lipisadiya376
@lipisadiya376
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Web3.0 Made Simple: What's the Relationship Between Blockchain, Bitcoin, and Web3?
🔵 Blockchain
A decentralized, tamper-proof, and transparent distributed ledger technology.
✅ It’s the infrastructure layer powering things like cryptocurrencies, smart contracts, identity, and supply chains.
🔵 Bitcoin
The first application built on blockchain — a decentralized digital currency.
✅ Used for storing value and peer-to-peer payments.
🔵 Web3
A new generation of the internet built on blockchain, where users own their data, identity, and assets.
✅ Features: decentralization, crypto wallets, smart contracts, token incentives.
🔗 In one sentence:
Blockchain is the tech foundation, Bitcoin is the first product, Web3 is the broader ecosystem.
🎯 Analogy:
Blockchain = Electricity ⚡
Bitcoin = Light bulb 💡
Web3 = Smart grid 🌐 0 reply
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Web3 Jargon:
✅ Cold Wallet: Offline crypto wallet, high security, for long-term storage.
✅ Hot Wallet: Online crypto wallet, quick transactions, lower security.
✅ Flash Loan: Instant, collateral-free loan, repaid in the same transaction.
✅ Token: Digital asset on blockchain, with various uses.
✅ Satoshi: Smallest unit of Bitcoin, 1 BTC = 100 million satoshis.
✅ Metaverse: Virtual world combining VR and AR, linked to blockchain and NFTs.
✅ Stablecoin: Crypto pegged to fiat or assets to reduce price volatility.
✅ Fiat On-Ramp: Converting fiat to crypto, usually via centralized exchanges.
✅ DeFi: Blockchain-based financial services without intermediaries.
✅ NFT: Unique digital asset, often for art or collectibles.
✅ DApp: Blockchain-based app, usually open-source.
✅ DEX: Peer-to-peer crypto exchange, no intermediaries.
✅ Hashrate: Measure of blockchain network's computational power.
✅ KYC: Identity verification process for financial institutions. 0 reply
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