I’ve seen it said jokingly, but it’s actually true, that if you want to get people into crypto, then don’t call it crypto, call it Web3 instead. You could apply something similar to NFTs. Refer to them as
blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term art, and you’ll sidestep some animosity.
The reality is that for years now, crypto has endured negative press and a sketchy reputation. It has been associated with rug pulls and rip-offs, compared to a Ponzi scheme and a casino, and referred to as a technology that has no application. To the skeptic, crypto was, at best, the answer to a question that didn’t exist.
And, while some of those assertions are wide of the mark, not all are without substance. Scams and misdemeanours? Yes, they happen. A Ponzi scheme and a casino? No, although it’s true that adoption is critical, which drives a need to onboard newcomers, and that wild financial speculation is part of the game.
But, what about the last assertion, that crypto is pointless and has no worthwhile applications? Well, if you’re a veteran bitcoiner, you’ll point out that coding money from thin air, and in the process realizing a means of separating money from government, is a profound achievement that could be pivotal in human history.
That’s monumental enough but is still, for the moment, speculative and only a potential outcome. So, let’s consider another development enabled by crypto: Web3.
This is curious, because if ‘how do we construct Web3?’ is the question, and ‘crypto’ is the answer, then the answer was made before the question existed. So, the crypto naysayers were half right, temporarily.
And, let’s keep in mind that Web3 is (for the moment) most strongly associated with
Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term, rather than Bitcoin. So, we could potentially have two deeply disruptive timeline alterations resulting from blockchain technology: the separation of state and money (thanks bitcoin), and a censorship-proof, decentralized web (cheers Ethereum).
To get back to the point, the second of those two possibilities, what exactly is Web3, how does it differ from the web in its current form, and what will it change?
Ownership
One of the most critical characteristics of Web3 is that it facilitates ownership, but to understand what that means, let’s think about the web up to now.
Web1
In the 1990s, we used the first iteration of the web, and it was something that you read. It was decentralized, not yet having become controlled by entities who had accumulated network power, but it was a place where you looked at static pages and consumed information.
Web2
The Web2 era began sometime around the early 2000s, and it was at this point that the web transitioned to a place where you both consumed and created content. So, you could read and write. What also happened, was that a process of centralization took place, as the giant platforms that we were all familiar with were accumulating power. The web at this point functioned efficiently, you could create and publish content very easily, but you were powerless, and the shots were called entirely by the big tech platforms.
Furthermore, on Web2 you have no consistent, self-owned, portable identity. When you move from one platform to another, you have to sign up and start all over again, as each entity is siloed off and self-contained.
As venture capitalist Li Jin said,
“Creators are building their businesses on rented land when they are building on web2 platforms.”
Web3
With Web3, we keep the efficiency of Web2 but reinstate the decentralization of Web1. At this point, we can read and write, and we can also own things. That means that your content, data, digital assets and identity belong to you, not to a centralized platform whose favors you are borrowing.
Value flows around Web3 in the form of blockchain-based fungible tokens, enabling financial transactions and, through DeFi, peer-to-peer financial services that are free from gatekeepers and central authorities.
Ownership of unique digital assets (which could be anything, from art and music to virtual land, to a domain name or to personal data) is enabled through tokens that are non-fungible (NFTs).
Online data, content, and identity are owned by the user, not by a third party, and are transportable around the web, just as you remain the same person when you walk between different locations in the real world.
And, Web3 is decentralized, meaning that there are no controlling powers, plus no-one can have you removed or put up barriers to participation. It is trustless, permissionless and immutable.
Techno-optimism
The early days of the web were an optimistic, open-minded time when tech-utopians dreamed of expansive futures. In recent years, as centralization has gripped the online world. There has been a more pessimistic air and a sense that boundless individualism has been replaced by top-down control along with a requirement to watch what you say in case you get zapped by the powers that be.
However, in Web3, constructed on blockchains and crypto, I sense a return of that old positivity, albeit in a new generation. There is a sense that existing structures can be not toppled, but sidestepped, and that great things and transformative wealth can be created cooperatively and owned individually. It is not slavishly collectivist nor overly self-centered, it’s simply fair and aims to make things better, through building.
I’ve seen it said jokingly, but it’s actually true, that if you want to get people into crypto, then don’t call it crypto, call it Web3 instead. You could apply something similar to NFTs. Refer to them as
blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term art, and you’ll sidestep some animosity.
The reality is that for years now, crypto has endured negative press and a sketchy reputation. It has been associated with rug pulls and rip-offs, compared to a Ponzi scheme and a casino, and referred to as a technology that has no application. To the skeptic, crypto was, at best, the answer to a question that didn’t exist.
And, while some of those assertions are wide of the mark, not all are without substance. Scams and misdemeanours? Yes, they happen. A Ponzi scheme and a casino? No, although it’s true that adoption is critical, which drives a need to onboard newcomers, and that wild financial speculation is part of the game.
But, what about the last assertion, that crypto is pointless and has no worthwhile applications? Well, if you’re a veteran bitcoiner, you’ll point out that coding money from thin air, and in the process realizing a means of separating money from government, is a profound achievement that could be pivotal in human history.
That’s monumental enough but is still, for the moment, speculative and only a potential outcome. So, let’s consider another development enabled by crypto: Web3.
This is curious, because if ‘how do we construct Web3?’ is the question, and ‘crypto’ is the answer, then the answer was made before the question existed. So, the crypto naysayers were half right, temporarily.
And, let’s keep in mind that Web3 is (for the moment) most strongly associated with
Ethereum
Ethereum
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, called Turing Complete, which is used to build the dapps. Dapps run on a peer-to-peer (P2P0 network of virtual machines. These can be just about anything and are optimized to run on Smart Contracts. Smart Contracts are pieces of code that execute a predetermined set of actions once a certain set of criteria are met. The Ethereum network’s native currency is called Ether, or ETH. ETH tokens can be used to pay for things inside of dapps or to receive payouts from smart contracts. They can also be traded off of the Ethereum network inside of cryptocurrency exchanges or OTC trading platforms. For most of its lifetime, Ethereum has remained as the second-largest and most popular cryptocurrency in terms of its market cap. It was briefly outpaced by Bitcoin Cash near the end of 2017.Ethereum’s origin dates back to late 2013 when crypto researcher and programmer Vitalik Buterin proposed its utility.Its development was subsequently funded by an online crowdsale that took place in the middle of 2014 before going live in July 2015. At its inception, Ethereum went live with 72 million coins minted, accounting for approximately 65 percent of its total circulating supply as of May 2020.Like other cryptos, Ethereum has had a checkered past, resulting in splits. Back in 2016, an exploited vulnerability in The DAO project’s smart contract software caused the theft of $50 million worth of ether.As a result, Ethereum was split into two separate blockchains – a newer and separate version became known as Ethereum (ETH), while the original chain continued to be known as Ethereum Classic (ETC).
Read this Term, rather than Bitcoin. So, we could potentially have two deeply disruptive timeline alterations resulting from blockchain technology: the separation of state and money (thanks bitcoin), and a censorship-proof, decentralized web (cheers Ethereum).
To get back to the point, the second of those two possibilities, what exactly is Web3, how does it differ from the web in its current form, and what will it change?
Ownership
One of the most critical characteristics of Web3 is that it facilitates ownership, but to understand what that means, let’s think about the web up to now.
Web1
In the 1990s, we used the first iteration of the web, and it was something that you read. It was decentralized, not yet having become controlled by entities who had accumulated network power, but it was a place where you looked at static pages and consumed information.
Web2
The Web2 era began sometime around the early 2000s, and it was at this point that the web transitioned to a place where you both consumed and created content. So, you could read and write. What also happened, was that a process of centralization took place, as the giant platforms that we were all familiar with were accumulating power. The web at this point functioned efficiently, you could create and publish content very easily, but you were powerless, and the shots were called entirely by the big tech platforms.
Furthermore, on Web2 you have no consistent, self-owned, portable identity. When you move from one platform to another, you have to sign up and start all over again, as each entity is siloed off and self-contained.
As venture capitalist Li Jin said,
“Creators are building their businesses on rented land when they are building on web2 platforms.”
Web3
With Web3, we keep the efficiency of Web2 but reinstate the decentralization of Web1. At this point, we can read and write, and we can also own things. That means that your content, data, digital assets and identity belong to you, not to a centralized platform whose favors you are borrowing.
Value flows around Web3 in the form of blockchain-based fungible tokens, enabling financial transactions and, through DeFi, peer-to-peer financial services that are free from gatekeepers and central authorities.
Ownership of unique digital assets (which could be anything, from art and music to virtual land, to a domain name or to personal data) is enabled through tokens that are non-fungible (NFTs).
Online data, content, and identity are owned by the user, not by a third party, and are transportable around the web, just as you remain the same person when you walk between different locations in the real world.
And, Web3 is decentralized, meaning that there are no controlling powers, plus no-one can have you removed or put up barriers to participation. It is trustless, permissionless and immutable.
Techno-optimism
The early days of the web were an optimistic, open-minded time when tech-utopians dreamed of expansive futures. In recent years, as centralization has gripped the online world. There has been a more pessimistic air and a sense that boundless individualism has been replaced by top-down control along with a requirement to watch what you say in case you get zapped by the powers that be.
However, in Web3, constructed on blockchains and crypto, I sense a return of that old positivity, albeit in a new generation. There is a sense that existing structures can be not toppled, but sidestepped, and that great things and transformative wealth can be created cooperatively and owned individually. It is not slavishly collectivist nor overly self-centered, it’s simply fair and aims to make things better, through building.
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