What is blockchain technology?
A blockchain network is a revolutionary new type of network that’s capable of being decentralized. With Web3 Blockchain Technology it’s possible for a website or app to “live” across many different servers—with each one being independently owned and operated so that no individual or company retains complete control over the network. Blockchain is what makes the new Web3 model possible.
What is Web3 Blockchain Technology?
Web3 is a term used to describe the next iteration of the internet, one that is built on blockchain technology and is communally controlled by its users.
What does blockchain have to do with Web3?
As you’ve seen, blockchain is a novel system for generating consensus among network participants without a governing authority. Web3, meanwhile, is the decentralized web—where apps, online services, and even finance—no longer need a centralized authority.
Basically, blockchain technology facilitates the decentralization that Web3 needs.
With Web3 Blockchain Technology users no longer create a username and password on a centralized server that a central authority could lock them out of, shut down, or limit access to. Instead, users connect to sites and applications that have some or all of their components hosted on blockchain networks—making them partially or fully decentralized. These decentralized apps and sites on Web3 are often called “DApps.”
What’s a cryptocurrency, and how is it used in Web3?
Cryptocurrencies are digital assets that are linked to particular blockchain networks. Each blockchain typically has one cryptocurrency that is natively integrated with the network and its consensus mechanism. The Bitcoin network has bitcoin (BTC), the Ethereum network has ether (ETH), and so on.
A few core principles guide its creation.
Decentralized: instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users.
Permissionless: everyone has equal access to participate in Web3, and no one gets excluded.
Native payments: it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.
With technology breakthroughs now occurring in fields such as AI, VR, nanotech, and quantum computing, and an increasing number of businesses, entrepreneurs, and consumers adopting Web3 blockchain technology in everyday life, Block Matra aims to inform, educate, and share valuable information with our readers.
