8 Tech Buzzwords That You Need to Know In 2022
The changing market dynamics and office norms in the recent two years have led to an increase in online users and the amount of time we spend online. With technology continuing its rapid advancement in response to this shift comes the emergence of new technology and terms.
Here are 8 tech buzzwords that you should add to your vocabulary as you venture into 2022:
The metaverse refers to a shared and immersive virtual world where people can access through computer screens, virtual reality (VR) or augmented reality (AR) headsets. The term ‘metaverse’ was coined in the dystopian novel “Snow Crash” in 1992. Tech giants such as Microsoft, Meta (formerly Facebook), and Apple have already begun their journey to contribute to the creation of the metaverse.
Web3 is a concept for the potential next phase of the decentralized internet that is based on blockchain technology. Unlike the existing Web2 model where big giants like Facebook, Google, and Apple control platforms and applications, this new model will provide users with more control of the platforms.
Decentralization refers to the transfer of power and operations from central authorities such as companies or governments to users. It is aimed to change everything from the organizational structure of industries and markets to functions like content moderation of platforms. Twitter is currently working on developing a decentralized common standard for social networks called Bluesky.
Decentralized Autonomous Organization (DAO)
A decentralized Autonomous Organization (DAO) is an internet community governed by its members and is channelized on blockchain technology. It is aimed to derive a general decision based on proposals and votes of the members. DAOs use smart contracts, pieces of code that establishes their rules and automatically executes decisions.
Non-fungible tokens (NFT) are a type of digital asset created using blockchain technology that represents the ownership of an item over the internet. NFTs are records of transactions stored on decentralized computer networks and cannot be modified or deleted while being available in the public domain. They can be exchanged for real money in the form of cryptocurrency or another non-fungible asset.
Altcoin, also known as alternative coins, is a term used to denote all cryptocurrencies aside from Bitcoin, ranging from Ethereum to Dogecoin. Most altcoins were created to address bitcoin's drawbacks and to provide newer versions with competitive benefits.
Tesla released a test version of its Full Self-Driving Beta (FSD Beta) which enables the vehicle to drive autonomously to a place entered in its navigation system. The software is mostly based on AI and machine learning which the American company is testing in its arena.
GameFi refers to the combination of video games and decentralized finance (DeFi). It is related to the gaming domain where players can earn cryptocurrencies by playing video games. It provides a mechanism where cryptocurrencies are rewarded as tokens to players for winning battles in games on NFT-based gaming platforms such as Axie Infinity.
Staying on top of the ‘technology buzz’ is one of the cornerstones to building a successful business in our hyper-connected world. By adopting and utilizing these powerful tech buzzwords for 2022, you will be able to drive business growth in the current ever-changing landscape.