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In this video, we’ll explain the basics of blockchain, where it came from, and how it’s shaping web3. Whether you’re completely new or want to learn more, this guide will help you understand why blockchain is so important.
🎯 What You’ll Learn:
– The history and purpose of blockchain technology
– How consensus protocols like Proof of Work & Proof of Stake ensure security
– Key historical events, including the Ethereum fork, and their impact on the ecosystem
– The difference between blockchain as technology and web3 as an ecosystem of decentralized applications
⏱️ Chapters:
0:00 – Introduction
0:23 – What is Blockchain?
2:32 – How Blockchain Solves Trust Issues
2:54 – Consensus Protocols: Proof of Work and Proof of Stake
3:56 – The Ethereum Fork Explained
4:55 – Blockchain vs. Web3: Key Differences
5:35 – Wrap-Up & Takeaways
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Website: https://www.risein.com/
date : 2024-11-21 17:31:11
views : 185
likes : 14
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Blockchain and Web3 Beginner’s Guide
If you’re new to blockchain and web3, it’s natural to feel a bit lost. But don’t worry, I’m here to break it down in a fun and understandable way. Let’s start with the basics.
A blockchain is a type of distributed ledger system that’s shared across multiple nodes on a network. These nodes are essentially databases that anyone can set up, providing they have the necessary equipment and resources. This decentralization is the answer to the problem of needing a central entity, like a bank, to facilitate peer-to-peer transactions.
Blockchains use consensus protocols to validate transactions and add new blocks to the chain. Proof of work, used by Bitcoin, requires nodes to solve complex mathematical puzzles to add a new block. Proof of stake, used by other blockchains, requires nodes to lock up some amount of cryptocurrency as a stake, making it difficult for them to act dishonestly.
While blockchains are secure and transparent, they’re not immune to issues. For example, in 2016, the Ethereum blockchain faced a major issue when a smart contract was hacked, leading to the theft of almost $50 million worth of Ether. To recover the stolen funds, the community decided to fork the chain, creating two new blockchains: the current Ethereum and Ethereum Classic.
Web3 is not just a technology, but an ecosystem that uses blockchain and other decentralized technologies to create a new generation of internet. Think of web3 as a car, with the blockchain being its engine, and other technologies making up the rest of the vehicle. Web3 has the potential to revolutionize how applications are developed and how data is managed.
So, is web3 worth learning? I believe it is. As we explore the benefits of web3 in future videos, you’ll see why it’s an exciting space that’s changing the way we interact with the internet.
Some general interesting Web3 facts:
- The web3 ecosystem is projected to reach $1 trillion by 2025.
- Web3 is creating new opportunities for decentralized finance (DeFi) and non-fungible tokens (NFTs).
- Web3 is helping to create a more secure and transparent internet, making it harder for hackers and data breaches to occur.
