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Stop scrolling 🛑
This is your web3 wake-up call!
Whether you’re a normie or a hormie, this story will ignite your crypto journey and then your memory will get refreshen in few minutes🤏🏿.
Meet Danbaiwa from Kano, a guy who thought he’d struck gold with a Telegram mining game.
He tapped his phone, stacking “coins” that promised dollars after launch.
He poured in time, cash, and energy, thinking this was web3’s holy grail.
Spoiler: it wasn’t.
At first, it was a rush.
Coins piled up and Danbaiwa felt like a pioneer.
But then, the sharks circled. Savvy group members offered to swap his coins for Naira via P2P trading, only to pocket over half the value. Worse, the Telegram mining hype crashed, projects ghosted on airdrops, chats went silent and Danbaiwa deleted the app, feeling burned..... 9 replies
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The internet is a global network of interconnected computers and servers that communicate with each other using standardized protocols. It allows for the sharing and exchange of information, ideas, and data between billions of people around the world.
The internet enables various online activities, such as:
1. Communication (email, social media, messaging apps)
2. Information sharing (websites, blogs, online publications)
3. Entertainment (streaming, online gaming)
4. Education (online courses, tutorials)
5. Commerce (e-commerce, online banking)
While Money is a medium of exchange, a unit of account, and a store of value that facilitates economic transactions. It can take various forms, including:
1. Physical currencies (coins, banknotes)
2. Digital currencies (cryptocurrencies, digital wallets)
3. Traditional banking systems (checking accounts, credit cards) 1 reply
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Money enables individuals and businesses to trade goods and services, pay bills, and save for the future. In the digital age, money has evolved to include various online payment systems and cryptocurrencies.
The Evolution of the Internet (Web 1.0, 2.0, and 3.0) and Blockchain Basics Together.
Let's start with the evolution of the internet, from Web 1.0 to Web 3.0, and then dive into Blockchain Basics:
Web 1.0, which spanned from the 1990s to the 2000s, was the first generation of the internet. It consisted of static web pages with limited interaction. Users could only view information, not interact with it. Think of it like a digital library where you can only read books, not interact with them. 1 reply
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Web 2.0, or the 'Social Web,' introduced interactive web pages and social media. Users could interact with information, share content, and connect with others. It's like a digital community where you can read, write, and share books with others.
Web 3.0, the 'Decentralized Web,' focuses on decentralization, AI, and blockchain technology. Users have more control over their data and identity. Imagine a digital ecosystem where you have full control over your own data and interactions.
Web 4.0: Decentralized Identity (2023-future)
Blockchain Basics
Let's move on to Blockchain Basics.
The blockchain is a decentralized, distributed ledger technology that enables secure, transparent, and tamper-proof transactions. It has various applications beyond cryptocurrency, such as supply chain management and smart contracts.
It is a tamper-proof digital ledger across a network of computers (nodes).
No middleman, just trustless magic. 1 reply
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Key traits:
⬜ Decentralized: No one owns it, making it hack-resistant.
⬜ Secure: Cryptography locks it down.
⬜ Transparent: Everyone sees the action (mostly private blockchains tweak this).
Types of Blockchain:
⚪ Public: Open to all, fully decentralized (e.g., Bitcoin, Ethereum).
⚪ Private: Restricted access, less decentralized (e.g., Hyperledger Fabric).
⚪ Consortium: Semi-decentralized, run by a group (e.g., R3).
⚪ Hybrid: Mix of both, balancing access and control (e.g., Dragonchain).
There’s a catch: the blockchain trilemma.
You can only max out two of three we mentioned in key traits of blockchain which are security, scalability, or decentralization.
Bitcoin nails security and decentralization but struggles with speed. Private blockchains prioritize security and scalability, sacrificing decentralization.
Blockchain’s Superpowers: Utility, Use Cases, and Applications
Blockchain isn’t just crypto—it’s a game-changer across industries. 1 reply
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Here is why blockchain is gold:
🛠️ Utility: Secure, transparent systems without intermediaries but faster, cheaper, trustless deals.
🛠️ Use Cases: Finance (secure transactions), healthcare (patient data), supply chains (tracking goods), voting (fraud-proof systems), and more.
🛠️ Applications:
DeFi: Banking without banks.
DAOs: Self-governing orgs on code.
NFTs: Unique digital assets like art.
Smart Contracts: Auto-executing deals.
Stablecoins & DEXs: Stable crypto and peer-to-peer trading.
Blockchain Layers:
Blockchain isn’t one-size-fits-all, it's layered for efficiency:
🟥 Layer 0: Interoperability protocols linking blockchains (e.g., Cosmos).
🟥 Layer 1: The base blockchain, handling transactions (e.g., Ethereum).
🟥 Layer 2: Scaling solutions for speed (e.g., Polygon).
🟥 Layer 3: Apps like wallets, DeFi platforms, and NFT marketplaces. 1 reply
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