Introduction To Web3.0

If you are an active user of the internet like the majority of the world or if you are not living in the sea or under a rock, there's a 70% chance that you have heard about the word "WEB3.0" flying around.

In this article, we will be discussing about the introductory part of WEB3.0 and the basic things you should have an idea about by the time you are finished with this article.

WEB3.0 or popularly called WEB3 is a decentralized application that lives on the blockchain. It is that version of the web that allows one to have full access and control to their data when using the internet. When discussing WEB3, there are few topics to take into consideration. This version of the web cannot exist or survive without them. They can be called the backbone or foundation of WEB3.

 •CRYPTOCURRENCY
 •BLOCKCHAIN
 •NFTs

CRYPTOCURRENCY: Nearly everyone has heard the term cryptocurrency. In simple meaning, cryptocurrency is referred to as digital money. The idea of digital money has been in existence as far back as the '90s but it gained recognition in 2009 when Satoshi Nakamoto released Bitcoin. Technically we can say, Bitcoin is the first cryptocurrency to have succeeded all the digital money that has ever been introduced.

Over the years, various cryptocurrency coins have been introduced succeeding bitcoin and improving on bitcoin's legacy.

The main advantage of cryptocurrency is that it is an unseizable asset. It does not exist in physical form.

BLOCKCHAIN: Earlier on, we mentioned that WEB3 is a decentralized application that exists on the blockchain. By literal meaning, decentralization means the spread of power away from one source.

Let's take Google for example. If their server is down, their site would remain inaccessible until the issue is resolved. It means Google is centralized, power is focused on one source.

So by decentralization, various computers all around the world act as the server. In case a computer is down, other computers around the world act in place of it.

Blockchain is an open playground for decentralized application. This is a way of keeping records among ourselves without relying on third-parties. The concept of blockchain is to be able to access our funds directly by ourselves.

The advantage of blockchain is

•Decentralization: power is shared away from one source

•Transparency: every user of the blockchain can see every transactions going on

•Consensus: everyone has to agree in unison before a transaction is confirmed and sealed

NFTs: It is known as Non-Fungible Token. NFTs are a token that has a unique attribute and also additional parameters that allows you to be able to store certain information on it. The unique attribute makes a token non-fungible.

We have an idea on what WEB3 is and what it entails. The basic knowledge about the things that make up the third version of the web. The concept of understanding WEB3 at once can be overwhelming especially for a beginner. One has to take it bit by bit for one to understand clearly in order not to get frustrated easily. To everyone working hard to expand their knowledge on WEB3; Happy Learning