Source: news.google.com
gm👋 everyone, if you’re wandering the internet, chances are good that you’ve heard of blockchain, crypto, bitcoin, NFTs, and digital currencies.
Here in this blog series we will learn the basic building blocks of web3 technology by building a blockchain model. (😇 Don’t worry, you don’t need programming experience)
Before diving into the web3 journey, you also heard about the news of FTX crash, bitcoin’s loss of value, and some governments’ planning to ban cryptocurrencies. Coming to a conclusion with this variable information can be tricky. Let’s use the Gartner framework to understand the state of web3.
Gartner Hype Cycle is a great way to understand new technology trends 🤖🚀. It’s like a roller coaster of excitement, excitement, disappointment, enlightenment, and success.
It is a roller coaster of 5 phases:
- Tech trigger: The beginning of the journey 🚦, where new technology is just beginning to generate excitement 🤫.
- Peak of inflated expectations: the rise to the top 📈, where interest and investment in technology start to skyrocket 💸, but it’s not yet proven 🤔.
- Trough of Disillusionment: The drop 📉, where the hype and hype around technology begins to fade as it falls short of expectations 😔.
- The slope of enlightenment: the climb back 🔝, where technology matures and is better understood 💡.
- Productivity plateau: the final destination🏁, where technology is widely adopted and brings real benefits💰.
Many web3 applications are still easing into the “Innovation Trigger” phase of Gartner’s Hype Cycle. Think of it like a new hype train just pulled out of the station, people are excited buying tickets, but the destination is still far away. There is a lot of buzz and innovation in the space, with people creating all kinds of decentralized applications (dApps) and protocols using blockchain technology to create a more secure and decentralized internet. But it’s still early days, like a trip to the Wild West, and it will be a minute before we hit the “Productivity Plateau” and it becomes mainstream.
We will see many ups and downs in the journey of web3 technology before we reach the “Productivity Plateau”
In this blog series, you will learn the
- Blockchain Fundamentals
- Wallet (Entrance to the web3 world)
- Different types of blockchain
- additional steps
Let’s get ready for an adventure ride. We’ll start by comparing web1, web2 and web3.
Web1.0:
Now let’s go back in time to Web1, the original version of the World Wide Web. It was all about static pages and basic information sharing, like reading a 1990s newspaper. Websites were like a one-way street, where users only consumed information, not created it. It was like listening to the old-fashioned radio 📻. You can only listen to the music but you can’t change the station.
An example of a Web1 website would be a university website that provides information about its programs, staff, and events, such as a brochure📄.
Web 2.0:
Buckle up and get ready to hit the information highway with Web2, the era of the dynamic and interactive web experience on the World Wide Web. Social media 📱, blogs 📝 and user-generated content 🤳 have taken over the information highway like a convoy of party buses. Websites were designed to be more interactive, with features like comments 💬, ratings 👍 and sharing 🤝, like karaoke night on wheels. But, it also came with a downside, centralization. A small group of companies and individuals controlled much of the information highway, like a traffic jam caused by a single vehicle.
An example of a Web2 website would be Facebook, where users can connect with friends, share posts, and create groups, but also subject to the platform’s centralized policies and algorithms 🤔.
Web3.0:
Web3 is like the future of the World Wide Web, with decentralized technology, blockchain 🔗 and the ability to truly own your identity online 🎫. It’s like having a personal DJ playing your favorite songs and accepting requests. Web3 uses blockchain technology, allowing decentralized applications (dApps) to be built on top of it. These dApps give users more control over their data and allow for more secure transactions, like having your own VIP lounge at the club.
An example of a Web3 application would be a decentralized marketplace, such as OpenSea, where users can buy and sell unique digital assets in a secure and decentralized way, like buying limited-edition merchandise at a concert.
Nowadays, there are a lot of hacks happening on secure centralized servers, so how can we store the data in a decentralized way safely and reliably? Yes, the world of decentralization has its own set of problems like
- data manipulation
- Trust in the network
- Data verifiability
In this blog series, we will solve this problem with cryptography and build a blockchain model.
Applaud👏👏👏 to appreciate the article and feel free to leave your comments 💬 about it.
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