- World Wide Web commonly known as Web is something built on top of Internet.
- Collection of documents that can be requested by a browser from a server
- Each document can accessed by a web address
π Why is it suffixed with 3? Are there any 1 and 2 as well?
Yes there areβ
Web1
- Static web pages
- Read-only : Not Interactive
- More consumers less creators
Web2
- Interactive and social web
- Read/write
- Gave birth to more creators
- Largely handled by big tech firms
π Why Web3?
- In Web2, Centralisation by big techs providing services in exchange of personal data
- Have to abide by the rules of government/company's (You never know when your tweet might be taken down :p)
π What is Web3?
- A decentralised web
- Runs on blockchain technology
- Read/write/own
- No particular companies owning the data
- Platforms and apps not owned by central authority
π Key features of web3
- Open - Built from open source software
- Trustless - No intermediary required
- Permissionless - No authorisation required
- Secure - Not owned centrally
- Privacy - No direct data breach
πWhat will be the next thread on?
It'll specifically be on Decentralised Applications(DApps)π
Thank You for reading! If you liked this thread, follow me @GargEtisha and retweet this tweet so that it can reach to maximum people.
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π Why we require Proof-of-Stake consensus mechanism if we have Proof-of-Work?
If you have read my last tweet, you should have at least 1 answerπ
- Negative impact on the environment π
- Expensive to be a miner π΅
- Scalability : Less transactions processed per secondβ±
π What is Proof-of-Stake?
- It does not have miners but instead validators
- Only who put their crypto on stake become validators
- There is no competition but a validator is picked in a pseudo-random way, who propose to add next block
π What is consensus?
Let's understand it with an example :
If your family is planning to buy a car and if more than half of the persons in the family agree upon a certain model of the car, then we say we have reached a consensus or in simple terms agreement upon something.
π What is blockchain consensus mechanism?
Since blockchain is a public distributed ledger and an agreement is required from every node in the network to make any addition to the blockchain, it is nothing but a certain procedure to reach an agreement upon current state of network
πWhy was this technology even introduced?
- To remove power from central authority
- To prevent frauds
- To have more transparency
- To have immutable records
π When and how did it all start?
This technology was introduced back in 2008 by an anonymous person(or group) called as "Satoshi Nakamoto"