Thread by @Thenfh_

@theunitnetwork #unitmasters Module two run-through.

"WHO ARE THE VARIOUS ACTORS IN THE WEB3 ECOSYSTEM?"

I'll be breaking this down as simple as possible to share my knowledge with other newbies in web3 and other cohort members😍

A thread 🧵

There are a lot of actors on the web3. we'll be looking at the most important ones:
- Crypto Exchanges
- Crypto Wallets
- Validator
- Crypto Custody
- Cryptocurrency on-ramps and off-ramps.

1. Crypto Exchanges
A crypto exchange is a digital marketplace where people can buy and sell cryptocurrencies. They are similar to traditional exchanges such as the New York Stock Exchange, but instead of stocks and shares, people trade cryptocurrencies like Bitcoin and Ethereum

... Crypto exchanges allow you to buy coins at the current market price, or to place limit orders that will be executed when the price reaches a certain point. They also offer margin trading which allows you to borrow money from the exchange in order to trade with more capital.

2. Crypto Wallets
A crypto wallet is a digital storage device for your cryptocurrency. It stores the public and private keys needed to access and send your funds. Wallets come in many different forms, including desktop, mobile, and online wallets.

..There are many different types of wallets, so it's important to do some research before choosing one.

3. Crypto Validator
A crypto validator is a computer system that checks the validity of digital signatures and other cryptographic data. By ensuring the accuracy of this data, crypto validators help protect against fraudulent activity online..

... A validator in web3 is an important part of the network because it helps to maintain the integrity of the blockchain. Validators are responsible for verifying transactions and adding them to the blockchain.

.. two validation protocols are proof of work (POW) and proof of stake (POS) more like a banker responsible for verifying a transaction.

4. Crypto Custody
Crypto custody is a way to keep your cryptocurrency safe. You can use crypto custody to store your coins in a secure location, so you don't have to worry about them getting stolen or lost.

5. Cryptocurrency on-ramps and off-ramps
Cryptocurrency on ramps and off ramps are digital platforms that allow users to buy or sell cryptocurrencies. On ramps allow users to buy cryptocurrencies with traditional currency, such as dollars or euros...

.. Off-ramps allow users to sell their cryptocurrency for traditional currency. Some on ramps and off ramps also offer other services, such as wallets that store cryptocurrencies and exchanges where users can trade different types of cryptocurrencies.

.. There are many different on-ramp and off-ramp platforms available today. Some of the most popular ones include Coinbase, Gemini, Bitstamp, Kraken, Binance, and Poloniex. Each platform has its own unique features and benefits...

.. They are the key to bridging the gap with the traditional financial world and for bringing in new users and money into the crypto market.

And I've come to the end of this thread.
Please RT, Share, and engage if you gained value.
There's still a lot to be covered; Types of wallets, types of crypto custody, types of exchanges.

All these will be covered in another thread, most likely over the weekend.
Bye for now😉

You are new into Web3 and you need a thread to show you around? Here's one I made last week which got featured on @cryptofada

https://twitter.com/Thenfh_/status/1555622243371196417?s=20&t=SQzSSo1kgw-VXMLQr49qPw

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