WEB 3 - Introduction

Hey Fam !!  This post is for Web developers who is looking to learn something which will keep their jobs updated in next decades.

So let's start ....

What is WEB 3 ???

Seems like a 3.0, yeah we can say like that

 Web 3, also known as the decentralized web or the blockchain web, refers to the next generation of the internet where the power and control of the network is distributed among its users, rather than being centralized in a small group of companies or organizations. It is built on top of decentralized systems such as blockchain technology and peer-to-peer networks, which allow for the creation of decentralized applications (dApps) and the storage and sharing of data and assets in a secure and transparent manner.

One of the key features of Web 3 is the ability for users to own and control their own data and digital assets, rather than having to rely on centralized organizations to do so. This is made possible through the use of blockchain technology and smart contracts, which allow for secure, transparent and tamper-proof transactions on the network.

Web 3 is considered as a more secure, private, and open way of accessing the internet, and many experts see it as the next step in the evolution of the internet.

One of the most popular implementation of Web 3 is Ethereum, a decentralized blockchain platform that enables developers to create and deploy smart contracts, and also providing a platform for decentralized apps, and it's token Ether (ETH) is considered the second biggest cryptocurrency after Bitcoin.

That's a long Chat GPT definition, but gives a better view. So the next question arise -

What is Decentralization ? What is Dapps ? What is Block chain ?What is Ethereum ? What is smart contract ? ....

Huh that's a lot of stuff ..

 A decentralized application (DApp) is a type of application that runs on a decentralized network, such as a blockchain. It is similar to a traditional web-based application, but instead of relying on a central server to function, it uses a decentralized network of computers to provide its services.

DApps are built on top of decentralized platforms such as Ethereum, EOS, TRON and others, which provide the underlying infrastructure for running the application. DApps can be built using smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.

A DApp typically has the following characteristics:

It is open-source, meaning that the code is publicly available and can be audited and improved upon by anyone.

It is decentralized, meaning that it runs on a network of computers rather than a central server.

It uses a blockchain or other decentralized ledger to store data and record transactions.

It has its own cryptocurrency or token, which is used to reward users and pay for services on the network.

DApps can be used for a wide variety of purposes, such as social media platforms, online marketplaces, prediction markets, and more. They are considered more secure, private, and transparent than traditional web applications because they do not rely on centralized entities to function.

Many popular DApps are built on Ethereum and are using its token Ether (ETH) to pay for the transaction and smart contract execution fee, which is called as Gas.

A blockchain is a type of distributed ledger technology that is composed of a chain of blocks, where each block contains a collection of transactions. The transactions are grouped together in blocks and added to the chain in a linear, chronological order. Once a block is added to the chain, the data it contains cannot be altered or deleted, creating an immutable record of all the transactions that have occurred on the network.

Each block in the chain includes a reference to the previous block, creating a chain of blocks that are linked together, hence the name "blockchain."

A key feature of the blockchain is that it is decentralized, meaning that there is no central authority or organization that controls the network. Instead, the network is maintained by a distributed network of nodes, or computers, that work together to validate and record transactions.

The most well-known blockchain implementation is the one that runs Bitcoin, the first decentralized digital currency. But blockchain technology can be applied to other industries too, such as, supply chain, digital identity, governance, voting, etc.

There are different types of blockchain, such as public and private blockchains. Public blockchains, like Bitcoin and Ethereum, are open to anyone and are typically maintained by a decentralized network of volunteer nodes. Private blockchains, on the other hand, are typically restricted to a specific group of participants and are often used by organizations and companies to securely share data and facilitate transactions.

The blockchain technology is considered as the backbone of many decentralized platforms, and with it's immutability, transparency and traceability features, it can provide a solution for many industries and also could act as a trust machine.

Distributed ledger technology (DLT) refers to a type of database that is distributed across a network of computers. The most well-known example of DLT is the blockchain, which is the underlying technology for digital currencies like Bitcoin. In a distributed ledger, transactions are recorded on multiple "blocks" that are linked together in a chain, and each block contains a record of multiple transactions. The ledger is maintained by a decentralized network of computers, rather than by a single central authority. This makes it more resistant to tampering and fraud, as any changes to the ledger would need to be made across the network.

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