If you’ve heard of “crypto,” you’re probably familiar with jargon like “blockchain,” “NFT,” and “Web3,” as well as terms like “decentralization,” and “decentralized finance.” prize. However, such terminology can often lead to confusion. You might even think they’re all pretty compatible and mean pretty much the same thing. am.
But in reality it is not. Cryptography, blockchain, and Web3 are really three very different and distinct things, and to understand exactly what they are, we start by defining what Web3 really is. is needed.
The very name “Web3” suggests that there was Web1 and Web2 before it, and that assumption is correct. Web1 can be considered the first internet that first appeared in the 1990s when he had to run his own server to create his read-only website. It was eventually superseded by Web2, which came to be known as Web2. This is the age of his more dynamic websites such as Facebook, Twitter, and YouTube, which host user-generated content on centralized servers.
Web3 is therefore a vision of a next-generation internet that will be decentralized and decentralized using blockchain and other technologies.Name is first coined word Dr. Gavin Wood, co-founder of Ethereum and developer of Polkadot, said in 2014 that user data would be stored on a decentralized blockchain hosted on nodes scattered around the world rather than on centralized servers. I explained about the Internet. No single server, individual or entity controls these blockchains. Wood also talked about the benefits of Web3. This includes increased security, secure identities, and giving users control over their data.
Blockchain is the most important enabling technology for Web3. It is a distributed ledger where users can store and share data and digital assets. Because blockchains are decentralized, multiple parties can reach consensus on the state of their shared records, eliminating the need for a centralized authority to do so. Blockchains can therefore host decentralized applications or dApps that allow people to interact directly using smart contracts.
Blockchain has proven to be highly secure and completely transparent, helping to increase accountability and trust.
As far as cryptography is concerned, this is the easiest to define. Crypto stands for cryptocurrency and is basically just a digital currency that can be used on blockchain platforms. The original crypto was Bitcoin, but today there are hundreds of different tokens. Since the crypto is tied to the blockchain that supports it, it can be used to interact with dApps hosted on the same blockchain.
Finally, we have NFTs. This is actually very similar to ciphers, but there are significant differences. NFT stands for “Non-Fungible Token”, meaning that it cannot be divided cryptographically. For example, Bitcoin can be decomposed into many satoshis, i.e. 0.0000003 BTC, but you can only have one NFT. NFTs can be used to represent almost any kind of asset, from digital art to video game accessories, metaverse lands, tickets to physical events, and more.
It’s worth looking at a few different Web3 projects to illustrate the differences. main card is a play-and-earn betting platform aimed at reinventing the online gambling industry. The game is based on a unique “Main Card NFT” that allows players to guess the outcome of sports matches and events and earn rewards for making correct predictions. The more correct a player guesses, the more valuable the main card NFT can be and the bigger the reward.
Maincard is not actually a blockchain, but built on the Polygon network, a scaling solution for the Ethereum blockchain. However, Polygon still has its own cryptocurrency known as MATIC. This is used to reward players who purchase Maincard NFTs and correctly guess the outcome of the game. Maincard, which currently offers new users $100 worth of his NFTs as a sign-up bonus, is set to launch later this year. Since it is decentralized, it qualifies as a Web3 project and users own the real assets (NFTs) and are free to sell them to the highest bidder if they wish.
Looking Glass LabOn the other hand, is a Web3 company that specializes in building NFT architectures, immersive metaverse environments, play-to-earn tokens, and loyalty streams of virtual assets. Its main brand is his Web3 Design Studio. Kivaa’s house, designed some of the most novel NFT use cases ever envisioned. The most famous of the NFTs are zero generation collection. GenZeroes is a live action NFT integrated digital series with multiple episodes hosted in the metaverse in both video and comic form. Since its launch in early 2022, it has been wildly popular. Retaining the GenZeroes NFT will allow fans of the series to participate in the creation of future episodes’ storylines, as well as early access to all new episodes.
Here’s a somewhat similar Web3 project: UNOPNDis an incubator for blockchain-based NFT games and metaverse projects, aiming to support innovative new use cases. UNOPND is currently backing many NFT-focused projects, including decentralized K-Pop startups. mod houseits fans choose which group members participate in its latest song. derby starsa horse racing metaverse game where players can race, breed, grow and train their NFT horses
UNOPND’s name refers to the goal of unlocking the “unopened” value of Web3. In this ‘open’ world, limitless imagination and freedom are possible through the power of the great enabling technologies of blockchain, NFTs and crypto.