Web3 will require us to adopt new ways of thinking about how the world works.
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 of data after a each transaction where special data types store:
- Monetary Value
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.
Stores of Value
The purpose of capital is to organise the tranformation of materials and relocation of products for accessibilty by customers.
Are tokens just branded money? Sam's Club NFT's are uniquely tradeble assets.
- Chain Native
- Token (ERC20)
📄️ Data Integrity
Whether data is accurate or not, once created, data can never be altered and will last forever. A Web of trust cannot exist without data integrity.
How decentralised is Web3 in reality? How important is decentralisation?
📄️ Native Payment
Instead of relying on the outmoded infrastructure of banks and payment processors, users of web3 can spend and send money directly using cryptocurrencies.
A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger.
In Web3, everyone has the same opportunity to engage, and no one is left out.
📄️ Portable Identity
Dependent on standardisation and interoperability.
Web3 is trustless: it operates using incentives and economic mechanisms instead of relying on trusted third-parties.
Standards are essential to producing predictable outcomes (components that can be assembled) from decentralised suppliers and created building blocks for greater innovation.