I have recently invested some of my money in cryptocurrencies and researched a lot of things about them, so I thought to write a blog about whatever I learned about them and share it with you guys.
So in this article, I have tried to explain web3 and Blockchain technology in a very simple language
Without taking any more time let’s dive into it!
To understand how crypto works first we have to understand, What are Web3.0 and BlockChain?
So first let’s start with Web3
What is Web3?
The Web began after the arrival of the internet and people started making static websites, but slowly and gradually it started evolving and eventually Web2 was established and it was on the phase of web2 when social media developed which changed the whole world but the problem with web2 was it was controlled by one single party or company.
And because you are using their platform, they have access to your data and you have no control over it, they know your choices more than you know about yourself which is a good thing they will suggest to you what you like.
But it also has a negative side if they are using your data to target you, again and again, then you may buy unnecessary things.
And by analyzing this problem, the concept of Web3 arrived with the motive to take the power from this centralized authority those who are handling the whole system and decentralized it, and give it to the public.
And it can only be done by Blockchain Technology.
What is Blockchain?
Blockchain is a decentralized technology that stores data in the form of blocks which cannot be hampered or erased by anyone.
And the best example of it is Bitcoin the first digital currency made with the motive to take power from the bank and give it public.
It was the first well-established project built with blockchain technology but as you know it is the initial phase of this revolutionary technology like the internet, Like the internet, it also needs to evolve a lot in its journey.
When the first few websites were made on the initial phase of the internet many other people took inspiration from that and started making their website and that’s the reason our life became easy.
Like that when people watched bitcoin as a well-established project people started to research more about and I know one great name among those whose name is Vitalik Buterin who take one step future to create something using the blockchain technology where decentralized apps can be built.
And it is because of his effort Ethereum was built where anyone can build a decentralized app and because all the intelligent minds started building amazing projects on it.
Blockchain Technology is in the initial phase and it has a lot to evolve the web3 is going to change the perception we think about the internet.
Conclusion
In this article, I compiled my research about web3 and blockchain and tried to share it with you in a very easy language, I hope you would have liked this post if your answer is Yes! then don’t forget to share it with your tech friends who are also interested to learn more about this topic.
And feel free to share your thought related to this topic and if you want to know more about anything about cryptocurrencies then ask your questions below I will love to answer them.
At last thanks for reading 🙂
