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WEB3
3 min

What is web3?

Published on
June 22, 2022
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What is web3?

Welcome! You've come to the right place if you're new to web3. We'll assist you with the following in this Intro to Web3 path:

  • Understand blockchain, Bitcoin, and Ethereum ideas.
  • Purchase cryptocurrency, set up your wallet, and stay away from wallet scams.
  • Learn how to save money by using L2 and other L1 chains.
  • Let's start with why web3 is important.

Why is web3 important?

People won't have to rely on middlemen to get things done if confidence can be established through code. They:

  • You don't need to rely on banks to get paid.
  • You don't have to rely on attorneys to design a contract for you.
  • You don't have to rely on social media to make a living.

Ownership comes with trust. People can truly own the upside from their work by lowering the middleman tax. Web3 is significant because we are creating an internet that is owned by people rather than middlemen.

Web3 is still in its early stages, and there are scammers who are attempting to undermine the trust and ownership storey. That is why it is critical to begin your education as soon as possible.

Web1, Web2, and Web3

Let's look at the differences between web1, web2, and web3. Eshita puts it succinctly:

  • Web1: Read and write
  • Web2: Read and write
  • Web3: Read, write, and possess

Web1

Web1 (from the 1990s to the early 2000s) was a read-only website. People saw static webpages that they found through directories such as Yahoo. Web1 was developed using open-source technologies such as HTTP.

web2

Web2 (early 2000s to now) is read-only. On the well-known social media sites, people generate and consume content. By sitting in the midst of the web2, tech behemoths take value from users. Web2 is based on a client-server architecture, with users acting as clients and companies acting as servers.

Web3

Read, write, and own Web3 (2020+). Tokens allow people to create, consume, and own the value of their labour. Web3 is based on peer-to-peer networks of computers that communicate with one another without the use of a middleman.

Tokens are used to power Web3. Let's take a look at that next.

What is a token?

A token is a record of an asset's ownership.

Fungible and non-fungible tokens are available:

  • Fungible tokens can be swapped out (e.g., the US dollar, bitcoin).
  • NFTs (non-fungible tokens) are one-of-a-kind tokens (e.g., a piece of art).

Take, for instance, a game like Fortnite or Roblox:

  • The virtual currency is known as fungible tokens (e.g., VBucks, Robux).
  • Character skins and emotes are non-fungible tokens (NFTs).

Tokens are digital assets that exist on the blockchain. Next, we'll go over how it works.