Web3 – The Basics

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Web3 has become a popular topic in the world of programming and web development. Betting on the cutting edge of the newest concepts and ideas not only helps your career but is also exciting as you work on some of the newest and most exciting projects. When working in an innovative part of the programming industry there is always new information to learn and innovations to keep track of. Luckily for the curious and driven, there are several sources of information to make use of. Blocknative docs are one such example of Web3 company document sites that provide a wealth of useful information to help further your learning. Web3 is a fascinating area to work in and here is a broad overview if you’ve been wanting to learn more.

Web3: What It Is

Web3 is the next step in internet development and is driven by the core application of blockchain technology. A key advantage is that web3 moves the control of web content such as data and personal information from the hands of the large companies that control it today and places it back into the hands of users. It not only allows for greater control but also the building and nurturing of a wider community.

More About Blockchain

To simplify blockchain is a decentralized public ledger. It is a listing of peer-to-peer transactions across multiple computers all around the world. This decentralization makes information very transparent as all transactions, the addresses they originated from and the addresses these transactions went to are all readily viewable in the ledger. The blockchain records its data in blocks each with a timestamp and, this data is also unable to be altered. This ensures that the information your viewing is accurate in terms of where, when, and how a transaction occurred. The fact that information cannot be altered or deleted is highly valuable, especially when so many transactions in several industries can be hidden, obscured, or outright lied about for others’ benefit. With blockchain, you can trust what you’re looking at.

Blockchain Use Cases

Blockchain technology is slowly seeing adoption and innovation in several areas. Currently, one of the most visible applications of blockchain technology is cryptocurrency. Two of the most well-known examples of cryptocurrencies are Bitcoin and Ethereum. Cryptocurrencies can be spent, traded, or bought, and are found on a variety of exchanges and accepted as payment in many areas of the internet for the purchases of goods and services. In the last decade, the growth of cryptocurrencies has been enormous.

While cryptocurrency is certainly useful it is not the only area where blockchain technology is seeing use. Some other uses of blockchain technology include:

• Non-fungible tokens or NFTs are seeing various areas of application such as art sales and collecting.
• Decentralized Autonomous organizations (DAOs) are seeing use in the business world.
• Decentralized finance or DeFi in the finance industry.
• Use in the Metaverse in a variety of areas.

These are just some areas where blockchain technology is seeing adoption and there are several other use cases and other applications currently being developed. Web3 will play a part in the future of the internet, and it is an exciting time to be a part of that.