What the hell does web3 even mean?

WHAT IS WEB3?

Web3 represents the evolution of the World Wide Web from Web 2.0 to Web 3.0 to a distributed version.

Using technologies like blockchain, smart contracts, and cryptocurrencies to create a more open, free, and secure Internet ecosystem.

Web3 does not only refer to blockchain technology, but also to building distributed applications (dApps) that work by leveraging new technologies such as blockchain networks, distributed storage, and digital identities.

What is a distributed system?

A distributed system is a network in which control and decision-making are distributed among its users rather than centralized in a single entity or authority.

This allows all participants to have equal voice and power in how the system operates and evolves.

A clear example is Bitcoin, where transactions and creation of new Bitcoins are jointly managed across the network, without the need for a central bank or government.

What is blockchain?

Blockchain is a technology that acts as a decentralized register where transactions are chained thanks to encryption and recorded in secure blocks.

Blockchain is the technology behind cryptocurrencies like Bitcoin and Ethereum.

Its main feature is decentralization, which guarantees data integrity and transparency without the need for a central authority.

What is Bitcoin?

Bitcoin is a type of digital money that allows you to buy things and send money to people over the Internet without an intermediary.

Imagine having coins that you can use to buy video games or pay friends over the Internet.

There is no need to use a credit card or go through a bank. It is like cash through the internet.

Suppose you want to buy a pizza through the Internet and decide to pay in Bitcoin or some other currency. All you do is transfer a small amount of "digital money" directly to the pizzeria, without having to provide a credit card number or go through a bank.

The pizzeria receives your payment almost instantly, and you receive your pizza at home. All of this is done securely and quickly using your computer or cell phone.

This is where the terms "read, write, and own" came from.
Web 1.0 could only receive (read) information.
Web 2.0 could receive and send (write) information.
Web 3.0 can even own.

WHAT IS NFT?

An NFT (Non-Fungible Token) is like a one-of-a-kind digital possession that cannot be exchanged for anything else because no two are the same in the world.

This is like a collector's card, but in a digital version, with a special certificate showing that you are the sole owner.

Even if someone else makes a copy of your digital sticker image, only you have the certificate to prove that the original is yours.

One bitcoin is exactly the same as another bitcoin, but one NFT is not exactly the same as another NFT.

IMAGINE THE NFT AS A SORT OF TITLE REGISTRY FOR YOUR RESIDENCE; THE NFT REPRESENTS THE RESIDENCE AND INDICATES THAT YOU ARE THE RIGHTFUL OWNER. WHEN YOU BUY A HOME, YOU ACQUIRE OWNERSHIP RIGHTS TO THE PROPERTY; THE NFT IS LIKE THE TITLE TO THAT OWNERSHIP.

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