Crypto: Web 3.0, Blockchain and Cryptocurrencies Simply Explained
If you are new to the crypto world, first of all: hi and welcome aboard!
It is completely natural if you feel a bit overwhelmed at first, with all the industry jargon and multiple concepts that are very unfamiliar. Don’t worry, you’re not alone in this journey and we are here to guide you through this complex yet wonderful new world.
Our main goal with this article is to simplify some concepts — you don’t have to fully understand everything, but it’s good if you have a general idea of what people and businesses mean when they talk about blockchain, tokens, or NFTs.
Let’s get into it!
What is Web 3.0?
First things first. You’ve probably been hearing a lot about “the new web 3.0” but what does that mean exactly? Well, we need to take a step back and look at the evolution of the web so far.
Web 1.0 — the first version of the web that arrived in the 90s. Some of you may not remember it, but at the time, it worked almost like an enormous encyclopedia; users could consult topics about an infinite number of themes, but with almost zero interaction.
Web 2.0 — this is the version of the web that we’ve been navigating since the early 2000s to this day. Users are not only consumers but also producers of content — think of platforms like YouTube or Instagram. The big problem: a growing lack of privacy, with the huge amount of data that we’ve been sharing with some of the biggest companies in the world, and which are used to control the info that is given to us according to our tendencies, making each one of us a product that is sold to advertising companies.
People now want to regain control so backed by the breakthrough blockchain technology Web 3.0 is born — a new version of the web where people are not only consumers and content producers, but also be partial owners of projects and assets.
Now, this leads us to the next question:
What is Blockchain?
This one could go on for a long time, but the most important thing you need to know it’s a type of database built with a technology that assures that and that immutable, so no one can tamper with it, and it’s decentralized, meaning that anyone can access the data that is stored in the blockchain.
This technology is the base for all cryptocurrencies and play to earn games.
So we need to know:
What is a cryptocurrency?
It is a digital currency that doesn’t rely on any central authority, such as banks and governments. It is used in peer-to-peer transactions that are stored on the blockchain, and that can be stored in digital wallets. These digital currencies have different values and can be converted into real life money.
We have 2 types of cryptocurrencies:
• Crypto Coins
There are multiple types of each and they both can be used to make digital transactions.
The only difference is that crypto coins use their blockchain, whereas a token uses some other coin blockchain as an infrastructure, but let’s not get too technical.
What you need to keep in mind is that these are types of virtual money that we can use on the web 3.0 — kind of like in the real world, where you have different currencies for different countries. If you’re visiting Spain you need to use Euros, if you’re going to New York you’ll use dollars, and you need to use one to buy the other.
Well, cryptocurrencies are the same: you can buy a digital currency with your real life money and you can exchange one coin or token for other.
Cryptocurrencies you can be used pretty much as you use your real life money:
- a form of investment
- buy assets
-get paid for your services/wins
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