Is Web3 Crypto?

There have been myths about web3 being crypto, and today I will like you to sit down, take your time for a few minutes, and understand these myths and have a solid knowledge of web3, not just surface knowledge in the web3 industry.

Also note that this article is only educational; there is no financial advice here. Just open your mind to being educated, so you might also educate any lost sheep out there.

Let’s get started.

What is web3?

Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web that incorporates various concepts such as decentralization, blockchain technologies, and token-based economics. – Wikipedia

You can imagine that short definition taken from Wikipedia Web 3 is just an iteration of an existing idea known as the “World Wide Web.” In simple terms, Web 3 now has a new feature that differs from Web 2 and Web 1. These features are blockchain technologies, decentralization, and token-based economics, and all are the main concepts behind Web 3.0.

All these features are now being subordinated to Web 3, whereas these subordinates are so vast that you will think that is all that Web 3 entails.

You know what? Nah, no matter how vast they really are, they are just subordinates, a list of them — subordinates

I guess you’ll now believe me when I say that explaining some of these concepts could get really deep and take up a lot of time.

However, I will go further into the deeper aspects some other time Leggoo!💥

Still on Web 3, let’s have a deeper look at it.

The term “Web3” was invented by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, referring to a decentralized online ecosystem based on blockchain. You get it now,

web3 is aimed at creating an online decentralized ecosystem built on Blockchain (Superb 👌).

Do you even know why? (check Decentralization out to get a better understanding, I will be put something up there).

One other advantage of web3 is to make the Internet more secure 🔐, so we can all browse safely on the internet –with the help of Blockchain.

Let’s get down to cryptocurrency, yeah I know Bitcoin comes to your mind here, and some other tokens. Yes! You’re right, but let’s have a simplified definition.

What is a cryptocurrency?

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. 

Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. – Investopedia

Now we can see, that Cryptocurrency is a digital money, something we pay for or can be used to pay.

Cryptocurrency is just a large concept, because it has a lot of backing, but as we generally know, there are now lots of tokens (also referred to as cryptos).

But in the web3 industry, we must know that it is a token-based ecosystem, so crypto is money-like or digital money in web3 and Blockchain Industry. 

Types of Cryptocurrency

  • Bitcoin
  • Ethereum
  • Cardano
  • Rimo
  • Tether etc.

There is more to cryptocurrencies.

So then what is their relationship?

As we know Web3 is a term, that provides some features including Decentralization, Ownership, Permissionless, Trustless, Payment rails.

They are not the same, web3 is like the Future of the Internet, whereas people utilize crypto for some means, such has payment, digital asset etc.

I hope you now know crypto is not web3, and they’re two different terms, that “I will say” are Intra-connected. Now you know, cheers.