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Concepts

Web3 will require us to adopt new ways of thinking about how the world works.

Basics

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:

  1. Monetary Value
  2. Ownership

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.

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)
  • NFT

Concepts

Resources

Web3 defintions: