We are hearing web 3.0, bitcoin, blockchain, cryptocurrency from long time. But terms like Ethereum, Solana, bitcoin, nft, token, Dapp often confuse us.
In this blog I am trying to make these terms clear, as I was also one of those who just knew the names, and nothing in details. Lets see a quick introduction to these. In the next blogs, I promise will write more about this, as I continue reading stuff on blockchain.
1. Web 3.0
Web 1.0 was first iteration of the web. It allowed adding texts and images to HTML web pages, the websites were always static.
Web 2.0 introduced social media and uploading, sharing and viewing multimedia like images, videos, mp3 etc. The time we got facebook, youtube was web 2.0
In web 2.0, data theft and lack of privacy is biggest issue. Have you ever thought, whatsapp charges nothing but still is able to earn, facebook charges nothing, instagram charges nothing from users but how they are such big companies, how are they giving salaries to employees how their CEOs are able to live a life everyone dreams of. They are "Selling your data", "Data breaching".
Web 3.0 is the latest version of web. It is
verifiable
self governing
permissionless
stateful
native built in payment
distributed
robust
Web 3 runs on decentralized network or crytoeconomic protocol.
2. Blockchain
Decentralized network of many peer to peer nodes(Server).
3. Dapps
Decentralized apps, apps that run on blockchain
4. Cryptocurrency role in web 3.0
It provides financial incentive for anyone who wants to participate in creating, governing and contributing to project.
5. Ethereum
It is a native blockchain protocol. Protocols offer variety of different services like compute, storage, bandwidth, identity, hosting and other services provided by cloud providers in past.
6. Token
Token introduce a native payment layer that is borderless.
7. Cryptowallet/ Metamask
It enables us to integrate easy, anonymous and secure international payments and transaction into web3 applications.
In order to keep this blog short, I am ending this here. Will add description about each in next blogs.
_**Till then, happy reading
Thank you.**_
Top comments (1)
this is a great introduction to key concepts in the blockchain space!
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