It's Day 4 buidlers!🚀
Web 3 has been designed to address the prevalent, potentially problematic issues inherent in the internet ecosystem. Decentralization is one of the pillars of Web3.
Today's all about decentralisation!⏭️
D: Decentralisation/Dapp/DEX/ DeFi
#web3glossary
Web 3 has been designed to address the prevalent, potentially problematic issues inherent in the internet ecosystem. Decentralization is one of the pillars of Web3.
Today's all about decentralisation!⏭️
D: Decentralisation/Dapp/DEX/ DeFi
#web3glossary
Decentralisation
It’s the transfer of control and decision-making from a centralized entity to a distributed peer-peer network. Essentially its a system of interconnected, independent computers that work together to provide private & secure access to information and services...
It’s the transfer of control and decision-making from a centralized entity to a distributed peer-peer network. Essentially its a system of interconnected, independent computers that work together to provide private & secure access to information and services...
...without the involvement of a central authority and without any central data storage.
💡Blockchain enables decentralisation in the next generation web.
💡Blockchain enables decentralisation in the next generation web.
Heard of DApps but don’ t know what they actually are?🤔
You’ve either used or built an app to interact, share or connect in the web2 world!
You’ve either used or built an app to interact, share or connect in the web2 world!
(in cryptocurrency context)
Applications built on a decentralized blockchain network using smart contracts and Web 3.0 libraries are called D(ecentralised) apps
They exist independently outside the control of any single central authority.🤩
E.g.: @Uniswap @opensea @BitTorrent
Applications built on a decentralized blockchain network using smart contracts and Web 3.0 libraries are called D(ecentralised) apps
They exist independently outside the control of any single central authority.🤩
E.g.: @Uniswap @opensea @BitTorrent
Well there are multiple application of DApps. One of them is DeFi
Decentralised Finance is an open financial system that global, peer-to-peer and pseudonymous
Decentralised Finance is an open financial system that global, peer-to-peer and pseudonymous
DeFi uses a P2P network to establish decentralized applications to enable everyone to connect and manage their assets regardless of their status and location. They are built to be open-source, transparent and permissionless.
Well known DeFi dapps: @Uniswap @Honeyswap
Well known DeFi dapps: @Uniswap @Honeyswap
Smart contracts are the foundation layer for decentralized finance!
More on this in the coming days🚀
More on this in the coming days🚀
Now that we have apps, we need a decentralised platform to help users transact on the open network.👀
DEx: Decentralized Exchange.
It’s a crypto exchange built on blockchain enabling users to transact in a direct peer-to-peer manner.
DEx: Decentralized Exchange.
It’s a crypto exchange built on blockchain enabling users to transact in a direct peer-to-peer manner.
It’s run by its users and smart contracts instead of an intermediary.
@Uniswap is currently the biggest decentralised exchange, with a market share of 43% as of May 2022!
@Uniswap is currently the biggest decentralised exchange, with a market share of 43% as of May 2022!
Thats a wrap for Day 4!
I’ll be sharing information on the new vocabulary of the web for next 30 days.
It’s like a free crash course on the terms and methodolgies in Web3.
📌Follow me @laishawadhwa for more such web3 gyaan!
📌RT the first tweet to share with more folks.
I’ll be sharing information on the new vocabulary of the web for next 30 days.
It’s like a free crash course on the terms and methodolgies in Web3.
📌Follow me @laishawadhwa for more such web3 gyaan!
📌RT the first tweet to share with more folks.
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