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The differences between Web 2.0 and Web 3.0
The future of the internet
Understanding the potential of Web 3.0
A smart contract is a tool for changing the world. Take a loan: I send you money, your account automatically pays it back with interest. If you can't pay, a third party covers your debts, and it's all locked in at the start. We have produced programmable money.
This is remarkable because of what we can do with programmable money. Nearly the entire financial system is built from programmable money (they won't call it that). A mortgage might be a paper contract between a person and a bank, but a million mortgages in the system are pure digital. It is just software representing a value.
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MORE IDEAS ON THIS
Blockchain has two remarkable features:
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The concept is straightforward. Two (or more) people negotiate a business deal. There's a computer in the room to take notes. When the deal has been done, it displays the terms to the participants to fine-tune. If they agree, a smart contract is made to reflect those terms.
When E...
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Bitcoin enables trade. it's being used for buying coffee or making international money transfers.
Ethereum is about disintermediation - a direct relationship between two people without a middleman. It is about direct communications between people, which are...
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Ethereum is a programmable blockchain. A blockchain is a way of arranging lots of computers together to do the same thing.
It's somewhat like Google Docs or any other syncing technology that moves pictures from your phone to your laptop or whatever. The difference i...
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