This is the fourth day of my participation in the November Gwen Challenge. See details: The last Gwen Challenge 2021.

The financial crisis of 2008 was a heartbreaking moment in human history. Big banks make home loans to people without caring if they can pay them back. The banks did this to guarantee that the insurance company would pay a penalty in the event of a default. At some point, the insurance companies were unable to pay for the excess of bad loans that the banks had greedily made, and the financial crisis occurred.

During the crisis, many banks filed for bankruptcy, thousands lost their jobs and many more became homeless. This period created a great distrust of financial institutions. That distrust fueled Bitcoin, which Mr. Nakamoto created in 2009.

The creation of Bitcoin gave birth to the concept of blockchain, the technology at the heart of how Web 3.0 works.

In this article, we will cover the following:

  • What is Web 3.0
  • Why Web 3.0
  • How to become a Web 3.0 developer

What is Web 3.0

Web 3.0 is also called decentralized networking. It is the latest generation of Internet applications and services powered by blockchain technology.

Bitcoin was the first true digital currency and the inspiration for Web 3.0. Bitcoin is revolutionizing the way we exchange value over the Internet without intermediaries like banks. Decentralization has made Bitcoin so successful in the financial ecosystem, and now companies are looking to apply the same decentralization concepts to other areas, such as NFT, metasegesis, and more.

This inspired the launch of The Ethereum programmable blockchain technology in July 2015. While Bitcoin is primarily used as a digital currency for exchange of value, Ethereum was built to enable us to build more advanced blockchain systems.

Why Web3.0

Web3.0 aims to create an Internet with decentralized ownership and control. On the Internet, you own your data, you decide what to do with it, and you can exchange value directly across borders without a third party.

We build new technologies on top of existing ones all the time, so Web 3.0 is a more trusted and decentralized version of Web 2.0

Web 3.0 has been around for about 12 years. Although it is developing gradually, it is still in the early stages. There is still a lot of work to be done to fully move the world from Web 2.0 to Web 3.0

Become a Web 3.0 developer

It takes two things

  • Understand the concept of blockchain technology
  • Learn to write smart contracts using the Solidity programming language

Blockchain concept

Blockchain as a system can be likened to a country of many cities, linked together by a network of roads. Each of these cities has boundary points through which cars enter and exit the city. Every time a car enters a city, it is taken to a central parking lot, where it is parked temporarily with other cars. The cars were later taken to city parking lots for long-term storage.

In blockchain:

  • Cities are Nodes.
  • Cars can be Blocks: Blocks.
  • At the border checkpoint is the account created on the node. They can send and receive transactions.
  • A road network is a network that allows transactions or blocks to be transferred between nodes.
  • The center parking lot is the equivalent of a trading pool at the blockchain, which contains clusters of pending transactions that have not yet been incorporated into the blockchain system.
  • The garage equivalent of a transaction block is immutable stored in a distributed ledger.

Many nodes come together to form a decentralized blockchain infrastructure. Decentralized because they can be created by anyone, anywhere in the world.

A node can have multiple accounts (such as your account on Binance or BuyCoins) that can initiate transactions or block transfers.

Blockchain transactions are simply a peer-to-peer transfer of electronic value between two accounts at the same or different nodes. Each account has its own unique address.

A node then creates a transaction block from the transaction pool and consolidates these blocks into an existing blockchain (blockchain)

Each of these blocks is stored in the node’s hardware and cannot be changed. Blocks are broadcast to every other node in the blockchain network, ensuring that every node in the network has the same copy of the blockchain.

The immutability of each block in the blockchain is reinforced by the rule that each new block added to the blockchain must be connected to the previous block in the chain.

conclusion

Every decentralized application runs on the same concept, where we have a network of decentralized nodes that transfer value in the form of transactions or blocks of transactions, validate those values, and then record those values in an immutable distributed ledger.

I will be writing more about building decentralized applications (DApps) with smart Contracts using the Solidity language.

Cheers!