In today's era technologies are rapidly changing and updating every day. Similarly, a very new term and an updated version are introduced within us all, termed WEB 3.0. Now let's understand what exactly is web 3.0 and why there is so much about this.
Learning Web3 should be accessible for free to everyone who wants to learn more about this huge world.
— Francesco - francescociulla.lens (@FrancescoCiull4) September 9, 2022
What is web 3.0
Simply put, web3 is the most recent version of the internet as we know it. In this edition, users have complete control over their content, data, and assets.
There is no middleman, as there are now with major corporations and governments controlling and regulating everything that happens on the internet.
In some places, phrases like decentralized and democratization of the internet may be used to describe WEB 3.0, which might be confusing. For the time being, think of decentralization as being in charge of oneself rather than being controlled and supervised by others.
So, what about WEB 1
- Web 1 only gives you read access.
When the internet was first launched in the 1980s, web1 was created. Few people or organizations created material, such as news organizations, search engines, and directories. The majority of traffic on the internet during this time was read only. They looked for an article, read it, and closed it; that was the extent of their activity.
Geocities websites are the example of web1
Role of web 2
- Web 2 gives you the permission of read & write.
Web 2 was created in the 2000s and is still in use today. Users like myself and you may too now share our comments on the story we just read with our friends on social media. It allowed anyone to be both a content creator and a consumer at the same time, yet those of us who accumulated followers were only paid. Now, media is created on social media platforms, which may subsequently sell personal data to marketers to generate large sums of money. However, because companies collect so much of our personal information, privacy has become an issue.
A blog is an example of web2 websites
Why, WEB 3
- Web 3 gives you the permission to read, write, and own too!
Web 3 addresses the issue of privacy and personal data, which has become a problem. Participants in web3 will have complete control over their content, data, and assets. It symbolizes a democratized internet, one that is run by users for the benefit of users. Right now, the individual at the top control everything; in web3, they may not exist. Even if they do, you won't need them since what you build will be only yours.
Expanding on this, Web3 will leverage blockchains to give users full ownership of their assets, data, and almost everything.
What is Blockchain?
A blockchain is a public record database. It organizes data into chunks called blocks. A continuous line is formed by connecting these pieces. A collection of blocks. There's a blockchain. Each block is similar to a page in a book.
It functions as an immutable (fixed, unchangeable, unshakeable) record of transactions that do not require any external authority to confirm that data's validity and integrity, such as banks, governments, or huge organizations.
As I previously stated, Blockchain is a public database of information, which means there is no single organization or central body (Say, Mark Zuckerberg) maintaining and controlling the database and evil chuckling.
In fact, millions of Internet users assist in the management and maintenance of the records.
In a nutshell, these changes will result in a network that is open, trustless, and permissionless. I this sounds strange to you, let me clarify.
It will be open-source software developed by an open and accessible community of developers and implemented in public view.
It'll be completely trustless, allowing members to converse publicly or privately without the interference of a third party.
Users and suppliers do not require permission from a governing organization in order to participate.
What about NFTs
NFT stands for a non-fungible token, an individually unique asset, meaning each item is different from every other of its kind. These can’t be broken down into smaller value units like fungible assets such as cash or gold bars. In a nutshell, non-fungible tokens are unique items that can be sold and traded independently.
Non-Fungible: Term to describe something that is unique & not exchangeable with others due to unique properties.
Token: NFTs are tokens that are used to represent ownership of unique items (e.g: real estate, art, collectibles).
NFT key concepts:
NFTs can only have one official owner at a time.
NFTs are secured by the Ethereum blockchain.
Nobody can modify the record of ownership.
An NFT is a mineable smart contract, which enables the network to store the information that is indicated in an NFT transaction.
NFTs can be created by anybody, and require few or no coding skills to create. NFTs typically contain references to digital files such as photos, videos, and audio. Because NFTs are uniquely identifiable assets, they differ from cryptocurrencies, which are fungible.
NFT Examples
These are just some examples of NFT.
Digital Art:
- Music
- Videos
- Collectibles
| Digital Art | Real-World Items |
|---|---|
| Jpg | Tokenized invoices |
| GIFs | Tickets (to a real event) |
| Videos | Signatures |
| Music | Legal documents |
| Collectibles | Contracts of anything |
Learning Resources!
Here are the 7 FREE resources to learn all and everything about "BLOCKCHAIN" technology!
— Maharshi Sinha (@sinha_maharshi) September 3, 2022
↓ pic.twitter.com/lqNXgyXvex
So, That's all about the introduction of WEB 3, hope this blog feels helpful to you & I'll cover the other topics regarding web3 in my upcoming blogs.
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Happy Coding ! Have a nice day :)