Web3 Basics 💸

What is Web3?

If you’re new to the blockchain space, you might not have heard the keyword “Web3” yet….

That’s exactly what Web3 is… a buzzword for the state of the internet with the introduction of blockchain tech and cryptocurrencies.

Below is a picture to help explain what web3 is compared to web2 and web1

1. Web3 is a money layer for the internet.
2. Web3 is an identity layer for the internet.
3. Web3 is a reaction to social networks not keeping our data secure and selling it for their own profit.
4. Web3 is a way for artists and creators to not only own what they produce on a platform but the platform itself.
5. Web3 is a new patron model for the internet.
6. Web3 makes it easy to set up cooperative ownership and governance structures.
7. Web3 is still not entirely decentralized.

https://consensys.net/blog/blockchain-explained/what-is-web3-here-are-some-ways-to-explain-it-to-a-friend/

Web1 = email + password
Web2 = Login with Facebook of Google
Web3 = Connect to Metamask (wallet)

Web 3 allows users to send and receive digital currency, keep their information secure, and utilize DE-centralized networks among all other benefits mentioned above.

In general, Web3 is simply a buzzword and is used to create engagement and bring users minds around the top we’re discussing at this current state of the internet.

With all this said, you SHOULD have a better understanding of what Web3 is and how it related to the current state of the Internet, if not, you can always reach-out to me on socials @thedudescrypto or @metadadsxyz

Thanks James Beck from consensys.net for some valuable information shared here.
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ALWAYS BE CAREFUL!!!

I can’t stress this enough! Be extremely vigilant and aware of every link you click on, every transaction you make, and every person you interact with as scammers are plentiful in the space and rugs get pulled from the best looking of projects.

Triple check all links before you click them and make sure they’re the official link you’re looking for. Also triple check all wallet address’s before sending anything valuable to someone else.

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