Day1 – On Why Web 3.0, Ownership and Tokens

Crypto has one feature that has never existed before – trust. – Ben Horowitz.

I am doing a #30daysofWeb3 challenge in April.

It is still early in the journey

And the best thing you can do is to get educated.

So here are 5 bullets on Day 1 – Why Web 3.0, Ownership and Tokens

  

#1 Why Web 3.0 : “Crypto has one feature that has never existed before – trust. – Ben Horowitz”

Where are you today relying on trust? On banks to get paid or lawyers to draw up contracts.

#2 How will the world be different with Web 3.0 : Trust implies ownership. “By reducing the middleman tax, people can finally own the upside from their work. Web3 matters because we’re building an internet owned by people instead of middlemen.”

#3 What does the evolution of web look like?

Web1: Read | Where we navigated static pages built on http protocols

Web2: Read, write | Most of what today looks like. We create and consume content through web giant platforms sitting in the middle. Based on client-server architecture.

Web3: Read, write, own | Create, consume and own work through tokens. Built on P2P computer networks sans middlemen

#4 What is a Token?

Think of it as a record of ownership of an asset that lives on a blockchain

#5 What are Fungible or Non-Fungible Tokens?

Fungible tokens are interchangeable records – think USD or Rupee

Non Fungible Tokens (NFTs) are unique crypto tokens that exist on a blockchain and cannot be replicated. Ex – Art.

Think of it as a Non-interchangeable unit of data. It is an Ethereum based asset

 

Tomorrow we will look at understanding why Web 3.0 matters for users and blockchain – which is foundational to Web 3.0

 

For Sources/More Content, check out the links below

Follow along if you are keen to join me on this journey.

 

What is Web 3.0 :

https://www.odysseydao.com/articles/what-is-web3

https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq

 

The ownership economy

https://variant.fund/writing/the-ownership-economy-crypto-and-consumer-software

 

Web 3.0 in a nutshell : https://eshita.mirror.xyz/H5bNIXATsWUv_QbbEz6lckYcgAa2rhXEPDRkecOlCOI

 

Chris Nixon on Why Web 3.0 Matters:

https://future.a16z.com/why-web3-matters/

 

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Ranjani Mani

#reviewswithranjani #30daysofWeb3

#Technology | #Books | #BeingBetter

 

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