The Present & Future of Web3
Blockchain Technology
dApp Development
Smart Contracts
DAO
Web3
Put very simply, Web3 is an extension of cryptocurrency, using blockchain in new ways to new ends. A blockchain can store the number of tokens in a wallet, the terms of a self-executing contract, or the code for a decentralized app (dApp).
What do we know of the Blockchain?
- Decentralized nodes
- Shared & immutable ledger
- Nodes confirm legality of transactions
Web3
Put very simply, Web3 is an extension of cryptocurrency, using blockchain in new ways to new ends. A blockchain can store the number of tokens in a wallet, the terms of a self-executing contract, or the code for a decentralized app (dApp).
What do we know of the Blockchain?
- Nodes that confirm legality of transactions and add them to the blockchain are mining crypto
Web3
Put very simply, Web3 is an extension of cryptocurrency, using blockchain in new ways to new ends. A blockchain can store the number of tokens in a wallet, the terms of a self-executing contract, or the code for a decentralized app (dApp).
What is a Smart Contract?
Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.
- Smart contracts assign ownership of NFTs
- Smart contracts usually contain a link to the NFT thats accessible by owner only
- Smart contract (not NFT) is stored in the blockchain
Web3
Put very simply, Web3 is an extension of cryptocurrency, using blockchain in new ways to new ends. A blockchain can store the number of tokens in a wallet, the terms of a self-executing contract, or the code for a decentralized app (dApp).
What is a Decentralized App (dApp)?
- An application built on a blockchain that combines a smart contract and a frontend user interface
- Users own their data
- Users can engage in transactions directly with each other rather than a centralized authority
DAO
- DAOs are Decentralized Autonomous Organizations built on blockchain
- DAOs are groups that form for a common purpose, for example, doing charitable work
- DAOs are run by its members who manage and vote for decisions
governing bodies that oversee the allocation of resources tied to the projects they are associated with and are also tasked with ensuring the long term success of the project they support.
How Can We Benefit From This?
Blockchain Technology
dApp Development
Smart Contracts
DAO
Blockchain Technology & Supply Chain
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Supply chain processes may be slow due to a central authorities in charge of validating and approving transactions at each step of the chain
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Smart contracts can automate the task of validating and approving transactions
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Smart contracts can provide transparency and traceability to the products in the chain
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We need a decentralized app to provide a frontend to the smart contracts
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We may need a DAO to provide Tesla stakeholders with the ability to make decisions in the Supply Chain
web3
By sheeza aziz
