Web 3.0 Explained for Dummies

What is Web 3.0? This video gives a good overview of how blockchain technology and cryptocurrency will remake the internet. Including: Decentralized domain name registry, decentralized cloud data storage, and smart contract platforms.

Timestamps 00:00 - What is Web 3.0? 01:09 - Web 1 01:37 - Web 2 02:16 - How Web 3 works 02:47 - Decentralized Domain Name Registry 03:32 - Handshake Crypto 03:52 - Decentralized Cloud Data Storage 04:31 - Siacoin crypto 04:53 - Arweave 05:26 - Smart Contract Platform 06:20 - Summary of Web 3

Domain name registry is how websites are found on the internet. However right now this task is centralized to a few key players like ICANN. Using the Handshake crypto, users can buy and sell domain names in an auction.

With decentralized cloud data storage, users can use cryptocurrency to host their files. With Siacoin crypto, the hosts put up collateral and duplicates are made. With Arweave, it creates a permanent record because data is stored directly on the blockchain.

A smart contract platform is how Web 3 does computer processing. Ethereum, Polkadot, and Cardano are all examples of smart contract platforms. Dfinity is a combination of a decentralized cloud with a smart contract platform.

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