Frequently Asked Questions
Learning Web3 Terminology FAQ
What is Web3?
Web3 refers to the next generation of the internet that emphasizes decentralization and user ownership. Unlike the current web (Web2), which is dominated by centralized platforms (like Google or Facebook), Web3 uses blockchain technology to give users more control over their data, identity, and assets.
In our SaaS, Web3 technology enables tokenized access control, where members use blockchain-based tokens to join your private community.
What is a blockchain?
A blockchain is a distributed digital ledger that records transactions across a network of computers. Once a record is added to the blockchain, it’s permanent and cannot be altered.
For our SaaS, blockchain is used to manage token ownership securely. When someone holds a token, their access is automatically validated through the blockchain, ensuring only verified members can join your community.
What is token-gating?
Token-gating is the process of restricting access to a community, content, or service based on ownership of a blockchain token.
In our system, token-gating means that only members with the appropriate token can access your Telegram group or view premium content. This ensures a secure, exclusive experience for your members.
What is a token?
A token is a digital asset stored on the blockchain that represents ownership, membership, or access rights. Tokens can be fungible (like cryptocurrency, where every token is identical) or non-fungible (NFTs, where each token is unique).
In our SaaS, tokens act as membership passes. Owning the token grants someone access to your community or special content. They can be bought, sold, or transferred between users, depending on the rules you set.
What is an NFT?
NFT stands for Non-Fungible Token, a type of digital asset where each token is unique and can represent ownership of a specific item or privilege.
In our SaaS, an NFT could represent a premium membership token that grants access to exclusive coaching sessions or content that others cannot access. Unlike regular tokens, each NFT is distinct and can have special privileges attached.
What is a smart contract?
A smart contract is a self-executing contract with the terms of the agreement written directly into code on the blockchain. These contracts automatically carry out actions (like granting access) once certain conditions are met.
In our SaaS, smart contracts automate access to your Telegram group by checking if a user owns the correct token. If they do, the smart contract automatically grants them access, saving you from manual administration.
What is decentralization?
Decentralization means that there is no single authority controlling the system. Instead, data and transactions are verified by a distributed network of participants.
For our SaaS, decentralization ensures that access control is secure and verifiable through the blockchain, without relying on any centralized platform to manage memberships or user permissions.
What is a wallet?
For your community members, they’ll need a wallet to store their tokens. This wallet acts as their membership pass to join your community or access gated content.
What is a gas fee?
Gas fees are the transaction fees required to execute a blockchain transaction, like transferring a token or executing a smart contract. These fees are paid to the network to process and validate the transaction.
In our SaaS, members may need to pay a small gas fee when purchasing or transferring tokens, but we aim to minimize this by using efficient blockchain networks.
What is fungibility?
Fungibility refers to assets that are identical and interchangeable, like cryptocurrencies (e.g., 1 Bitcoin is the same as any other Bitcoin).
Non-fungible tokens (NFTs), on the other hand, are unique. In our SaaS, you can issue fungible tokens for general membership or non-fungible tokens for premium or VIP memberships, depending on how exclusive you want the access to be.
