3 Main components of Web 3.0

?Blockchain Technology.

“Blockchain technology is a distributed ledger technology (DLT) that consists of a growing list of records called blocks which are securely linked together”

?Blockchain technology is one of the most secure technology and stores data in the structured form of blocks with inherent security qualities.

Cryptography secures all the records in blockchain technology. Here, every individual has their own private key to access which acts as a digital signature. All the information is saved in the form of blocks and each block is connected end to end with different blocks. This becomes very difficult for the hacker. The hacker cannot hack all the blocks?and this is because blocks are connected thus the owner of the data can easily get to know that someone is trying to hack their data and they can take precautionary actions.

?Crypto Currency.

“An encrypted data string that denotes a unit of currency monitored and organised on blockchain”

Cryptocurrency is a decentralised currency, where there is no centralised common authority to regulate the value of the currency. These digital currencies will act as a mode of exchange or as a payment on the web3.

Crypto exchanges are the trade platforms for buying and selling cryptocurrencies and cryptocurrencies are listed on these platforms.

Here is the list of the most known cryptocurrencies:

1. Bitcoin
2. Ethereum.
3. Dogecoin.

Decentralisation.

Decentralisation is the opposite of centralisation, where the control is not under one organisation or body or entity. In technical terms, Decentralisation in web3 refers to the control of your data being delegated across a series of networks called nodes and the information is stored in the form of blocks thus this becomes difficult for anyone to access o gain control over your data.?

In Web 3 each transaction works on decentralisation and your personal information will not be controlled and accessed by the network provider.

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