Dihydrogen monoxide is the technical name for water. The subscript 2 in the formula H2O refers to two atoms of hydrogen. The fact that the oxygen has no subscript refers to one oxygen atom. Therefore, the name dihydrogen monoxide name is what aptly describes the formula. The organization known for standardizing nomenclature of various chemicals is called the International Union of Pure and Applied Chemistry (IUPAC). Water is humorously referred to as dihydrogen monoxide, but this is not standard nomenclature for this substance. Water is an extremely important substance necessary for living things and can exist in all three states--solid, liquid and gas. It is the universal solvent. H2O is an important inorganic compound.