The Building Blocks
Web 3.0 is built on three revolutionary technologies:
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across a network of computer systems. The method of recording information makes it nearly impossible to change, hack, or cheat the system.
This is a digitally-native currency, whereas fiat currencies (like the dollar) must be converted into crypto tokens in order to trade on exchanges like Coinbase.
A cryptocurrency is secured by cryptography (the science of hiding information), which makes it nearly impossible to counterfeit or double-spend.
NFT stands for 'Non-Fungible Token'. NFTs allow for the ownership of digital assets, in the same way a person can own a car, or a house, or a pencil; a person can now possess a unique digital asset.
NFTs are mostly seen as art right now, but in the future they will be our car titles, mortgages, even our medical records.
A Brief History of the Internet
(1989 - 2005) Mostly read-only, text-based and very hard to create content - it was mostly for coders by coders in HTML. Advertisements on sites were banned. (source)
(2005 - Present) The barrier to entry became easier and cheaper; offered various information, user-to-user interaction, content creation, social media sites and mobile platforms became widely adopted. (source)
(Present - ??) With the invention of cryptocurrencies through blockchain technology, digital value can be created through scarcity. With NFTs, Web3 becomes a revolution in digital ownership and value.
In Web2, the only digital asset that can be owned is a domain name. (source)
Web 3.0 is a revolution in currency and value.
Money is essentially a store of value. What is valuable? Whatever we decide is valuable.
How do we know a dollar is worth a dollar? Because we all agreed that it is worth a dollar.
Money is the greatest story ever told to humankind.
Every person on this planet is told the story of money, and everyone believes it to be so.
In the beginning of civilization we bartered for goods and services. Then came cowrie shells, then precious metals, then coins, then paper. Now we have digital currency.
Crypto is the next chapter in humankind's story of money.
It took over 10 years for payment processing to work in Web 2.0. In Web3, money and payment is one of the bedrocks of this new iteration.
The internet revolutionized how humans communicate.
Web3 is revolutionizing what we consider valuable.