To be successful in the future, you must learn web3 now.
First, here are 7 world-changing Web 3 concepts to get you up to speed:
1. WEB3 - A new version of the internet rapidly emerging on blockchain computer networks like Ethereum
Web3 has changed the internet and made it a better place for humanity.
In the early 1990s, web1 brought HTML and URLs. It allows users to navigate between pages, but the content is static.
Web1 is just a read-only version of the web.
In the early 2000s, web2 brought the ability to interact. Platforms like Google, YouTube, Facebook and Twitter allow us to watch, search and share content.
But when we create content, it "belongs" to those platforms.
Web2 is the read-write version of the web.
But the tech giants who dominate web2 have made a fortune tracking and monetizing user data.
By 2021, Alphabet (Google), Amazon, Apple, Facebook, and Microsoft will have combined annual revenues of about $1.2 trillion.
In the 2020s, web3 is bringing digital ownership to users.
Now you can own digital assets, control your content and data, and more.
Web3 is the read + write + own version of the web.
2. Digital ownership - you can create or buy a digital asset and have full control over it
You own digital property rights and can perform transactions or move your assets. Any value belongs to you.
Digital ownership is possible thanks to non-fungible tokens (NFTs).
Ownership, scarcity, and uniqueness are hard to establish online. The advent of NFTs allows for verifiable scarcity and unmanipulable ownership of online assets.
They bring the elements that give value to physical assets into the digital realm.
With digital ownership, you:
• Own your online identity and social media content
• It can be transferred from one online platform to another
• Owns your online personal, medical data and browsing history
• Can participate in and benefit from the Internet economy.
Here's a deeper dive into the ownership possibilities tokens bring to the internet and your digital life: https://future.com/tokens-are-a-new-digital-primitive/
3. Trustless - a system that executes transactions without the need for the parties involved to trust each other
The system creates the required trust.
A trustless system removes the need for participants to know or trust each other for the system to work properly.
There is no need for an intermediary such as a bank or exchange to ensure the outcome. Computer code is responsible for performing tasks.
Blockchain technology uses smart contracts to facilitate trustless interactions between users.
It allows strangers from all over the world to conduct business without middlemen.
Smart contracts execute transactions for them. Users trust the code and eliminate the middleman.
Trustless systems change commerce, finance, and even voting systems.
In this video, @alive_eth delves into the meaning, history and future of trust, and how it impacts the world.
Encryption - the future of trust
https://www.youtube.com/watch?v=G0rZcpfF5dU
4. Permissionless - a system that allows anyone to participate without approval from a central authority
Public blockchains like Bitcoin, Ethereum, and Solana are permissionless.
It is an open network where anyone can participate in the consensus process used to validate transactions.
The main characteristics of a permissionless system are:
• Fully transparent
• open source
• Anonymous
• Lack of central authority
Web3 is built to be permissionless.
Everyone can have an equal opportunity to participate and no one is left out.
It's a paradigm shift, enabling billions of people to:
• Participation in the economy
• Develop new applications
• Expand creative opportunities
• Build a better world.
What "permissionless" means and why it matters for DeFi from @DefiantNews: https://www.youtube.com/watch?v=7cHzZ-oB-34
5. Zero-knowledge (ZK) techniques - a method of proving knowledge of a particular set of information without actually revealing what that information is
This is an authentication system without any sensitive data exchanged.
Zero-knowledge technology is a powerful way to protect and maintain your online security and privacy in web3.
Assuming you need to be of a certain age to sign up for a service, with ZK you can provide proof of your age without sharing your private information.
ZK is another web3 component that will change the way we live.
It will allow anyone to conduct completely private transactions on their mobile phone, which will then be settled on a trustless blockchain.
This video shows how ZK implements a privacy-preserving use case: https://www.youtube.com/watch?v=7VmI8fRYHMQ
6. Decentralization - moving oversight and decision-making from a centralized organization (individual, company, or group of people) to a decentralized network
Decentralization is fundamental to every aspect of blockchain technology and the web3 movement.
Blockchains are politically decentralized (no one controls them)
Decentralized architecture (no central point of infrastructure)
But logically centralized (a generally agreed state where the system is like a computer). The decentralized web empowers entrepreneurs, creators and developers by providing a level playing field.
They are a better way to build the internet.
7. Composability – the ability to reconfigure components of a system into a larger structure and the output of one system to be the input of another
In web3, composability brings more choices and better user experience.
Anyone can take existing ideas and make them easier to use or adapt to new use cases.
In software, composability is an exponential force.
Developers can bootstrap their own projects without building from scratch.
Non-encrypted services can access an open ecosystem.
NFTs can be used as collateral.
Summarize
The above introduces 7 web3 concepts that change the world, namely:
1. Web3
2. Digital ownership
3. No trust
4. No permission required
5. Zero-knowledge technology
6. Decentralization
7. Composability