Akshay Writes

Essentials about Blockchain and Web3

Essentials you need to know before getting started with Blockchain and Web3

Akshay Kumar U's photo
Akshay Kumar U
·

5 min read

Essentials about Blockchain and Web3

Table of contents

Namaste Folks, The craze for Web3 and Blockchain is just exploding day by day, a lot of freshness and overwhelming resources flooding all over Twitter, and the internet is just amazing, people innovating in the web3 space, and the new idea keeps innovating every day, But as a web3 enthusiast who aspires to start learning blockchain or web3, There is a lot of choice of resources and blockchain's to start with it.

But this creates a lot of questions for a newbie as to Which to pick? What is the scope of it? How can I use it as a weapon to bring value to society or work by learning it? I had these questions initially as well!

So I am writing this article to summarise the STATE-OF-THE-ART of the Blockchains popular in the Market in 2022.

In this article, I am going to talk about key points about the top Blockchains in the market. I will cover the existence of the Blockchain, Community, Key highlights, Gas charges, and Learning resources. without further ado let us start.

excited.gif

What is Blockchain?

Blockchain is a decentralized, distributed record system, Where all the records are stored across a network instead of stored in a central place. (Server)

blockchainvscentral.jpg

Blockchain was first proposed as a research project in 1991, BITCOIN is a digital currency that is very popular in the past decade and is a blockchain-based application that works independently of Central control unlike the currencies we see which are authorized by the Government. now we saw how blockchain is different from a centralized system. So what is WEB3? let's see.

What is WEB3?

The Internet has evolved a lot in the past 7 decades, Internet first being accessible only for research work now being used by kids for various activities (Playing, Education, Social life, etc.) The Internet has passed THREE Stages of Evolution they are WEB(X)

  • WEB 1.0 :

    • First Evolution of the INTERNET
    • Static Web pages mostly consumed for Information browsing.
    • Highly used for Information consumption.

  • WEB 2.0 :

    • Second Evolution of the INTERNET
    • Mainly User Data-Centric
    • Users generated a lot of data and consumed it through Application Providers such as Facebook, Twitter, etc.
    • Data is stored at AP, Risk of User Privacy has increased drastically due to consuming the user data anonymously by APs for their business purpose and selling them to make money out of it.
    • Centralised administration, where users stake at risk

  • WEB 3.0 :

    • Latest evolution 🤩 which provides Users what they wanted i.e: Privacy, Accountability, Decentralised Power. Where users get what they wanted without any side effects.
    • WEB3 focuses more on User Engagement.

For more differences do checkout

If you are thinking web3 will replace all web2 applications? or if you are thinking is it the end of the web2 era? Definitely NOT, Not everything in the world can be changed overnight, Not everything cannot be decentralized at once by surpassing existing Big players and Governments in a day.

Accountability matters!

Will you accept a currency if anybody offers it randomly by saying its value is worth Millions blah blah blah?? You don't right? because You are Entitled with Social Acceptability around you, and legally approved by the Government in the majority of cases.

But Magic happens when you start believing in something which a community of users use and share a similar vision of it and which is privately used by very few at initial and which goes on increasing day by day when the community grows right? Yes you guessed it

The actual revolution happens when "People Start believing in Decentralised system which is mainly centered around the Community who believes in it.

This could be :

  • Decentralised Finance
  • NFT's
  • Metaverse etc.

Enough enough enough.......

Let's see some Popular most used Blockchains in the market :)

Blockchains in market 2022

Ethereum

A complete decentralized blockchain network is popularly and widely used currently worldwide. Ethereum provides a complete decentralized solution but also comes with the con of slow processing time. this disadvantage is being overcome by Ethereum 2.0

IBM Blockchain

IBM Blockchain uses HyperLedger Fabric for blockchain implementation and provides an Enterprise blockchain service.

Solana (Latest in market)

Solana is a decentralized blockchain which is providing Scalable, Fast, and reduced negligible Gas fees in the market and is newly launched in March 2020.

Note: Strongly Recommending to utilize the official documentation resources as Solana, they are updated and clear

That's all for this article, Thank you for reading if you find this article do like and share it with your friends. If I have missed something which needs to be addressed do let me know in the comment section.

thank you.gif

#WAGMI

BlockchainWeb3EthereumSolana