Thread by @Web3Oscar

Learning Web3❓

Here are 10 concepts you need to MASTER if you want to become a Web3 developer.

🧵👇 Thread

1) WEB3:

Web 3.0 is the third generation of the Internet, based on blockchain technology, incorporating concepts such as decentralization and token-based economy and providing autonomy, privacy and security to users.

Users are in control of their own data and applications.

2) ETHEREUM:

Ethereum is an open source blockchain platform that enables developers to write Smart Contracts and deploying decentralized applications or dApps.

3) DLT or Distributed Ledger Technology:

DLT refers to the technological infrastructure and protocols that allow simultaneous access, validation and update of data records in an immutable way across a multi-entity or multi-location network.

4) SMART CONTRACT:
Smart contracts are programs stored in a blockchain that are executed when certain conditions are met. They are often used to automate the execution of an agreement, creating an ecosystem of decentralized protocols.

5) DAO:
A decentralized autonomous organization, or DAO, is an organization that is code-driven rather than leader-driven.
DAOs employ a governance token that allows token holders to vote on the direction of a project and its future evolution.

6) Layer 2 Solutions:
Layer 2 solutions are protocols developed on top of a blockchain core network (layer 1). The main goal of layer 2 solution development focuses on improving cross-chain communication, privacy and scalability.

7) NFT - Non Fungible Token
Non-fungible token (NFT) denotes a particular cryptographic token that is used as a representation of a single asset.
Non-Fungibility means it can neither be replaced nor interchanged because it has unique properties.

8) Ethereum Token Standards:
· ERC-20: A standard interface for fungible tokens, like voting tokens, staking tokens or virtual currencies.
· ERC-721 - A standard interface for non-fungible tokens (NFTs).
·ERC-1155: allows for creating both utility tokens and Non-Fungible Tokens.

9) Solidity
Solidity is an object-oriented programming language for implementing Smart Contracts on various blockchain platforms, especially Ethereum.

10) EVM - Ethereum Virtual Machine
Ethereum Virtual Machine is a runtime environment for executing Smart Contracts in the Ethereum blockchain. It allows a secure way of running programs that spread between machines around the world.

That's a wrap.

Further explanations can be found in my profile 👉 @Web3Oscar

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