My primary question is if there is any resource which keeps a track of words that evolve. Also before the word gets into any publication's dictionary "is there any process that is followed to evaluate if the "term under discussion" has enough credit to be qualified as a word and get into the dictionary.


Merriam-Webster have the Open Dictionary for that:

You know that word that really should be in the dictionary? Until it actually makes it in, here's where it goes. Welcome to our collection of user-submitted words.

For example, here's their entry for facebook as a verb.

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