Pioneering the Path to Web3: Part 3 — Education

In the first two parts of this blog post series, we explored the concepts of decentralization and security. In this episode, our attention turns to the topic of education.

In the realm of Web3, education is your compass. It’s the tool that helps you decipher between legit moves and potential money pits. Understanding the basics of this space is your key to cruising through the complexities of Web3. So, arm yourself with knowledge! This article guides you in discovering quality education sources and emphasizes crucial rules before starting your learning journey.

Getting started: the basics

Start by understanding the basics of cryptocurrencies and the Web3 space. While being your own bank has a lot of benefits, it also means more responsibility. Mistakes are easy when you’re not paying attention or don’t know what transactions you’re signing. So, before putting money into any token, get the basics down to make smarter moves in the crypto world.

Before exploring more specialized learning sources, we aim to share 8 fundamental rules that everyone must consider to avoid critical mistakes. While these rules may seem obvious, during market volatility, a common scenario in crypto markets, rational thinking can be challenging, so always remember and stick to these basics:

1. Secure your private keys: Safeguarding your private keys is paramount. These keys grant access to your digital assets, so store them in a secure location, and never share them with anyone else. Remember: If an individual gains access to your private keys, they gain control over all funds linked to those keys. So, never share them!
2. Use hardware wallets: Employing hardware wallets enhances security by keeping your private keys offline. These physical devices provide an extra layer of protection against online threats and hacking attempts, ensuring the safety of your digital assets.
3. Stay up-to-date: Keep informed about scams and hacks in the fast-changing Web3 environment to stay ahead of potential threats and maintain a secure experience. As hackers continually develop new methods to steal user funds, staying informed about the latest attacks can aid in preventing you from becoming a victim.
4. Regularly update software: Keep your software up to date with the latest security patches. Developers often release updates to address vulnerabilities, so staying current is essential to protect your device from potential exploits. So, don’t put off that annoying software update any longer!
5. Utilize two-factor authentication (2FA): Enable two-factor authentication wherever possible. This additional layer of security requires a secondary verification step, such as a code from your mobile device, further securing your accounts against unauthorized access.
6. Embrace community participation: Actively engage in community discussions and activities related to the Web3 projects you support. Community involvement often plays a crucial role in the success and development of decentralized ecosystems and users play a vital role in shaping the future of a dApp via governance votings.
7. Diversify your investments: Avoid putting all your digital assets into one project. Diversifying your investments across different tokens and projects can mitigate risks, providing a more balanced and resilient portfolio in the volatile crypto landscape. Above all, invest only money that you can afford to spare.
8. Do your own research: Before using any decentralized application, thoroughly examine the project by conducting due diligence on the team and their history. Participate in community discussions, and review audits to independently ensure the reliability and safety of the smart contracts you plan to engage with.

Before using any decentralized application, thoroughly examine the project by conducting due diligence on the team and their history. Participate in community discussions, and review audits to independently ensure the reliability and safety of the smart contracts you plan to engage with.

These basic rules give you a glimpse into some important aspects of Web3, but they’re just the beginning. To become an expert, you need to explore the space thoroughly. Never forget: More knowledge helps you make smarter investment choices, so keep learning!

Recommended learning sources

To better understand Web3, it’s essential to rely on high-quality learning sources. While the internet is vast, not every source can be considered trustworthy. We’re dedicated to supporting your Web3 education journey and are pleased to share some reputable sources to help you navigate this intricate landscape:

Bankless Consulting stands out as one of the initial web3-native consulting firms. They are offering a wealth of online training materials. Some time ago, they produced a series of DeFi education videos specifically for the Shimmer and IOTA community:

#1 — Wallets and interaction with DeFi

#2 — Token swaps (DEX vs. CEX)

#3 — DeFi lending and borrowing

#4 — Yield farming strategies

#5 — Governance: engaging and voting

#6 — Tokenomics

#7 — Risk management

While this video series spans seven hours, it’s definitely worth your time. Make sure to watch it in order for a complete understanding, or pick a specific topic if you’re looking for focused information.

Summary

Those just starting with Web3, it’s smart to mix a bit of money and a good amount of time for the purpose of learning. Put yourself at the front of new technology, by spending time learning and investing manageable sums early, you can benefit from dApps that are more efficient, fairer, and transparent than Web2 applications.

Keep an eye out for educational blog posts and community sessions from Nakama. Educating our community is a top priority, and we are committed to sharing extensive knowledge to ensure you are well-prepared for your ongoing journey in Web3.

Don’t hesitate to contact us on X if you have any Web3-related questions — we’re here to assist.