Overtime, numerous scholars have attempted defined this term web3 in many ways and from my research, this three words can never be left out in any attempt to define web3 INTEROPERATERBILITY, DECENTRALIZED and BLOCKCHAIN. Then I suppose could choose to go about this answers in different ways and say; Web3 is a platform that store thousands of people’s receipt and data from across the world on a public Blockchain. Or I could say; Web3 is an Interconnected web that work and saves on a Blockchain Simultaneously in a Decentralized manner that offers little to no gate keeping. Or I could use the simplest definition that I first heard when I was introduced to web3 and say; web3 is basically your entire life on a block chain.
However, let’s be real at the end of the day, none of this definition can never truly simplify the magnitude that this three lettered words carries because truth be told, the concept web3 is a revolution that is yet to be unbundled hence, I have decided to start a series themed ALL ABOUT WEB3 where I share every and anything I know about web3. This series was driven by a hunger to get enlightened, learn more and uncover they many potential this revolution has to offer to my generation. With that being said, welcome to my first episode of ALL ABOUT WEB3 and today I aim to breakdown the concept of web3 with just 3 words.
INTEROPERABILITY:
When I say web3 is interoperable, it very simple means that web3 asserts can be moved from one decentralized application to another one seamlessly. It is like an interconnected ecosystem where every dApp can communicate with one another. Unlikeweb2 platforms where a like or comment cannot be moved from Facebook to instagram. With web3, you can easily transfer toke from one decentralized app to the other.
DECENTRALIZATION:
This is the driving force of web3. It aims to decentralize power from traditional banks and tech giants and put it in your hands. Unlike web2 platforms like where your account can be suspended or taken down, web3 gives you the liberty to own your space, decide what information to let out there, basically your identity is tied to a wallet and you hold the key. No more time consuming paper works in the bank. Think of it as making central power from decentralize in this case no one person can out rightly manipulates information or transaction because they are publicly decoded on a ledger. This brings me to my last point.
BLOCKCHAIN:
You remember the public ledger I told you about, this is where the concept of block chain comes in. The block chain is a name given to the public ledger. Let me break them down ledger, the record of all transactions is called a block and does block are connected by a chain which is the code that secures all the data. Example let say 3 friends perform a transaction, the details of the transaction is recorded into 3 different blocks and they chain together and update publicly were no one person can manipulate records because everyone have a copy of the transactions.
That will be all for this series thank you so much for sticking to the end feel free to ask ay question till next time I still remain your web3 enthusiast
