Diving into web3
Tags: webdev, web3, blockchain, computerscience
Published: 2022-02-25 15:39:32

## **Web1** 

Think of it as one directional conversation. The website content was same for everyone. 

## **Web2** 

Bi-directional conversation. Netflix, youtube, twitter, facebook etc are part of it and data breaching also. There is **lack of transparecy, corruption and single point failure.**

1. Trusting middleman leads to corruption and hacks
2. Users became product and privacy goes away
3. Critical issues occur(data breaches, huge incentives for hackers, users getting manipulated)

Facebook, Twitter are charging your privacy in exchange of services they provide.

## **Web3** 

 Peer to peer, each keeps the other in check
Users run the n/w and are rewarded for the same, enables trustful, faster and user incentivization first way to run the web.

Web3 is like early days of internet, still developing.

We get many notifications from banks, ecommerce, food delivery apps, social media, mails etc. In Web3, notifications were not present for NFT buy/sell etc. Users in web3 are user wallet and not the emails. EPNS is building decentralized notification protocol. It is open communication middleware from services to wallet in multisharing way in not just text, videos, pictures , anything.

## **Use cases**

1. De-fi
2. Governanace
3. etc

## **What web3 things you can do?**

1. Join a hackathon
2. Participate in DAO, Learn and Earn
3. EPNS 1 million dollar grant (gov.epns.io)
4. DAO - Particpate in governance there are incentives for participation

Web3 povided ownerships for every info of yours. There is trust with us only, not with browser or anything.

Decentralisation - No trust on anyone else, no one tells what to do, we have governance, we decide how we place ourself in this internet.

Governance tokens - Brings in power in hands of community, proves governance, have voting right, participate in a decision, that is how it comes distributed.

De-fi - decentralized finance
Centralized finanace works have banks and govt in middle, bank uses our money to give loans and we get our money back whenever we want. I cant avail better bank facilities in Japan sitting in India.

In De-fi it governs how agreement is done, borderlessness is there, instead of real world assest, will be giving crypto asset.
Its giving away extra tokens you have, and it uses those in the network of it to govern. 

Everything on centralized finance is there in De-fi. We can participate in a global level services with De-fi.

## **Why only ethereum for De-fi?**

Web2 learned from web1 and web3 from web2. Bitcoin blockchain allows trade in bitcoin, investment tools, but ethereum involved smart contracts, ensures scalability in blockchain tech. 

## **Smart contract** 

 A code that governs how a contract happens, how a code happens. The code is locked in it.

_When we say blockchain, we mean eliminate middle man._

Take gold by giving money, give money for gold. 

Anyone can create cryptocurrency, its few lines of code only, say a smart contract. 
Not every cryptocurrency can be accpeted as cryptocurrency. 
There are tons of tokens, but the one which hold utility and real world use cases are valued.

Info like who is creating it, need of it, why creating this cryptocurrency etc. This is all that matters, but without utility its meaningless.

Solidity is best to code tokens. ERC20 on ethereum can be coded easily. There are thousands of ERC20 tokens.

## **DAOs**

**_Decentrliazed autonoumous organization_**

MNCs, startups, have there own rules, run by CEO, CFO etc this is not in web3. We want to create a nature of decentralization. We give power back in hands of community, a voting mechanism.
DAO runs on telegram, discord serverr etc. Look at it like virtual kingdom where you define rules and regulation for people. 
The DAOs run on code. 

In DAO people who have the ownership can take decisions. The more the tokens you have the more decision making power  you have.

Coin voting is a issue here. CEO has more tokens but analyst has less token so less power than CEOs.

DAOs is in early days. 
Synthetic is a platform, a protocol. 


Web2------------>Web3
Companies---->communities
vision---->white papers
equity---->tokens
names---->domains
marketing---->meme market
investing---->staking
private---->public


## NFT - Non fungible token
A virtual asset.

NFTs are structured through some languages just like the virus are coded. And the code puts some rules which make it unique. 


Smart contract does not allow duplicacy. 100 different copies can be sold, but in web3 it works, it will be like addition1, addition2 to addition100. 
The picture might be same, but utility and wallet holding them would be different. It has different place in every blockchain.

You can fool someone with first copy in the market of a branded products. In web3, people are not fooled, they still want to have the copy, its not befooling, people just want to have a copy. 

NFT is programmable, a technology part on blockchain. 

Web3 is rewarding everyone

Thanks for reading...