Blockchain technology is revolutionizing the global digital economy, now being practically applied across industries — including finance, gaming, social media, and more. Moving towards a more decentralized digital world built on the blockchain opens up new career and job opportunities.
This blog examines the steps and knowledge required to kickstart your web3 journey, from understanding basic blockchain concepts to building full-stack web3 apps on decentralized networks.
Introduction to Web3
Web1: The Information Era
The earliest phase of the internet, Web1, mainly consisted of static web pages with a read-only interface, where users could retrieve information but not interact with applications.
Web2: The Social Network Era
Web2 introduced dynamic and interactive applications like social media and e-commerce, enabling users to create content, interact, and engage with other users. However, Web2 is characterized by significant centralization, with user data and privacy controlled by large companies.
Web3: The Decentralized Internet
Web3 redefines user ownership by decentralizing control over digital assets and data. Through blockchain technology, data is scattered across a decentralized network of nodes rather than held on a centralized server. This enhances personalization, data privacy, security, and interoperability.
Understanding Blockchain
Blockchain Basics: A blockchain consists of "blocks" in a "chain" structure. Each block contains a set of transactions or data and a unique identifier (hash) that connects it to the previous block. New blocks are added through a consensus mechanism where nodes agree on the validity of transactions.
Primary Features of Blockchain
Decentralization: Data is distributed across multiple nodes, ensuring availability and security.
Transparency: All transactions are viewable by anyone on the blockchain.
Anonymity: Users interact with the blockchain through unique addresses rather than personal identities.
Consensus Algorithms: Mechanisms like Proof of Work or Proof of Stake ensure transaction validity without a central authority.
Immutability: Once added, data on the blockchain cannot be altered or removed.
Popular Blockchain Examples
Bitcoin: Created by Satoshi Nakamoto in 2008, Bitcoin enables peer-to-peer transactions using a digital currency (BTC) and employs the Proof of Work (PoW) consensus mechanism.
Ethereum: Introduced by Vitalik Buterin in 2015, Ethereum expanded blockchain utility with smart contracts, allowing for both p2p transactions and programmable agreements. It currently uses the Proof of Stake (PoS) consensus mechanism and its Ether (ETH) currency.
EVM Compatibility: Ethereum's Ethereum Virtual Machine (EVM) enables the creation and execution of smart contracts on its network and other EVM-compatible blockchains like Polygon, Avalanche, and Base.
What are Smart Contracts? What is Solidity?
Smart contracts are self-executing agreements with predefined conditions coded into them. They are trustless, transparent, and immutable, and open up various use cases, such as cryptocurrencies, NFTs, decentralized finance, and Web3 gaming.
Solidity is the primary programming language for writing smart contracts on Ethereum and other EVM-compatible blockchains, allowing developers to define contract logic, variables, and functions.
Web3 Wallets: Key Components
Web3 wallets store and manage digital assets, allowing users to interact with decentralized applications and smart contracts. Each wallet has:
Private Key: A secret key proving ownership of assets.
Public Key: An identifier for the wallet to receive assets and verify transactions.
Hungry for more? Join me each week, where I'll break down complex topics and dissect the latest news within the cybersecurity industry and blockchain ecosystem, simplifying the world of tech.
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