What is Blockchain Technology? How does it Works?

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For understanding what is Blockchain it is very important to understand the three main types of web :

• Web1: Read only
• Web2: Read and Write
• Web3: Read, Write and Own

So, after getting the hint of the three main types of web, let’s understand it deeply.

Web1(1990s — 2000s): read only, people used to use static websites which they were navigated from directories like yahoo. Web1 was made open-source on protocols like HTTP.

Web2(early 2000s): was read and write, now people were able to login to the websites. It was made on client-server architecture where users were the clients and companies controlled the servers. But here comes a big problem: that the big companies used to own all the data. They then sold our data to Advertisement agencies, and using the data, anyone can easily access our data or to our profile.

Web3: Read, write and own, people can now create and consume their own data in the form of tokens Tokens here means that no one can now own your personal information that you entered in the website, even you can also no own it…It is in the form of tokens on the internet. Web-3 is built on peer-to-peer network, that is now two computers can interact without any middleman. Fun Fact: you could now make money spending time on the internet.

What is web2

• Web2 is the most common version of the internet that most of us know and use today.
• Internet is totally dominated with web2, where big companies and service providers use your data to make money.
• Some examples:
• faceBook
• Instagram
• linkedIn

What is web3

• Web3 is the new generation internet. Here you can own your own data, rather the big tech giants making money…You could make money from your data.

Bitcoin

• Bitcoin is the world’s first widely adopted cryptocurrency.
• With Bitcoin, people can securely and directly transfer money to another person.
• Bitcoin was created in 2009 by Satoshi Nakamoto to be a peer-to-peer cash transfer network.
• There are 21M o total bitcoin available.
• Bitcoin is decentralized, open and immutable.

So, after understanding one of the most popular cryptocurrency, its time to understand the second most popular cryptocurrency.

Ethereum

• From February 2022 Ethereum is the second most popular cryptocurrency.
• Like Bitcoin it is also Decentralized, Immutable, and open to all.
• Ethereum is a digital token.