Introduction
Blockchain is the distributed ledger technology that enables the secure transfer of digital assets without the need for a third party. A blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as “completed” blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
Web 3.0 is the next stage of the internet, where the internet is more decentralized and open. Web 3.0 is being built on the back of new technologies like blockchain and cryptography. Web 3.0 is a more user-friendly and secure internet, where users are in control of their own data.
Blockchain is considered the basic technology necessary for Web3. Associated technologies such as cryptocurrency, NFT’s, and smart contracts provide the basis for identifying, operating, and even for exchanging value in the new world of Web3.
Cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
NFT’s or non-fungible tokens are a type of cryptocurrency that represents a unique asset. NFT’s are divisible, so they can be used to represent ownership of fractional portions of an asset. NFT’s can be used to represent anything from digital art to collectibles.
Smart contracts are computer programs that automatically execute the terms of an agreement between two parties. Smart contracts are self-executing and self-enforcing
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