Web3 Principles
A network where intentions flow into actions with predictable outcomes.
Censorship Resistance through cryptography and decentralisation provide foundations of the Verifiable Web.
Principles
Cryptographic primitives that enable open Innovation at the edges 24x7x365 forever.
- Self Sovereign Identity
- Decentralisation
- Composability
- Immutability
- Permissionless
- Interoperability
- Privacy
Related
Related concepts and principles that are essential to understanding Web3.
Blockchain Integrity
A distributed database that is kept up to date across multiple computers where a historical data (chain) cannot be altered and new transactions processed only after consensus of the network. A block stores the state after a each transaction where special data types store:
- Monetary Value
- Owner Accounts
The last block has current Money balance with logic Logic to manage conditional value transfer.
The rules making transactions of value are written in Smart Contracts. Each transaction costs a Gas fee.
It costs money to for people to run the decentralised network of computers. So each transaction has gas fee which is paid as incentive to those providing a machine to provide a node in the network.