Web 3 technology is a decentralized and blockchain-based system that aims to revolutionize the way we interact with information and each other online. It relies on peer-to-peer networks, smart contracts, and distributed ledgers to create a more secure, transparent, and autonomous internet. By using decentralized systems, Web 3 eliminates the need for intermediaries or centralized authorities to validate transactions or enforce rules, leading to greater levels of trust and security. The technology has the potential to create a more open, transparent, and equitable internet that empowers individuals and communities by providing greater control over their data and interactions online.
Decentralization is a core concept in Web3 technology. It refers to the distribution of power, control, and responsibility across a network of nodes, rather than having a central authority. This means that there is no single point of failure and no central entity that can control the network.
Watch this video to understand more about decentralization and why it is important.
The blockchain is a decentralized ledger technology that is a key component of Web3. It allows for secure, transparent, and tamper-proof record keeping of transactions and information. In a blockchain, transactions are grouped together into blocks and then added to a chain of blocks, hence the name "blockchain." Each block in the chain contains a unique code, called a "hash," that links it to the previous block. Watch the video to understand more about how a blockchain works.
DAOs are organizations that run on code instead of having a central authority. They are able to manage funds, make decisions, and execute transactions in a transparent and trustworthy manner.
Watch this video to understand in depth more about what a DAO actually is.
NFTs are special digital items that can't be copied or changed. They are stored on a computer system called a blockchain which makes sure they are one-of-a-kind. People use NFTs to show that they own things like art, music, or even tweets. Because NFTs are stored on a blockchain, the ownership can be easily passed from one person to another, making it a good way for artists and creators to make money from their digital creations. Watch this video for more in depth basic understanding of NFTs.
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