Our lives are increasingly digital and interconnected. Our screens are our windows, our data defines our identity, and more and more of our time is spent online.
Blockchain Specialist MONICA SINGER CA(SA) Blockchain Evangelist for ConsenSys
Historically, trust in society comes from subjective sources − from personal connections, platforms and institutions. At its core, Web3 is a new foundation for trust where everything can be verified and you don’t need to place your trust in a single source or entity.
This new common trust changes what the web is, and what you can do with it. It’s a web for you to own, for us to own. Where the printing press democratized the dissemination of information, Web3 democratises the creation and dissemination of value. A world where you’re not just a passive consumer of content but get to own a piece of the products and services that you use every day.
A non-fungible token (NFT) is a digital asset that secures the ownership of the asset with the help of a blockchain network. NFTs are essentially digital tokens that carry data and are stored in an immutable blockchain ledger. Its main purpose is to represent assets and prove their authenticity, ownership, and provenance.
What is a crypto wallet?
Crypto wallets are a form of digital wallet designed for Web3. They are an essential component to store cryptocurrency, NFTs, and more.
Crypto wallets like MetaMask are called self-custodial for this reason: you are the owner and the only one who can access your private keys. However, as MetaMask is a hot wallet as it is connected to the Internet, I recommend the use of a cold wallet like Ledger or Trezors where your digital assets should be stored.
The shift towards digital wallets is happening at an unprecedented pace and has revolutionised the way we transact. With a multitude of benefits such as enhanced security, improved efficiency, and convenience, it’s no wonder that more and more individuals and businesses are adopting digital wallets.
Gone are the days of physical wallets and bulky cash transactions, as digital wallets offer a seamless, fast, and secure experience. The speed of digital wallet adoption is scaling at the speed of light, and this trend is only set to continue.
MetaMask is a great wallet which happens to be the most popular digital wallet to access the NFT ecosystem. Go to the website metamask.io download it for free and learn to use it.
In order to learn how to use this technology Consensys has made available an on-line course to learn how to create NFTs and sell them in one of the virtual marketplaces that are available using MetaMask. Go to Learn.metamask.io.
Web3
Web3 is an umbrella term for the vision of a better Internet; an Internet with an added identity, money, and social layer. I call it the Internet of Value.
Web3, also known as the decentralised web, is the next evolution of the Internet. While the current Internet is centralised and controlled by large corporations, Web3 is decentralised and controlled by its users. This means that artists are able to control their own art.
Blockchain technology is a key component of Web3 as it is the ledger where all transactions are recorded and is used to ensure the security and transparency of the network.
