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Greetings dear reader! 👋
Discover the Web3 revolution: smart contracts, NFTs, and DeFi are transforming the internet towards decentralization and digital ownership. Welcome to the future of Web3, where you control your data and your online interactions! 🌐🚀
Web3 is more than just a simple upgrade. It proposes a new way to build and use applications on the internet, eliminating the need for intermediaries, introducing true digital ownership, and putting the power to control our own data in our hands. Here are the basic concepts of Web3 that everyone needs to know.
Airdrop:
Promotional format of cryptocurrencies that consists of the free distribution of tokens given to holders of an existing cryptocurrency, or users of a particular online cryptocurrency exchange. It corresponds to the metaphor of a helicopter dropping money in a certain place, referring to the incentives that some platforms give to these early users.
Crypto:
Prefix or word used to denote everything related to cryptography-based technology, such as blockchains, virtual currencies, or video games that use NFTs.
Blockchain: The Backbone of Web3:
The blockchain technology is the heart of Web3. Although it became popular with the rise of cryptocurrencies like Bitcoin and Ethereum, its true value lies in its ability to provide a distributed and secure database. In this, information is incorruptible and transparent, ensuring the immutability of data and trust among users.🔗
Smart Contracts: The Builders of Web3:
Smart contracts are self-executing programs that live on the blockchain. They enable reliable transactions without intermediaries, and their execution is verified on the blockchain network. These smart contracts make Web3 programmable, allowing the creation of decentralized applications (DApps) that can revolutionize diverse fields such as finance, real estate, and entertainment.📝
DAO:
Decentralized Autonomous Organization (DAO) is an organization that does not have a central authority but is governed by rules encoded in computer programs called smart contracts. These rules and the financial records of the organization are managed through a blockchain, which favors the elimination of intermediary costs and public documents, such as stocks and titles. Although there are already several DAOs, their legal status is not clear, and there are doubts about their security against cyberattacks. They can be used for different purposes, from creating communities where users are rewarded for sharing content, like Steemit; to organizing in a large collective account to buy a historical document, as happened with ConstitutionDAO.
DApp:
Decentralized application (DApp) that is built on a decentralized network, making it radically different from traditional applications that usually run on central servers. A DApp combines a smart contract and a user interface.
DeFi:
Decentralized Finance (DeFi) is an ecosystem of smart contracts and decentralized applications aimed at building a series of financial services supported by blockchain technology.
Tokenization: The Economy of Web3:
The concept of tokenization is at the heart of the Web3 economy. It allows the creation of unique digital assets, known as tokens, which can represent ownership of both physical and virtual goods. Tokens open the door to a new world of possibilities, from fractional ownership of art to the creation of utility tokens to access services within DApps.
Self-sovereign Identity: The Security of Web3
In Web3, control over personal data resides with the user, not with large corporations. Self-sovereign identity allows individuals to digitally verify their identity, control their data, and decide who can access it. Instead of relying on a third party to verify identity, each user becomes their own 'identity bank'.🔐
Interoperability: The Key to Web3:
Finally, Web3 advocates for interoperability, meaning the ability to share information and transactions across different blockchain networks. Interoperability allows all pieces of the Web3 ecosystem to work together, increasing efficiency, innovation, and the disruptive potential of blockchain technology.🔁
Metaverse:
An extended virtual reality in which users interact in real-time, synchronous, and persistent, with its economy that gives virtual goods and services real economic value beyond its borders. There is no standardized definition of the metaverse yet, and there is talk of metaverses or metaverse experiences.
One of the most well-known descriptions is the one made by Matthew Ball: "The metaverse is a massive and interoperable network of 3D virtual worlds, rendered in real-time, which can be experienced synchronously and persistently by an effectively unlimited number of users, and with data continuity, such as identity, history, rights, objects, communications, and payments".
NFT (Non-Fungible Tokens):
Digital certificate of authenticity for digital files. Basically, it is a unit of data, written in a public decentralized registry (a blockchain, like Ethereum), where each creator has defined what it represents and what rights it confers. NFTs are written with software (called smart contracts) that perform actions such as verifying ownership and handling transfer.
Smart contracts:
Smart contracts are instructions written within the blocks of a blockchain, software that facilitates, secures, enforces, and executes agreements recorded between two or more parties. They enable the operation of DAOs by managing rules without a central authority.
Token:
A digital representation of value or rights that can be transferred and stored electronically, using decentralized (distributed) ledger technology or a similar technology.
Wallet or digital wallet:
Also called a wallet, it is the software that stores your cryptocurrencies, your bitcoin addresses, and private keys. A cryptocurrency wallet, such as Metamask for example, automatically connects through an extension in your browser. If you wanted to read TIME magazine, on the web you would have all the articles available to you, and the advantage of buying the TIME subscription as an NFT is that it could appreciate in value and you can earn money with it in the future. Furthermore, the entire process is completely anonymous.
In summary, Web3 represents a revolution in the way we interact with the internet and digital systems in general. From the creation of self-executing contracts to the tokenization of assets and the decentralization of digital identity, each concept discussed here is a fundamental pillar of this new technological era.
Ultimately, Web3 is more than just an internet upgrade; it is a paradigm shift that promises a more decentralized, transparent, and equitable future for all online users. It's time to embrace this new era and discover how we can contribute to shaping a more inclusive and collaborative internet for future generations.
🚀🎨 See you!
Links:
https://ideas.darden.virginia.edu/web3-primer
https://coinspaidmedia.com/academy/what-web3-essence-concept/
https://cryptoconexion.com/continua-tu-aprendizaje-en-web3/
https://icoda.io/es/blog/dao-importance-for-web3/
https://gbbcouncil.org/wp-content/uploads/2023/05/Web3-Spanish.pdf
Greetings dear reader! 👋
Discover the Web3 revolution: smart contracts, NFTs, and DeFi are transforming the internet towards decentralization and digital ownership. Welcome to the future of Web3, where you control your data and your online interactions! 🌐🚀
Web3 is more than just a simple upgrade. It proposes a new way to build and use applications on the internet, eliminating the need for intermediaries, introducing true digital ownership, and putting the power to control our own data in our hands. Here are the basic concepts of Web3 that everyone needs to know.
Airdrop:
Promotional format of cryptocurrencies that consists of the free distribution of tokens given to holders of an existing cryptocurrency, or users of a particular online cryptocurrency exchange. It corresponds to the metaphor of a helicopter dropping money in a certain place, referring to the incentives that some platforms give to these early users.
Crypto:
Prefix or word used to denote everything related to cryptography-based technology, such as blockchains, virtual currencies, or video games that use NFTs.
Blockchain: The Backbone of Web3:
The blockchain technology is the heart of Web3. Although it became popular with the rise of cryptocurrencies like Bitcoin and Ethereum, its true value lies in its ability to provide a distributed and secure database. In this, information is incorruptible and transparent, ensuring the immutability of data and trust among users.🔗
Smart Contracts: The Builders of Web3:
Smart contracts are self-executing programs that live on the blockchain. They enable reliable transactions without intermediaries, and their execution is verified on the blockchain network. These smart contracts make Web3 programmable, allowing the creation of decentralized applications (DApps) that can revolutionize diverse fields such as finance, real estate, and entertainment.📝
DAO:
Decentralized Autonomous Organization (DAO) is an organization that does not have a central authority but is governed by rules encoded in computer programs called smart contracts. These rules and the financial records of the organization are managed through a blockchain, which favors the elimination of intermediary costs and public documents, such as stocks and titles. Although there are already several DAOs, their legal status is not clear, and there are doubts about their security against cyberattacks. They can be used for different purposes, from creating communities where users are rewarded for sharing content, like Steemit; to organizing in a large collective account to buy a historical document, as happened with ConstitutionDAO.
DApp:
Decentralized application (DApp) that is built on a decentralized network, making it radically different from traditional applications that usually run on central servers. A DApp combines a smart contract and a user interface.
DeFi:
Decentralized Finance (DeFi) is an ecosystem of smart contracts and decentralized applications aimed at building a series of financial services supported by blockchain technology.
Tokenization: The Economy of Web3:
The concept of tokenization is at the heart of the Web3 economy. It allows the creation of unique digital assets, known as tokens, which can represent ownership of both physical and virtual goods. Tokens open the door to a new world of possibilities, from fractional ownership of art to the creation of utility tokens to access services within DApps.
Self-sovereign Identity: The Security of Web3
In Web3, control over personal data resides with the user, not with large corporations. Self-sovereign identity allows individuals to digitally verify their identity, control their data, and decide who can access it. Instead of relying on a third party to verify identity, each user becomes their own 'identity bank'.🔐
Interoperability: The Key to Web3:
Finally, Web3 advocates for interoperability, meaning the ability to share information and transactions across different blockchain networks. Interoperability allows all pieces of the Web3 ecosystem to work together, increasing efficiency, innovation, and the disruptive potential of blockchain technology.🔁
Metaverse:
An extended virtual reality in which users interact in real-time, synchronous, and persistent, with its economy that gives virtual goods and services real economic value beyond its borders. There is no standardized definition of the metaverse yet, and there is talk of metaverses or metaverse experiences.
One of the most well-known descriptions is the one made by Matthew Ball: "The metaverse is a massive and interoperable network of 3D virtual worlds, rendered in real-time, which can be experienced synchronously and persistently by an effectively unlimited number of users, and with data continuity, such as identity, history, rights, objects, communications, and payments".
NFT (Non-Fungible Tokens):
Digital certificate of authenticity for digital files. Basically, it is a unit of data, written in a public decentralized registry (a blockchain, like Ethereum), where each creator has defined what it represents and what rights it confers. NFTs are written with software (called smart contracts) that perform actions such as verifying ownership and handling transfer.
Smart contracts:
Smart contracts are instructions written within the blocks of a blockchain, software that facilitates, secures, enforces, and executes agreements recorded between two or more parties. They enable the operation of DAOs by managing rules without a central authority.
Token:
A digital representation of value or rights that can be transferred and stored electronically, using decentralized (distributed) ledger technology or a similar technology.
Wallet or digital wallet:
Also called a wallet, it is the software that stores your cryptocurrencies, your bitcoin addresses, and private keys. A cryptocurrency wallet, such as Metamask for example, automatically connects through an extension in your browser. If you wanted to read TIME magazine, on the web you would have all the articles available to you, and the advantage of buying the TIME subscription as an NFT is that it could appreciate in value and you can earn money with it in the future. Furthermore, the entire process is completely anonymous.
In summary, Web3 represents a revolution in the way we interact with the internet and digital systems in general. From the creation of self-executing contracts to the tokenization of assets and the decentralization of digital identity, each concept discussed here is a fundamental pillar of this new technological era.
Ultimately, Web3 is more than just an internet upgrade; it is a paradigm shift that promises a more decentralized, transparent, and equitable future for all online users. It's time to embrace this new era and discover how we can contribute to shaping a more inclusive and collaborative internet for future generations.
🚀🎨 See you!
Links:
https://ideas.darden.virginia.edu/web3-primer
https://coinspaidmedia.com/academy/what-web3-essence-concept/
https://cryptoconexion.com/continua-tu-aprendizaje-en-web3/
https://icoda.io/es/blog/dao-importance-for-web3/
https://gbbcouncil.org/wp-content/uploads/2023/05/Web3-Spanish.pdf
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