Web3.0: Explaining like you are a normie
Even your grandpa will understand👨🦳
Thread🧵
Even your grandpa will understand👨🦳
Thread🧵
📍Everything improves and evolves with time, internet is no exception to that.
📍Web1.0 = Simple websites. No design, only text. Almost all internet users were content consumers.
You could not chat with another internet user like you do today, no user-to-user interaction.
You could not chat with another internet user like you do today, no user-to-user interaction.
📍Web2.0 = Sophisticated, highly functional websites.Ecommerce skyrocketed. Social media exploded.
Internet users not only can consume stuff, but they also have the privilege to create on the internet like social media posts, youtube videos, this thread you are reading etc etc.
Internet users not only can consume stuff, but they also have the privilege to create on the internet like social media posts, youtube videos, this thread you are reading etc etc.
📍Problem with Web2.0: Your data gets stored in companies-owned servers.
Companies track your footsteps on the internet & monetize your private information either by targeting ads or selling it to other companies and make crazy money off of it.
Companies track your footsteps on the internet & monetize your private information either by targeting ads or selling it to other companies and make crazy money off of it.
📍A handful of companies dominate the internet as money and power accrued in their hands.
They change their algorithm for their monetary benefits, and people lose their business. No transparency.
They change their algorithm for their monetary benefits, and people lose their business. No transparency.
📍Web3.0 is decentralized.
Decentralized =Big companies like Google, Facebook, Amazon, Apple, etc. won't have as much dominance over the internet (or your life in general.)
Decentralized =Big companies like Google, Facebook, Amazon, Apple, etc. won't have as much dominance over the internet (or your life in general.)
📍Web3.0 is an internet powered by blockchain—an internet that was not possible before.
📍Blockchain is a system of recording data in a way that makes it impossible for anyone to change the records. And no single authority controls or owns it.
📍Blockchain can be used pretty much in every field. But some use cases that are prevalent include cryptocurrency, defi, daos, dapps, dex, etc. And that's just scratching the surface.
📍Cryptocurrency = decentralized money
Gov won't print more cash to decrease its value and manipulate interest rates.
And banks, credit card companies, PayPal, etc won't charge crazy high fees.
Cryptocurrency kicks out middlemen involved in transactions between two people.
Gov won't print more cash to decrease its value and manipulate interest rates.
And banks, credit card companies, PayPal, etc won't charge crazy high fees.
Cryptocurrency kicks out middlemen involved in transactions between two people.
📍Defi = making money off of cryptocurrencies
Defi involves things you can do with cryptocurrency that you'd do with a regular financial system plus a lot more(like liquidity pools, staking, etc.)
With web3.0 borrowers are matched with lenders directly with no middleman.
Defi involves things you can do with cryptocurrency that you'd do with a regular financial system plus a lot more(like liquidity pools, staking, etc.)
With web3.0 borrowers are matched with lenders directly with no middleman.
📍Daos = decentralized companies(sortuv)
No CEO. No owner.
The organization is governed by codes.
In case of a new decision, voting takes place. The one who holds the most shares(most tokens) of that organization has the highest veto power.
No CEO. No owner.
The organization is governed by codes.
In case of a new decision, voting takes place. The one who holds the most shares(most tokens) of that organization has the highest veto power.
📍Dapps = decentralized apps
No Zuckerberg in the picture.
So, no selling of your private information.
No one owns or controls anyone's participation.
As long as you have internet(which you have cuz you are reading it), you are good to go.
No Zuckerberg in the picture.
So, no selling of your private information.
No one owns or controls anyone's participation.
As long as you have internet(which you have cuz you are reading it), you are good to go.
📍Web3.0 is still in the early stages, so most use cases are yet to be discovered, and the ones that already exist are being improved constantly.
📍To summarize, Web3.0 will create new possibilities has the potential to reinvent how we think of the internet.
📍If you like it, consider retweeting the main tweet so that everyone's grandpa can understand.
B I G thanks!
B I G thanks!
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