It's known be the next phase of internet. Just like internet was something revolutionary back in 90s, similar to that metaverse is going to be the next revolutionary thing of the 21st century.
In most simple words, it's a "virtual world" where we'll have digital version of ourselves or avatars and we can can do almost everything which we're able to do in our real lives like learn, shop, play, work, meet friends and what not.
If you want to get a feel of what metaverse is going to be like, you can definitely give this movie a watch : "Ready Player One".
My thoughts : We're heading towards a technology wherein we'd need highly need to use our conscience in order to not let it affect our real avatars 😁
Thank You for reading!
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The invention of Bitcoin blockchain popularised two major concepts 1. Decentralized currency 2. Blockchain technology
Limitation of Bitcoin: Usage limited to peer-to-peer money transfer over the internet
But can this blockchain technology be leveraged to do more than just that?
📌 Possible solutions to overcome the limitation
- Building a new blockchain with enhanced features: Difficult to implement with high development time
- Building something on top of Bitcoin: Less scalable
- Trying to use programming on top of Bitcoin: Limited capabilities
- 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
📌 Why is it suffixed with 3? Are there any 1 and 2 as well?
Yes there are✅
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
📌 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 answer😉
- Negative impact on the environment 🌍
- Expensive to be a miner 💵
- Scalability : Less transactions processed per second⏱
📌 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
📌 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.
📌 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
📌Why was this technology even introduced?
- To remove power from central authority
- To prevent frauds
- To have more transparency
- To have immutable records
📌 When and how did it all start?
This technology was introduced back in 2008 by an anonymous person(or group) called as "Satoshi Nakamoto"