Web3 education, DeFi explained, cryptocurrency terminology
Web3 terms can be confusing, I know.
Sometimes it feels like everyone is speaking another language
So here’s what we’ll do :
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For the next 5 days, I’ll be breaking down one Web3/DeFi term every day in the simplest way possible.
Think of it as a mini crash course, but https://t.co/j7wvZqCVtU
Web3 Terms Can Be Confusing, I Know
Navigating the world of Web3 and DeFi can feel daunting. With so many new terms, it’s easy to think everyone’s speaking a foreign language. But don’t worry! I’m here to help you with that. For the next five days, I’ll simplify one Web3 or DeFi term each day. Think of it as your mini crash course.
What is Web3?
Web3 is the next generation of the internet, focusing on decentralization and user control. Unlike the current web (Web2), where data is controlled by a few major companies, Web3 aims to give power back to the users. This means you have more say over how your data is used, and you can interact with applications without relying on a central authority. If you want to dive deeper, check out Web3 Foundation.
What is DeFi?
DeFi, or decentralized finance, refers to financial services built on blockchain technology. In contrast to traditional finance, DeFi eliminates intermediaries like banks, allowing you to lend, borrow, and trade directly with others. It’s about creating an open financial system accessible to everyone. To learn more, visit DeFi Pulse.
What are NFTs?
NFTs, or non-fungible tokens, are unique digital assets verified on a blockchain. Unlike cryptocurrencies like Bitcoin, which are interchangeable, each NFT has distinct information that makes it one-of-a-kind. NFTs can represent art, music, or even virtual real estate. For more insights, explore OpenSea.
Stay tuned for more terms to demystify the world of Web3 and DeFi!