on thousands of power-hungry nodes.

  A bit more detail: A small group of validators reach agreement efficiently, reducing energy consumption dramatically while keeping the network secure and fast.

• What is block time, and how fast is Electroneum?

  Short answer: Block time is how often new blocks are created. Electroneum averages ~5 seconds.

  A bit more detail: Faster block times mean quick confirmations and almost instant transfers - ideal for real-world usage and micro-transactions.

Tokens, NFTs & DApps

• What is an NFT?

  Short answer: A unique digital token representing ownership of something - art, items, collectibles, access passes and more.

  A bit more detail: NFTs store ownership and metadata on-chain. They’re often based on ERC-721 or ERC-1155 standards.

• What is a DApp (Decentralized App)?

  Short answer: A DApp is an application that runs using smart contracts on a blockchain.

  A bit more detail: Users interact through wallets instead of traditional logins, and the backend logic runs on-chain, not on centralized servers.

• What is a Token Standard?

  Short answer: A token standard defines how tokens behave on a blockchain.

  A bit more detail: Popular examples include ERC-20 for fungible tokens and ERC-721 / ERC-1155 for NFTs. Standards ensure wallets and apps know how to interact with tokens consistently.