WEB3 - What is it? Introduction

To take a closer look at the topic of web3 we must first learn about web1 and web2.

‍

‍

WEB1 (World Wide Web 1.0) 

WEB1 was the first implementation of the Web that allowed users to receive information without interacting with it, in short, we can read the content published on a Web site with minimal and virtually zero interaction with the site - such a remote library

WEB2 (World Wide Web 2.0) 

WEB2, the improved generation of WEB 1.0 can be called a revolution in the world Internet. The second version allows total interaction: Internet users can share information, participate, edit, etc. WEB2 has a direction focused on user-generated content for other users.

WEB3 (World Wide Web 3.0) 

‍

WEB3 is the third generation of web services for websites and applications, based on data decentralization. It aims to improve the shortcomings of WEB1 and WEB2, and relies heavily on AI, machine learning, and blockchain technology. WEB3's decentralized structure, based on blockchain technology, will give users more control over their online data and is widely considered more secure. The decentralized network is built on a peer-to-peer community of users, where devices connected to the internet can host websites or applications instead of high-powered servers.

‍

Some of the features and concepts that are most important for WEB3 include:

‍

• Blockchain and cryptocurrencies - online economy and decentralization, data ownership
• Artificial intelligence - is key in transforming the content that humans post, more developed AI bots that will learn on their own and assist and reduce the work of humans.
• 3D data visualization and presentation of their interaction (metaverse)
• lack of a master data control point
• improved online marketing

‍

Ethereum - definition

‍

In addition, another important term to focus on is Ethereum. You've probably heard of Ether, which is a cryptocurrency that runs on the Ethereum blockchain. However, Ethereum itself is not a cryptocurrency - it's a software platform that enables developers to build decentralized applications using blockchain technology. 

Ether is used to power these applications and smart contracts on the Ethereum blockchain, acting as a fuel similar to gasoline for vehicles.

‍

Token - definition

‍

Token - represents a virtual resource, which can also be expressed in terms of FIAT currencies, indicating its value.

‍

Smart contracts - definition

‍

Smart contracts are digital contracts that are executed automatically on the basis of real data, one of the important possibilities that a smart contract provides is the creation of a token. Currently, Ethereum tokens have an implementation standard called ERC-20 or Ethereum Request for Comments, in other words, they have a property that makes each token exactly the same in value and type as another token.

‍

Decentralized applications - definition

‍

Decentralized apps are apps that support smart contracts on the Ethereum blockchain, called dApps or decentralized apps. Just as any app developer can create apps on a particular operating system, developers can build on the Ethereum blockchain infrastructure.

‍

Metamask - definition

‍

Metamask - Metamask is a browser extension that serves as a cryptocurrency wallet on the Ethereum blockchain. We can store our tokens there, pay, and interact with the decentralized web3 world, and integrate Metamask with applications (dApps). One could say that Metamask is like a bank account with more possibilities. It is important to note that Metamask can only store ETH and tokens based on Ethereum. Therefore, Bitcoin and other cryptocurrencies based on networks other than Ethereum cannot be stored in Metamask.

‍

How to install Metamask?

‍

Simply find the Metamask application in your browser extensions and install it. 😀

‍

‍

Download the application, which will open the wallet creation view. Click 'Create a wallet' to proceed.

‍

Set our password, which we will need in the future to use the wallet. We will be asked for it every time. The password should be unique and preferably not used on other servers, as it is used to protect our wallet and our encrypted private key.

‍

Then, we read and accept the terms of use of the wallet. Now, it's very important to note that we are on the key screen from a security standpoint. We can display the seed phrase on this screen, which is a list of twelve words set in the right order that allows us to generate our private key and access our tokens (funds).

We will need our seed phrase when:

‍

• we forget the password to our wallet
• We want to access our funds from another wallet
• We have uninstalled the wallet with all settings and want to restore it

This is a very important point because when we do not remember the seed phrase, access to our funds will be irretrievably lost

‍

‍

On the next screen, we are asked to verify that we have memorized the list of twelve vocabulary words.

‍

‍

if we have confirmed our 12 words we get a congratulatory screen

‍

‍

Our wallet should be visible in the browser plugins and is ready to use!

‍

‍