What is WEB3?
If you've arrived at our website and you're wondering what an earth this all means, don't worry. We'll explain.
Take a look at some definitions we've put together for a quick intro.
Definitions:
NFT (Non Fungible Token)
NFTs are digital identifiers recorded in a blockchain. NFTs are usually seen in the mainstream media as JPEGs of apes or other images or pieces of art, but an NFT can actually be attached to anything; music, literature, housing contracts, etc.
When one sells an NFT, a royalty fee can be written into the smart contract. This means that if an artist sells a piece of art as an NFT, they can keep a percentage of all sales going forward. Unlike the traditional art world, if the value of the NFT or art piece increases in value, the artist sees the benefit.
Web 3.0 (WEB3)
Essentially, WEB3 (or web 3.0) is a term often used to describe the next big era of the internet. It is centred around the concept of decentralisation, block-chain technologies and token-based activity. Many people hope that by stepping away from web 2.0, (and the 'big tech' companies we know today), we may have more access to data privacy, security and a more inclusive route to success by 'cutting out the middle man'.
Web 1.0
Web 1.0 (1991-2004) was the first generation of the world wide web. It was extremely simple, and is often distinguished as 'read-only', static, simplistic content. Think early emailing and super basic websites.
Web 2.0
WEB 2.0 is usually marked from the point that social networks came into play, i.e, the facebooks, the twitters, the myspaces and online marketplaces like Amazon and Ebay. Web 2.0 is the version we're in right now and it's what most of us think of when someone says 'the internet'.
Blockchain
A blockchain is a digital ledger technology (digital data) that is recorded in a list of records listed one after another (blocks on a chain). These blocks are securely linked with cryptography, and once data is written into the blockchain, it cannot be deleted, altered or un-done without affecting the subsequent block in the chain. This provides the opportunity for a secure recording of transactions which could be useful for a variety of things. When one sells an NFT, it is written into the blockchain. Every time it is then sold, that new transaction is recorded.
In simpler terms: Jerry buys a chocolate bar, sells it to Frank, and then Frank sells it to Jane. The chocolate bar is the NFT in this example. Each time the chocolate bar is bought and sold, there is an unchangeable, permanent, public receipt of the transaction. That means that when Bob comes along and claims he bought the chocolate bar, everyone knows he's a liar and Jane still owns the choccy.