The world is rapidly moving towards unimaginable advancements with progressive years. Presently, technological inventions like blockchain, cryptos and web3 have become the top conversations among digital users. People want to learn blockchain and understand its impact on their lives. At the same time, interest in taking up web3 and cryptocurrency training is also rising among people. The reason is simple; we can not deny the fact that these developments are the future. Thus, sooner or later, we’ll have to learn how to use them for our convenience.
If you are also looking to grow your knowledge of these techs, this article is here to help you out with it. We tried to explain these technologies in laypeople’s terms so that you can understand the difference between them. Let’s begin with today’s topic.
Table of content
- Know what Web3 is
- Now, Let’s move to Blockchain
- Next, we have the cryptocurrency
- Closing Thoughts
Know what Web3 is
Currently, the version you use of the internet works on a Web2 framework. That means you don’t have complete control over the personal data that you share on the web. Furthermore, companies can have access to your Email passwords if they want to if you use them for signing into their sites. Hence, they get power over your data and can manipulate it and use it however they want. The concerning part is that you won’t even have an idea of how your data is being used. Thus, the chances of misuse get more prevalent.
On the other hand, Web3 takes power from companies’ end and allows you to own your data completely. Without your permission, they won’t be able to leverage your data in any way. Web 3 makes it possible by making internet users part of its decentralised network. In other words, Web3 internet users get to become part of the governance process where they can determine the code of conduct of the Web3 networks. This can transform the way we use the internet forever. However, web3 development is still in its infancy. But, if you want to build your understanding of this technology, you can take up Web3 certification.
Now, Let’s move to Blockchain
Starting with the similarity between blockchain and Web3, both support decentralisation, bring transparency and give governance power to users/miners. But, instead of an internet platform, a blockchain is a type of database that can be open, private, hybrid or consortium. Further, the main purpose of blockchain is to speed up transactions for users. Blockchain developer professionals ensure that blockchain technology can help in exchanging data and digital assets of any form in a secure and transparent manner. In fact, the most popular usage of blockchain is transactions of cryptocurrencies.
Each block in blockchain stores multiple transactional data, and after approval, these blocks attach themselves to a digital ledger forming a chain. But who checks the credibility of such data? The answer is either block miners or network users. Though there are multiple consensus mechanisms a blockchain can use, two are the most popular: PoW (Proof-of-work) and PoS ( Proof-of-Stake).
In PoW, miners get to compute huge complex mathematical numbers to find the right block hash. Once found, the respective block gets the approval.
In PoS, the consensus mechanism takes every member’s digital signature to show agreement on the validity of transaction data. Now, it should be noted that the number of members of a blockchain network does not end with 2 or 3. In fact, these networks tend to have millions of users across the globe. It makes blockchain data credible and immutable. Further, for manipulating transaction data of a particular block, the user would need the agreement of all the network members. Thus, the technology brings a high level of security into its system.
Next, we have the cryptocurrency
Cryptocurrencies are digital money with no physical existence. They operate over blockchain technology, where no central authority manages them. Furthermore, transactional verification and record keeping of cryptocurrencies take place using cryptography. However, to deeply understand their workings, you can take up cryptocurrency training, that’s quite popular now.
The best thing about cryptocurrencies is that no inflation or government manipulation can interfere with their values. However, most of them are highly volatile due to multiple market movements. But, at the same time, stable coins exist too. These coins do not acquire a sudden rise in their values like other cryptos but make gradual progression and do not fall in value abruptly.
A few popular cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Solana (SOL) etc. So, if you are planning to invest in any of these cryptos, ensure to consult with a good cryptocurrency expert first.
Furthermore, it should be noted that most cryptocurrencies are not legal tender in countries across the world. In fact, only Bitcoin did manage to emerge as an accepted legal digital currency in a country called El Salvador. However, trading Bitcoin and other cryptocurrencies for virtual property buy/sell have become a part of investors across the globe. Aside from this, some big companies like Tesla accept crypto payments for a few of their products. These currencies have a long way to go.
Closing Thoughts
The above article gives us informational insights on all three entities: Web3, cryptocurrency and blockchain. By learning about them, the difference between their purpose of existence and workings becomes quite clearer. Once you understand these three, we suggest considering taking training in any of these technologies. As per the blockchain developer community, such progressive technologies are the future and will drive new job sectors. Thus, the quicker we learn about them, the better it’ll be.
Moreover, looking at the people’s interests, the availability of crypto certification programs, Web3 and blockchain training are on the rise as well. However, it’s necessary to choose a reliable source of training, such as the Blockchain Council. The platform lets you learn under the guidance of the best crypto experts on your own time. You get to access and explore multiple on-demand blockchains and crypto-based certification programs.
