Every life-changing moment started with a problem; mine was personal.
Someone stole my identity!
It all started on a day like any other.
I’d just clocked out of work, and the two beefy burgers in my bag beckoned me. With the day I've had, resisting was close to impossible.
Honestly, I didn’t want to resist or even wait a second longer.
Still, as a dutiful Genz, I had to check my socials and see all I’d missed!- a habit I’d probably perform even on my deathbed.
But then,I saw the notification that would change everything I knew about myself.
I can still remember every single word used to fabricate that LIE FROM HELL
(Maybe I am still a tad bit mad 🙂)
“Princess From Africa| Single mom| billionaire, and I’m living my best life.”
Someone had taken my name, Jpegs, and everything else about me to create this absurd and honestly laughable lie.
But then, Why wasn’t I laughing?
Why did this feel like a punch to the gut?
(An empty one, for that matter 😂)
I didn’t understand it, but I knew Reina would!
I immediately called, and at the end of the conversation I’d cooled down like my untouched burger.
Before I could hang up, Reina made a comment that stuck with me.
“Girl, this wouldn’t have happened in the Web3space, though.”
Two weeks later, I'm at Reina's apartment.
Her gloomy grey couch mirrored my expression as she introduced me to Web3 and how Ethereum is at the forefront of it all.
Now, I’d like to do the same for you!
Introduction to web3:
If there's a Web3, then Web1 and Web2 should exist.
Web1 was the first draft of the Internet, which took off from the 1900s to the 2000s.
Web1 was built on an open protocol, which allowed anyone to access and share information without relying on a single party.
During the Web1 era, users could only view content without the ability to comment or even engage with others online.
Now, As Web1 Evolved, people began using the internet for more than just viewing content.
They began exploring its potential for research, science, and shopping.
Web2 emerged in the mid-2000s, letting users share and even create content on platforms like X (formerly Twitter), Facebook, and Wikipedia.
However, these “free” platforms weren’t so free, as they sold users' data and activity to advertisers while controlling what users could and could not do on the site.
Web3 describes what the internet could look like when built on blockchain technology, smart contracts, and Digital assets or tokens.
Confused?
Well, I’ve got you!
A blockchain is a digitally distributed, decentralized ledger that exists across a computer network and facilitates the recording of transactions.
As new data are added to a network, a new block is created and linked permanently to the chain.
All nodes on the blockchain are then updated to reflect the change. This means the system is not subject to a single point of control or failure.
Smart contracts are software programs that automatically execute when specified conditions are met, like terms agreed on by a buyer and seller. They are established in code on a blockchain that can’t be altered.
Digital assets and tokens are items of value that exist only digitally. They can include cryptocurrencies, stablecoins, central bank digital currencies (CBDCs), and NFTs (non-fungible tokens).
They can also include tokenized versions of assets, including real things like art or tickets to concerts or sporting events.
Essentially, blockchain is the foundation, smart contract the rules and digital assets the valuables.
In contrast to Web2, Web3 doesn’t ask anyone to trust anyone. Instead, the technology is designed so that a transaction goes through only if certain conditions are met and data are verified.
Web3 is still a concept, but it is generally believed that it’ll be powered by Ethereum because of the many applications been built on it.
Ethereum is a decentralised global software that’s built on blockchain technology, it’s designed to be scalable, decentralized, programmable and secure
It’s most commonly know by investors for it’s native cryptocurrency (ETH) and by developers for it’s use in the creation of Decentralized apps (DAPPs)
Vitalik buterin the founder of Ethereum, published a whitepaper Introducing it in 2014, the platform was later launched in 2015 by Vitalik and Joe Lubin who were also the founders of ConsenSys, a software company.
Since it’s launch, Ether has risen to become the second largest cryptocurrency by market value and it’s only outranked by bitcoin.
Remember, I previously stated Ethereum is built on blockchain technology?
Well, this enables Ethereum’s store information and transactions in “blocks”
Each block has some new information, plus a secret code that connects it to the previous block, creating a chain of information that cannot be altered.
Think of it this way :
- New info is added to the block
- The block is validated by smart contracts on the network
- The validators agree on the information and create a new block.
- The new block is added to the chain and the validators get rewarded.
This means no single entity can edit your data. Instead it’s maintained by a network of computers.
Validating blocks require high computing power, hence Ethereums uses a proof of stake mechanism and a Gasper system to help validate these blocks with less power.
The Gasper system is a like a referral system that allows Validators put up 32 ETH to join Ethereum’s mining pool and validate blocks.
Other validators check it out and then vote on whether it’s good or not and if any validator acts dishonestly their Deposited/stakes ETH is “burned” and removed from the network.
Incase you’re not aware, burning is the term for sending crypto to a wallet without a private key to take it out of circulation.
One of the major issues with blockchain is the high cost and slow transaction speed,
Now, Ethereum is working on a solution to make their network more efficient and this solution is “danksharding”
In a nutshell, danksharding is a way to process transactions outside of the main blockchain, summarize them and then post them back to the main chain.
This approach doesn’t only reduce costs but also boost transactions speeds.
now Ethereum has two layers. The first layer is the execution layer, where transactions and validations occurs
The second layer is the consensus layer, where attestaions and the consensus chain are maintained.
Danksharding is part of Ethereum’s layer 2 solutions and they’re built to improve scalability, speed and efficiency of the Ethereum network.
Other solutions include:
- Rollups ( optimism, Abritruim)
- State channels
- Side chains
- Plasma
*Link to a post on Ethereum’s l2 solutions*
Like I mentioned earlier, Ethereum is a blockchain and lots of developers build on it to create the DAPPs you see and sometimes indirectly interact with, one of these DAPPS are wallets. But to be more precise, ETHER wallets.
An ether wallet is similar to an online bank account, from your wallet you’re able to send, receive and manage your cryptocurrency.
These Wallets are decentralized so no person or company have access to your coins.
There are different types of wallets, each with their own special characteristics.
There are mobile wallets, software wallets and hardware wallets. With a mobile wallet you can store your coins on your smartphone.
A software wallet needs to be downloaded on your phone or computer and your hardware wallet is a physical device.
Now, if you want to always have your cryptocurrency at hand I’ll recommend you go for software wallets, but they’re not without faults or restrictions.
They’re vulnerable to hacking and malware if you’re not careful.
Each wallet has it own receiving address, this is a unique sequence of number and letters, that always start with 0x.
Would you like to receive Ether?
Then you provide the sender your wallet address.
Would you like to send Ether to another wallet?
Then you need the receiving address of the receipient.
This is an example of an Ether address.
0x1D1479C185d32EB90533a08b36B3CFa5F84A0E6B
Please note: this is just an example addres, make sure to always copy the receiving address from your own wallet.
You’re responsible for keeping your assets and the best way to do that is storing your seed phrase offline.
The seed phrase is usually a sequence of 12 most times 24 words and their functions is to act as a backup for your wallet.
When you create a new wallet, you’ll typically be given a seed phrase and it’s important to write it down and store it safely.
I know you’ll be tempted but DO NOT take a screenshot or save it on your computer, as this can make it vulnerable to hacking.
Ether’s price changes quickly but At the time of writing, Ether was worth $2,735 and by 2030 Ether might probably be worth Millions.
But all these are just speculations as there are too many factors in play when dealing with cryptocurrency.
From a secured digital wallet to store and manage my assets, Access to defi apps for lending to the ability to create, buy and sell unique digital assets!
Web3 and Ethereum have created a space where I not only feel safe with my identity but also with my assets.
What about you?