Web3 Explained like you're 5!

Web3, The Internet of Value and Distributed Ledger.

What is Web3?
Web3 is a term used to describe the third generation of the World Wide Web, which is still in development. The first generation of the web was made up of static pages that were published online.

The second generation allowed users to interact with these pages through dynamic content and user-generated content. E.g Facebook and Twitter.

Web3 aims to take this one step further using blockchain technology and decentralized applications (dapps) to create a more secure and efficient internet.

This will allow for more trustless transactions between users and enable them to control their own data without relying on third-party providers.
Web3 aims to give the power of the internet to YOU!

THE INTERNET OF VALUE
The internet of value is a relatively new term that refers to the potential for blockchain technology to revolutionize how we interact with the digital world.

The basic idea is that by using blockchain technology, we can create a more secure and efficient way of exchanging value online.
This could potentially have a huge impact on everything from e-commerce to international payments.

For example, right now if you want to buy something from an overseas vendor, it can be difficult and expensive because you have to go through a third party like PayPal. With the internet of value, you could directly exchange currency with the vendor without having to pay fees.

DISTRIBUTED LEDGER
A distributed ledger is a database that is spread across many different locations and computers. This type of database allows for secure, transparent transactions between different parties.

Because the data is distributed, it is not stored in one place and can be accessed by anyone who has permission to do so. This makes it a great choice for businesses that need to share information securely or want to reduce the risk of fraud.

Blockchain has become so popular that people have forgotten about the parent, distributed ledger. All Blockchains are distributed Ledgers but not all distributed ledgers are Blockchain

Blockchain is merely a subset of Distributed Ledger.
A Blockchain is a shared database filled with entries that must be confirmed and encrypted. The name Blockchain refers to blocks that get added to a chain of transaction records using cryptographic signatures called hash.

And that's it! Done with the basics!✅

Image credit: @suhailkakar
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