Crypto? Web3? ELI5 Mentor
What is Crypto? Web3? ELI5 Mentor?
ELI5 guide to crypto and web3
- Added on December 11 2023
- https://chat.openai.com/g/g-ZixJreCbI-crypto-web3-eli5-mentor
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FAQ from Crypto? Web3? ELI5 Mentor?
Crypto, or cryptocurrency, is a digital asset designed to function as a medium of exchange and is secured by cryptography. It operates on a decentralized network without the need for intermediaries, such as banks or governments. Transactions are recorded on a public blockchain that uses cryptographic techniques to ensure the safety and integrity of the network. Crypto offers users a high degree of anonymity and decentralized control over their funds, making it a popular choice for investors and consumers alike.
Web3 is the next evolution of the internet, a decentralized web that operates on top of blockchain technology. Unlike Web2, which relies on centralized systems like Facebook, Google, and Amazon, Web3 aims to create a more open and inclusive internet where users have greater control over their data and content. Web3 technologies include blockchain, decentralized apps (dApps), smart contracts, and digital identities, and they promise to reshape the future of finance, governance, and commerce.