Cryptocurrencies and the emerging Web 3.0 based on blockchain.
Do you want to learn more about terms you may have already heard: cryptocurrencies and Web 3.0?
Here is the right place!
First, let’s start with a quick recap on this trendy topic. Cryptocurrencies rose in the 2010s when the first bitcoin was sold in 2009 (source: Baloise Bank). They are currencies and money sold and stored online, on what is called a blockchain.
New term to define! Don’t worry it’s really simple and accessible to anyone, you’ll understand really quickly. A blockchain is the opposite of a centralized system, it’s a database distributed everywhere and there is no notion of authority or regulator, it doesn’t belong to any entity and there is no storage of the data in a single place.
It allows you to see the data and the distribution of the information in a different way. Once something is on the blockchain, it cannot be changed, in a more technical way, we say it’s immutable.
Ready to move forward with all this new knowledge? Or maybe you were already a pro? In both cases let’s go deeper!
As said before, cryptocurrencies appeared in the 2010s when blockchains were created to support that new kind of currencies. The aim is to protect the data as it cannot be deleted or modified and to allow easier access to information. The data stored is accessible by anyone but no one can change it.
So the main advantage for cryptocurrencies to be based on blockchain is privacy and data security. It’s not controlled by any governments, and the value is the same for all the countries, so transfers across borders are easier (no fees, no need for Visa or Paypal to verify the transaction). (Source: Angelone.In)
Nowadays they are mostly used in order to invest and sell later because the value of each cryptocurrency is fluctuating. This business based on anticipating the fluctuation of the value is called “trading”.
Here are the most trendy cryptocurrencies you need to know:
- Bitcoin (how could we skip this one?) Its value jumped from 500$ for one BTC in 2016 to 46,000$ in 2022! Its the most traded crypto in the world.
- Ethereum (ETH) became popular
How to buy it? - Tether (USDT)
Binance.US is a place where you can buy, sell crypto, and trade. Companies are also starting to accept cryptocurrencies as a way of payment.
You can for example buy your Tesla with Bitcoin and the company recently launched a merch collection only available in Dogecoin (the favorite crypto of Elon Musk).
Something really huge is coming with crypto and we can imagine a future in which you will be able to pay for your next pair of shoes with Bitcoin! And now you might say: How is it related to Web 3.0? Well, everything is linked!
Blockchain (which is the technology behind cryptocurrencies) is also at the base of Web 3.0. The web we know nowadays is used by over 3 Billion people for 80% of their day (source: Medium) and is possibly going to evolve to respond to our constant need for simplicity and fast access to information.
This idea for a new iteration of the WorldWideWeb we all know is based on a blockchain and is part of the third generation of internet services. All the content will be more and more tailored to you (your habits, your expectations, etc…) The information will be processed in a smart-human way, based on machine learning processes and automation to make this Web3.0 more intelligent and autonomous. (Source: Coinmarketcap)
The link with blockchain is that data will be decentralized (remember this term?), and won’t be stored in a unique place. And going further, users and hardware will be able to interact with data!
So now we can expect a convergence between Blockchain, Cryptocurrencies, and Web 3.0 which are all linked together, and maybe tomorrow in other fields?
We can imagine many things! How will transactions be made? How companies will run their business? How will we use this new interface? How far can go automation?
Many opportunities will rise with those new technologies, and it’s the perfect time to train for tomorrow’s jobs and access your dream!
Define Your Future and visit our website: https://www.holbertonschool.com/