IntoTheVerse — Navigating Web3: A guide for beginner enthusiasts.
Welcome to another IntoTheVerse Journal!
A metaverse that is focused on creating utility, impact and provides players with total control.
“Blockchain technology isn’t just a more efficient way to settle securities. It will fundamentally change market structures and maybe even the architecture of the internet itself.” (Abigail Johnson)
The internet has come a long way since its inception, and with the rise of Web3, it’s about to enter a whole new era. Web3 is the next evolution of the internet, one that promises greater transparency through decentralization, and enhanced security, which will enable it to become much more user-centric than its predecessors.
For someone who is not familiar with the Web3 ecosystem, learning about it can elicit a similar response to learning a new language — a blend of bewilderment and enthusiasm.
So, our team at IntoTheVerse wanted to provide a beginner’s guide to navigating this exciting new ecosystem. Read on to find out our top tips!
What is Web3?
Web3 is the next evolution of the internet and focuses on establishing a more secure and transparent system using decentralized technology. It allows people to create and exchange digital things like money, art, and data without having to rely on central authorities. It also lets people have more control over their personal information and play a greater role in deciding what happens next in this new ecosystem.
What are the basic concepts of Web3?
Decentralized Apps (dApps)
Decentralized apps or dApps are similar to traditional apps, but they run on a decentralized network of computers instead of a single server. This makes them more secure, as there is no single point of failure, and more transparent because anyone can inspect the code and see how the app works.
Blockchain Technology
Blockchain technology is a way to keep records of transactions using computers all around the world. These records are secure, and transparent, and can’t be changed once they’re added to the system. This makes it a very trustworthy way to keep track of things like money, property, or even votes. It’s basically a big digital ledger that nobody can cheat or hack, and its transparent nature ensures everyone can see what’s going on at all times.
Cryptocurrencies
Cryptocurrencies are digital assets that are used as a means of exchange within the Web3 ecosystem. They are typically based on blockchain technology and are designed to be decentralized, meaning that they are not controlled by any central authority. Cryptocurrencies can be used to purchase goods and services, and transfer funds.
How does blockchain work?
Blockchain technology enables individuals to send a secure and transparent transfer of data between parties. It is based on a decentralized system of nodes that work together to validate and add new blocks of data to the blockchain.
The process of adding new data to the blockchain begins with a transaction. Transactions are bundles of information that include the sender’s address, the recipient’s address, the amount of currency or asset being transferred, and other relevant data. Transactions are broadcast to the network of nodes, and each node checks the validity of the transaction before adding it to a block.
To ensure the security and integrity of the blockchain, nodes compete to solve complex mathematical problems to validate new blocks of transactions. This process is known as mining.
Once a block is added to the blockchain, it cannot be altered or deleted. This creates an immutable record of all transactions, which provides a high level of transparency and accountability.
How to get started as a beginner in Web3?
Getting started with Web3 can be a bit overwhelming, but with the right tools and resources, it can be a rewarding experience. In this guide, we’ll walk you through the steps to set up a wallet and start trading cryptocurrencies.
To get started with Web3, you’ll need to:
Install a web3-enabled browser or extension, such as Metamask, which allows you to connect to blockchain networks from your browser.
The steps are simple:
Open your web browser (Chrome, Firefox, Edge, or Brave) and go to the Metamask website (https://metamask.io/).
Click on the “Get Chrome Extension” or “Get Firefox Add-On” button, depending on your browser. Follow the prompts to install the extension to your browser.
Once installed, click on the Metamask icon in your browser toolbar to open the extension.
Click “Get Started” and agree to the terms of use.
Create a digital wallet to store your cryptocurrency, which will be used to interact with dApps.
Create a new Metamask wallet by choosing a strong password and writing down the seed phrase that is presented to you. Keep this seed phrase in a safe and secure location, as it is your backup in case you ever lose access to your wallet.
Choose a blockchain network to connect to, such as Ethereum or Binance Smart Chain.
Once you have created your wallet, you can connect to a blockchain network by clicking on the network dropdown in the top left corner of the Metamask popup and selecting the network you want to use (e.g. Ethereum mainnet, Ropsten testnet, Binance Smart Chain, etc.).
Find a dApp that interests you, such as a decentralized exchange or a game, and connect to it using your web3-enabled browser and digital wallet.
You can then use Metamask to interact with decentralized applications (dApps) on the blockchain network you have connected to.
Once you’re connected, you can start using a dApp to buy, sell, or trade digital assets or interact with other users.
What are the risks of Web3?
Web3, like any technology, comes with risks.
Security
Security is a major concern, as Web3, like Web2 is vulnerable to cyberattacks, and it can be challenging to address vulnerabilities due to its decentralized nature.
Smart Contracts
Smart contracts can contain bugs or issues that can lead to unexpected outcomes, and regulatory clarity is lacking in many areas.
Volatility
Volatility is also a risk, as many digital assets traded on Web3 platforms are highly volatile.
How to navigate through the Web3 ecosystem to protect yourself and your assets?
Research, research, research!
Before investing your time or money into any Web3 project or platform, be sure to make sure it's legitimate. Just like any new venture in Web2, read whitepapers and documentation for any Web3 company or project. It is also sound advice to check out the project team and their backgrounds and also look for reviews and feedback from other users within the community.
Join a community
Web3 is renowned for its strong, vibrant community. Join a Web3 group or project to learn from peers. Look for companies, and platforms that have an active and engaged team and members, with a strong focus on transparency, open communication, and collaboration.
Protect yourself and your assets
Web3 is a decentralized ecosystem, which means that you are responsible for protecting your own assets. Always use strong passwords and two-factor authentication to keep your private keys and seed phrases secure. It is imperative that you also only interact with platforms and dApps that have a proven track record of security and reliability.
Monitor your Web3 Portfolio
If you choose to invest, make sure you diversify your portfolio and consider spreading your investments across different platforms and applications, to avoid being a ‘one trick pony.’
Always stay up-to-date
Web3 is constantly evolving, with new incredible projects and platforms emerging every day. Stay informed about the latest developments and trends, and be willing to adapt and pivot as the landscape changes.
Top Tips:
Take the time to learn the basics
Familiarizing yourself with the basics of blockchain technology, cryptocurrencies, and smart contracts will give you a solid foundation before embarking on more complex concepts.
Experiment and be open to learning from others.
The best way to learn web3 is by doing. Be proactive, research, and approach projects or people that inspire you. Build, or create in your chosen area in Web3 to develop practical skills and a deeper understanding of the technology.
In conclusion, getting started with Web3 requires learning the basics, being savvy, building a community-based support network, and being open to learning. The potentials in Web3 are limitless and the benefits far outweigh the risks, if you choose to follow the stable platforms and adapt to the ever-changing market, and you align yourself with the incredible Web3 companies and innovators that are paving the way toward a more transparent and inclusive future.
IntoTheVerse is building a mobile-first, composable, NFT-Utility & Impact driven gaming Metaverse.
Follow us on Twitter, and LinkedIn, Instagram, Medium, and join the Discord community to stay up-to-date on news and events.
We are also live on Solana RealmsDAO and CeloHub
The IntoTheVerse team!
🌎 Visit IntoTheVerse
👾 Join our Discord
🐦 Tweet with us
� Read with us on Medium
Aimee Gilmore is a Creative Writer at IntoTheVerse. Come say hi to her on Twitter or Discord.
