How to Understand Blockchain and the New Internet Web 3.0.
Bitcoin is the gateway into the new internet. This article will be short and sweet. I have been involved in cryptocurrency and bitcoin since 2015. Over the years, there have been many major shifts in this new asset class. This is a quick summary highlighting everything you need to know.
- Blockchain Technology
Blockchain is a digital ledger. It all first started with bitcoin.
Blockchain is an open electronic ledger that can be transparently shared among various users, creating an unchangeable record of their transactions. Each digital record or transaction in the chain is known as a block, allowing a public or controlled set of users to participate in the electronic ledger. Each block is linked to a specific participant. Blockchain can only be updated by consensus among participants; once new data is entered, it can never be erased. The blockchain provides an authentic and verifiable record of the system's transactions.
Ethereum
Ethereum was the first alternative coin, pioneering the movement into other tokens and cryptocurrency altcoins. As the first of its kind, most of the crypto space runs on Ethereum. Many tokens you may own are considered ERC20 tokens, and Ethereum wallets such as MyEtherWallet, MetaMask, and others are interoperable, working together within the Ethereum ecosystem.
In 2017, the market finally started to price this all in, with ICOs (Initial Coin Offerings) being listed as the following applications of the new internet. This led to the creation of thousands of new cryptocurrencies.
Maturity
Fast forward to 2021, the space has shaken off the weak, and Bitcoin has reached $60,000 and climbing. With a nearly $2 trillion market, submarkets and niches have emerged. New blockchains interoperable with Ethereum are being created, allowing developers to create their Dapps on Ethereum and competitor sidechains such as Solana. This facilitates more growth and innovation as some sidechains offer unique features and benefits compared to Ethereum.
Niche Markets
NFTs (Non-Fungible Tokens) represent another niche market within the blockchain world. Digital artwork, collectibles, and other unique assets are bought and sold as NFTs. While most NFTs will eventually lose value, a small percentage that survive will be special occasions, celebrities, collectibles, or masterpieces.
The Future of Blockchain
The new internet, Web 3.0, will be decentralized and fully accessible. Rapid technological advancements over the coming decade will bring virtual reality, virtual economies, digital land, digital collectibles, and further digitization of our world. The future in this realm is undoubtedly bright.
Signing off,
Emporos.
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