African Web3 Developers Volume #10
Hey! We are at 10 volumes already, hurray 🎉 🎉 🎉
Web3 is certainly unique to different people, depending on how they look at it.
For some it’s the trend word of the moment; just a buzzword and speculation, many simply consider it a way for the rich to get even richer, and for others it is the future of the Internet.
But what actually is Web3 all about?
Or perhaps, is there more?
Check this out first:
Honestly, I didn’t know there was a difference conversely a correlation between Web3, blockchain and the metaverse, alternatively cryptocurrency.
I didn’t even think about it. I knew cryptocurrency is more of a digital currency — thanks to the initial bloom of Bitcoin, and the hype about Augmented Reality(AR) encompassed with Virtual Reality(VR), Artificial Intelligence(AI) and High Definition images (3D-4D) in the metaverse from the CEO of Facebook.
Oh well, you guessed right — there’s so much more to Web3 and its derivatives.
Web3 is defined as a decentralized web. This is a future web with more privacy and security. It is also a web that has more opportunities for everyone in the world to participate in.
In Web3, you have autonomy of your data deciding how you manipulate, control or have access to it without any third party “listening” out on it, with or without your knowledge.
Truth be told; there is no real “privacy” on the current Web2.
Web3 includes technologies like blockchain, cryptocurrency, and metaverse. These are all technologies that are not yet mainstream but will soon be used by everyone in the world to make our lives better.
Let’s know more about these terminologies.
Blockchain:
Blockchain is a system that stores data in blocks, which are linked together and secured with cryptography. Blockchain is the technology behind cryptocurrencies like Bitcoin and Ethereum.
Blockchain allows for the distribution of digital information but not physical objects. This means it can be used to store all sorts of information, from financial records to medical records, including property deeds or even legal contracts.
Blockchain has a lot of potential uses — some say it could even change how we do business and how we interact on social media platforms like Facebook or Twitter!
Perhaps, one of the only set back of the blockchain is recovering your key if lost, as there is not a third party organization or entity to support a lost private key.
Thus, if you store your cryptocurrency in a digital wallet and cannot recall your cryptographic key (password for short), sadly your cryptocurrency is lost unless you recover your private keys.
Cryptocurrency:
Cryptocurrency is a digital currency. It’s just like the US dollar or the Euro, but it only exists digitally. Cryptocurrencies use cryptography to secure transactions.
You can think of it as a virtual wallet that you can use to send and receive money from other people. The difference is that this wallet has no physical form. Using cryptocurrency, you do not need to be in the same location as the person you are sending money to for them to get it.
The most well-known cryptocurrency is Bitcoin, which was invented in 2008 by someone under the pseudonym Satoshi Nakamoto (no one knows who he/she really is). There are hundreds of cryptocurrencies.
Metaverse:
The metaverse is a collective virtual shared space, created by the convergence of virtually enhanced reality, including the sum of all virtual worlds, augmented reality, and the internet.
The metaverse is a blockchain-based virtual reality platform. It’s designed to provide a shared, decentralized digital space where users can interact with each other and share information.
The metaverse uses smart contracts and tokens as currency to power transactions on its network.
Naturally, the metaverse is the next step in the evolution of the internet. It will be a decentralized virtual world, powered by the blockchain. Providing users with an immersive experience that combines aspects of both real life and Virtual Reality (VR). Users will be able to create their own avatars and explore this new world, as well as communicate with others in real time.
For summary, the metaverse basically is “a collective virtual shared space”, “a computer-generated 3D environment that people can interact with.” It’s not just about games or entertainment — it also includes social media, shopping malls, business lobbies and other real-world activities.
NFTs:
NFTs is an acronym for Non-Fungible Tokens which means that each token is unique and has its own set of attributes such as name, artwork, etc.
NFTs are digital assets that are stored on the blockchain. They can be traded, bought and sold with other NFTs or cryptocurrencies. These tokens are issued by a company or an individual and represent value to the holder.
These tokens can represent anything from tickets to a concert, collectibles like baseball cards, in-game items for games like Minecraft, and even stock shares in a company. NFTs can be anything from a picture to a song, and can be easily transferred from one person to another.
What to know:
Recall that blockchain and cryptocurrency run on Web3 principles. These principles enable blockchain and cryptocurrency to function.
Web3 serves as a backbone to all the rest. From Web3 came blockchain and then crypto, including NFTs and consequently the metaverse.
👐 SEE THESE NOW:
⚒Upcoming Hackathons, Workshops, and Information Sessions:
- Hackathon: NEAR MetaBUILD III Hackathon
- More info: Here
- Opened: September 23rd — November 21st, 2022
2. Information Session: Web3 Weekly LIVE — Trends. Interviews. Insights.
- Date: November 3, 10 and 17, 2022
- More information and Registration: Here
3. Information Session: WEB3 WEDNESDAYS
- Date: November 2, 9, 16, 23 and 30.
- More information and Registration: Here
4. Grants: Gitcoin Grant Projects
- View Grants: Here
Psst 😏 , hope you were able to participate in the hacktober fest, to be able to receive your amazing swags and gifts soon.
Let us know about your experience by sharing it with community members here.
📗 Media Resources:
Video 📺 : Make it worthwhile: A web3 Journey
Video 📺 : Solidity, Blockchain, and Smart Contract Course — Beginner to Expert Python Tutorial
Subscribe to keep up with us and be the first to hear about Web3 opportunities and resources.
🌟 Find the most amazing Web3(NFTs, Metaverse, blockchain, Crypto and more, included) resources here.
🌠 Join our communities:
- Discord: African Web3 Community ⬅️
- Reddit: African Web3 Community ⬅️
🌠 Follow us on :
- GitHub for more resources and open source projects: Bridge Labs ⬅️
- Twitter so you do not miss any useful updates on Web3 trends we post: AfricanWeb3Dev⬅️
Thank you for following up on our volumes. We do this greatly for your edification and appreciation. Ubuntu — we are because you are!
