Welcome to Web3: 1

By OLUWASEUN ADENEYE

Web3, also known as the decentralized web or the distributed web, refers to the next generation of the internet that is built on decentralized technologies such as blockchain and peer-to-peer (P2P) networking. Web3 aims to give users more control over their online data and experiences, and to make the internet a more open and equitable platform for innovation and exchange.

• Language: English
• Publisher: OLUWASEUN ADENEYE
• Release date: Jan 14, 2023
• ISBN: 9798215810613

Book preview

Chapter 1

What is Blockchain and How Does it Work?

A blockchain is a decentralized, distributed ledger that records transactions on multiple computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

At its core, a blockchain is a data structure that allows for the creation of a digital, transparent, and immutable record of transactions. It consists of a series of interconnected blocks, each containing a list of transactions and a timestamp.

The key innovation of blockchain technology is that it allows multiple parties to reach consensus on a single version of a shared digital history, without the need for a central authority. This is achieved through the use of cryptographic techniques and a decentralized network of computers, known as nodes, that verify and record transactions on the blockchain.

The process of adding new transactions to the blockchain is known as mining. Miners compete to solve complex mathematical problems, and the first one to solve the problem gets to add the next block to the chain and receive a reward. This process helps to ensure the integrity and security of the blockchain, as it becomes increasingly difficult to alter past transactions as more blocks are added to the chain.

There are different types of blockchain, including public blockchains such as Bitcoin and Ethereum, which are open to anyone to join and participate in, and private blockchains, which are permissioned and restricted to certain users or organizations.

Blockchain has the potential to revolutionize a wide range of industries and applications, including finance, supply chain management, identity verification, and more. It has the potential to increase transparency, reduce costs, and increase efficiency and security in many different sectors.

Chapter 2

The Evolution of the Internet: From Web1 to Web3

The internet has undergone significant evolution since its inception in the late 1960s. Here is a brief overview of the major stages of the internet's development:

Web1 (The Static Web): The first generation of the internet, known as Web1 or the static web, was characterized by the creation and dissemination of static, one-way information. Users could access and view information, but they had little ability to interact with it or each