WELCOME

Hey guys, welcome to my ‘Everything web3 series.’ I’m excited that I’d be taking you through my journey to being a web3 dev, as I learn.

In the following articles, I will attempt to break down the confusing terms and demystify the awe you might have for the ‘third web.’ Yes, I said awe because several people (me inclusive), were overwhelmed by all the fuss about web3 online and felt like it was going to be difficult to dive into it and become a web3 or blockchain developer.

Well, I'm still early on my journey to become one but it promises to be an exciting adventure. So, hop in with me on this exciting ride! 💃

Before we dive into solidity ( which is an object-oriented programming language used for implementing smart contracts on various blockchain platforms, most notably, Ethereum) and the syntax, let's talk about what web3 is all about.

WHAT IS WEB3?

Do you ever find yourself wondering, “what is web3?” You're not alone. Even if you're not into blockchain technology like Bitcoin and NFTs, you've probably heard about web3 (or web3.0). Your tech-savvy friends might be telling you it's the future, but the concept is a bit confusing. Is it blockchain or cryptocurrency?

Here's what you need to know. 😊

At the most basic level, web3 refers to a decentralized online ecosystem based on the blockchain. Platforms and applications built on web3 won't be owned by a central gatekeeper but rather, by users who will earn their ownership stake by helping to develop and maintain these services. Web3 is a collective phrase for decentralized tech stacks.

The term web3 was coined by Gavin Wood—one of the co-founders of the Ethereum cryptocurrency—as web3.0 in 2014. Since then, its become a catch-all term for anything that has to do with the next generation of the Internet being a decentralized digital infrastructure. Gavin Wood and those who support the web3 concept claim that web2.0 is controlled by ‘big tech,’ which in turn is beholden to regulators who may or may not be effective at maintaining public trust in the internet or data security. In a 2021 interview with Wired, Wood said the current web requires trust in institutions that we can't hold accountably.

“Maybe [companies] tell the truth because they are scared that their reputation will take a big hit if they don't. But then, as we saw with some of the Snowden revelations, sometimes companies don't get an opportunity, to tell the truth.”

In summary, Gavin Wood said, what technology needs is ‘clear governance.’

WHAT MAKES WEB3 SO UNIQUE?

One of the most critical characteristics of web3 is that it facilitates ownership. However, to understand what this means, let's talk about the web up to now.

Web1

Read

“The original thing I wanted to do, was to make it a collaborative medium, a place where we [could] all meet and read and write.” -Tim Berners — Lee’s Vision in 1989

Web1 was pretty simplistic. It was read-only, with only a select few actively creating content. The vast majority of users simply consumed static pages and content. Most websites were owned by companies and institutions. Most websites were also just (quite boring) recreations of traditional print media.

Web2

Read | Write

Thankfully, web2 (where we are now) was and is much more exciting. The introduction of frontend technologies like JavaScript and backend technologies like PHP, allowed developers to program dynamic websites.

User-generated content and social networking created a new online age of creation and collaboration.

Today, we can read, write, view and upload content on various platforms. We share, connect and communicate with each other across the globe.

One problem is that most of web2 are now controlled by a few Big-Tech corporations, and all user activity is monitored.

Another problem is that there is no way for developers to build financial applications. There is no way to program money. We can only integrate some payment processors.

Imagine if you could build and program money...

What if money worked like email, as an internet protocol anyone can study and build upon, no matter who they are...?

Now, here comes web3! 💃

Web3

Read | Write | EXECUTE

Although it's still early days, web3 is out there right now. Powered by blockchain, web3 is already more open, fair, and empowering for individual users than web2 can ever be. It solves the problems we face in web2. How?

• By removing the need for trust, and by removing the need for permission.

• To interact with web3 applications, all you need is a wallet. This wallet contains your private key, which is used to sign transactions. Those transactions are then checked, confirmed, and processed by the blockchain.

• Blockchains are just databases, but the crucial difference is they are split across thousands of different nodes, rather than centralized on a few servers.

• Each node holds a complete copy of all data stored on the blockchain. Once data is verified, accepted, and written to the blockchain, it cannot be altered. This means blockchains enable secure peer-to-peer transactions without human intermediaries.

It also means anyone with a wallet can program and interact with them. No trust, no permission required. You can now see why web3 will change everything. It already is.

High earning potential, especially for developers and innovators, is a major driving force. Blockchain developer salaries already average around $100,000 per year, and this will only increase as web3 adoption rises. Web3 also opens the doors to massive innovation. Let's be honest: There are no real surprises in web2 development anymore. Pioneers like Google and Meta staked their claim early, and are now unshakable.

Web3 on the other hand still has space for you to create a groundbreaking project or trailblaze a world-first approach to finance. The Gold Rush has started! 🥳 And as a web2 developer, you already have an advantage. It's already happening, in fact, and it's open to anyone. There are 13-year-olds in India building cross-chain financial dApps. Small dev teams in Australia creating decentralized data brokerages, solo game devs building play-to-earn MMOs, and much more.

This is all possible because blockchain technology removes the need for middlemen or intermediaries through smart contracts-automated programmable procedures that exist on the blockchain.

There are no gatekeepers that can monopolize or lockout individuals.

This means anyone, anywhere with an internet connection and a small pool of starting funds can enter the web3 world of decentralized finance, gaming, and trading.

For developers, it also means no multinational conglomerates are preventing you from building and deploying your ideas.

Now that we've explained what web3 is and how it's making its way to becoming the ‘next big thing’, let's talk about blockchain and how it works.

WHAT IS BLOCKCHAIN?

Web3.0 promises a decentralized internet built on the blockchain. Simply put, a blockchain is a special kind of database. According to cigionline.org, the term blockchain refers to the “whole network of distributed ledger technologies.”

According to oxford dictionaries:

A ledger is a book or other collection of financial accounts of a particular type.

A ledger is a foundation of accounting and is as old as writing and money.

Now, imagine a whole suite of incorruptible digital ledgers of economic transactions that can be programmed to record and track not only financial transactions, but also virtually everything of value. The blockchain can track things like medical records, land titles, and even voting. It is a shared, distributed, and immutable ledger that records the history of transactions, starting with transaction number one. It establishes trust, accountability, and transparency.

Blockchain stores information in batches called blocks. These blocks are linked together in a sequential way to form a continuous line. A chain of blocks. Each block is like a page of a ledger or a record book. Here's an example of how a bunch of blocks comes together in a blockchain.

Say you have three blocks;

As you can see in the figure, each block has three elements:

Data: The type of data depends on what the blockchain is being used for. In bitcoin, for example, a block’s data contains the details about the transaction including sender, receiver, number of coins, and so on.

Hash: No, I'm not talking about that kind of hash. A hash in the blockchain is something like a fingerprint or signature. It defines a block and all its content, and it's always unique.

Hash of previous block: This piece is precisely what makes a blockchain! Because each block carries the information of the previous block, the chain becomes very secure.

HOW DOES A BLOCKCHAIN SECURE ITSELF?

Interfering with a block on a blockchain is almost impossible to do. The first way a blockchain secures itself is by hashing. Tampering with a block within a blockchain causes the hash of the block to change. The change makes the following block, which originally pointed to the first block’s hash, invalid. In fact, changing a single block makes all the following blocks invalid. This setup gives the blockchain a level of security.

Using hashing isn’t enough to prevent tampering. That’s because computers these days are super fast, and they can calculate hundreds of thousands of hashes per second. Technically, a hacker can change the hash of a specific block and then calculate and change all the hashes of the following blocks in order to hide the tampering. On top of the hashes, blockchains have additional security steps including things like proof-of-work and peer-to-peer distribution. A proof-of-work (PoW) is a mechanism that slows down the creation of the blocks. In Bitcoin’s case, for example, it takes about ten minutes to calculate the required PoW and add a new block to the chain. This timeline makes tampering with a block super difficult because if you interfere with one block, you need to interfere with all the following blocks. A blockchain like Bitcoin contains hundreds of thousands of blocks, so successfully manipulating it can take over ten years!

A third way blockchains secure themselves is by being distributed. Blockchains don’t use a central entity to manage the chain. Instead, they use a peer-to-peer (P2P) network. In public blockchains like Bitcoin, everyone is allowed to join. Each member of the network is called a validator or a node. When someone joins the network, they get the full copy of the blockchain. This way, the node can verify that everything is still in order.

Here’s what happens when someone creates a new block in the network:

• The new block is sent to everyone in the network.
• Each node then verifies the block and makes sure it hasn’t been tampered with.
• If everything checks out, each node adds this new block to their own blockchain. All the nodes in this process create a consensus. They agree about which blocks are valid and which ones aren’t. The other nodes in the network reject blocks that are tampered with.

So, to successfully mess with a block on a blockchain, you’d need to tamper with all the blocks on the chain, redo the proof-of-work for each block, and take control of the peer-to-peer network!

Blockchains are also constantly evolving. One of the most recent developments in the cryptocurrency ecosystem is the addition of something called a smart contract. A smart contract is a digital computer program stored inside a blockchain. It can directly control the transfer of cryptocurrencies or other digital assets based on certain conditions.

WHY IS BLOCKCHAIN REVOLUTIONARY?

Here are three main reasons blockchain is different from other kinds of database and tracking systems already in use.

• Blockchain may eliminate data tampering because of the way it tracks and stores data.

• Blockchain creates trust in the data.

• Centralized third parties aren't necessary.

CONCLUSION

Now that you know how the web has evolved from static pages to the more open, fair, and empowering decentralized internet which web3 offers, how exciting does this feel to you? Leave a comment below if you enjoyed reading this article.

Next on this web3 series:

• Decentralized Applications (DApps)