From the very first moment, it arrived in our lives, the internet has evolved. So much so that we had to dissect the phases of this evolution: Web1, Web2, and now… Web3. Web1 was all about static websites, and Web2 gave us dynamic websites and a whole new experience: Social media. Now that we’re entering the era of Web3, decentralization, and the blockchain is waiting for us to introduce themselves.
Web3 is a term used to describe the next phase of the internet, where data and applications are decentralized and distributed across a network of computers. This means that there's no central authority controlling everything, and no single point of failure. Instead, everyone who participates in the network has a say in how it's run.
Web3, which has made a name for itself lately, is a term used to describe the next phase of the internet. This phase aims to decentralize the data and applications while distributing them across a network of computers. What does this mean? It means there’s no central authority to control everything. Which creates a free and independent environment. Also, it leaves no room for a single point of failure. Instead, everyone who participates in the network has a say in how it’s run.
But what are the essentials of Web3? To understand that, you must catch up with some key concepts… And you’re lucky, ‘cause we've gathered them just for you!
Blockchain
The blockchain is a foundation of Web3 and it makes possible to have decentralized applications (dApps) that are trustless and autonomous. Simply, it’s a decentralized ledger that records transactions in a transparent and secure way. We told you: No authority, only a freed and independent environment.
Cryptocurrency
While everything is digital, why not money? Cryptocurrency is digital money and, of course, it’s secured by the blockchain. It's decentralized. So? It means that it's not controlled by any central authority. You may heard of it as “Bitcoin” since it is the most well-known cryptocurrency, but that’s not it. There are many others: Ethereum, Litecoin, and Dogecoin…
Decentralized Applications (dApps)
We’ve said early on this article that the blockchain makes it possible to have decentralized applications, aka dApps. They are applications that run on a blockchain instead of a centralized server. They're trustless. It means they don't require a middleman to verify transactions. Would you like to learn some popular dApps? Here they are:
NFTs
NFT stands for “Non-Fungible Tokens”. NFTs are unique digital assets. They are stored on the blockchain. They can represent anything from art to music to virtual real estate, whatever comes across to your mind… They’re verifiable, transparent, and they can’t be duplicated or counterfeited. Why? Because they're stored on the blockchain.
Web3 Wallets
he world of Web3 helps everything to digitalize. Even your wallets! Web3 wallets are digital wallets that allow you to store your cryptocurrency and interact with dApps. A digital wallet for your digital money, you may say… They're different from traditional wallets because they're designed to work with the blockchain. Here are some popular Web3 wallets:
MetaMask
Trust Wallet
Coinbase Wallet
Web3 is important, but why? As you can see above, Web3 has been shaping its own world on the internet. It has its own wallets, currency, applications, and form of art. In brief, it has the potential to change the way we interact with the internet. After that, even the way we interact with the world. We can have more control over our data and our digital lives with Web3, it’s obvious. It allows us to participate in decentralized networks that are owned and operated by the community, rather than by a few large corporations.
As a future of work individual, you're in a unique position to take advantage of the opportunities that Web3 presents. You're already comfortable with technology, and you understand the importance of decentralization and community ownership. If you're interested in learning more about Web3, now's the time to dive in and explore with DojoTalent!