Diving Deeper: Unraveling Essential Web3 Vocabulary (PART 2)

Greetings, and welcome to the second part of our Web3 Vocabulary series. In case you missed the first segment, kindly follow this link to read the "Let me introduce you to some crucial Web3 vocabulary that you should get acquainted with (PART 1)" article.

Hello there! The primary aim of these articles is to provide you with a comprehensive understanding of the latest WEB3 technologies and platforms. To achieve this, I will begin by laying down the fundamental concepts and gradually delve deeper into each segment. As I progress, my tone might vary, but rest assured that my main focus will always be on delivering an educational resource that complements your knowledge of WEB3 and Blockchain technology. Thank you for choosing to learn with me!

Lets Get Started with Part-2 (Unraveling Essential Web3 Vocabulary)

Decentralized Finance (DeFi) ???

Decentralized finance, also known as DeFi, is a digital movement that is transforming how we manage our finances. ?? It is built upon the secure foundation of blockchain platforms such as Ethereum, and it puts power back into the hands of the people. ?? Think of it as a digital lending club, but with fairness for all and no need for big banks to control the game. ???? Let's ride this wave of financial freedom and embrace the equality of the DeFi world. ???? #DeFi #Dec #DecentralizedFinance #Blockchain #Ethereum #FinancialFreedom #PowerToThePeople

Non-Fungible Tokens (NFTs) ???

NFTs, short for Non-Fungible Tokens, are these unique digital goodies ?? tracked on the blockchain. Each one's got its own vibe, and no two are alike – they're the ultimate digital one-offs! ???? Imagine scoring those exclusive kicks ?? no one else can cop - that's the street cred we're talking about, but it's all going down online. ???? So whether it's art, music, or digital real estate, with NFTs, you're always repping something distinct. ??????? Welcome to the future, where even uniqueness gets a digital upgrade! ???? #NFTs #Blockchain #DigitalArt #UniqueVibes #FutureIsNow #DigitalCollectibles

NFTs are more than just art. While the art aspect is popular, there are numerous other use cases to explore. In fact, there are 30 different use cases that cover a wide range of areas such as digital art, collectibles, gaming, real estate, sports, avatars/PFPs, entertainment, logistics, fashion, community, fintech, events and tickets, virtual reality, supply chains, photography, brand identity, DeFi, travel industry, hotel and hospitality, domain names, academics, wine industry, politics, architecture, literature/books, healthcare, fundraising, digital twin, AI, and social media. An NFT is a token, but its true power lies in the data connected to it.

To learn more about that topic, you can check out Tony Drummond 's recent post discussing the various use cases for NFTs. Click on the link (HERE) to view it.

Dapp

A Dapp, which stands for decentralized application, is kinda like your regular apps ?? that you use on your phone or computer, but with a twist. These applications are built on a special type of network known as a decentralized blockchain network ??. This type of network isn't controlled by any single authority, like a corporation or a government, which makes them quite unique and robust against control from a central entity. #Decentralized #Dapps

The construction of these Dapps involves the use of what are known as 'smart contracts' ??. Now, don't be put off by the term - a smart contract is just a fancy name for a set of rules ?? programmed into the blockchain network. It's like an automatic agreement that carries out certain actions when specific conditions are met. #SmartContracts

What's more, Dapps use something called Web 3.0 javascript libraries ??. To break this down, think of it like this: just as a carpenter uses different tools to build a house, developers use these libraries to build their applications. It's a sort of digital toolbox ?? ?? that helps them to create exciting features in the Dapp. #Web3 #JavaScript

There's a wide array of Dapps out there, each with their own unique functions. Some examples include web3 wallets, which are digital 'pouches' where you can keep your digital assets secure ??; interest-bearing cryptocurrency savings accounts ??, where you can store your cryptocurrency and earn interest over time; and NFT marketplaces, where you can buy and sell unique digital assets known as NFTs (Non-Fungible Tokens) ??.

In essence, Dapps are a whole new breed of applications that bring the benefits of decentralization and blockchain technology right at the fingertips of users. #Blockchain #CryptoRevolution