Blockchain and Web3

What is Web3?

The transition from Web2 to blockchain and Web3 is moving slowly and is mostly undetected by the public. According to Wired Magazine, “Web3 is about decentralizing … everything. Its mission is almost achingly idealistic: to free humanity not only from Big Tech domination but also from exploitative capitalism itself—and to do it purely through code.” And Web3 applications, called decentralized apps (DApps), have the same look and feel as the applications we use today, but the back end is profoundly different. Web3 is all about applications that can be developed and used by a broad range of software apps and hardware devices, making business and leisure activities more accessible and transparent.

According to cointelegraph.com, “Data decentralization and the establishment of a transparent and secure environment will be enabled by the rise of technologies such as distributed ledgers and blockchain storage, which will defy Web 2.0’s centralization, surveillance and exploitative advertising. In a decentralized web, individuals will be able to rightfully control their data when decentralized infrastructure and application platforms supplant centralized tech companies.”

How are Web3, blockchain and cryptocurrency related?

Web3 is backed by blockchain technology and is the driving force behind allowing users to conduct transactions on the blockchain and this is also where the use of cryptocurrency comes in. Registering data on the blockchain requires the use of cryptocurrency and the coin used is determined by the network the user is registering the transaction on. For example, the Ethereum cryptocurrency is used to conduct transactions on the Ethereum Blockchain.

What tools and resources do I need for Web3?

Since this is a new space, there are many options to choose from and remember while this is currently a widely unregulated space, make sure you understand all implications surrounding your unique situation before you embark on any venture. Also, keep in mind this is a highly volatile market so make sure you are not investing any more than you can afford to lose if your project does not work out the way you intended it to. There is no wrong or right way to explore Web3, just make sure to use extreme caution and never give out any personal or secret information. Bearing those warnings in mind, below is a list of resources that can be used (as a means of reference only) to help you get started exploring Web3. These platforms are the most popular in their categories and are in no way endorsed by KCRE or Tracy Kohn. Again, make sure that before you invest any money, or sign up for any services, you have done your own research and are comfortable with the decisions you are making.
  • Crypto trading platform: Coinbase, Coinbase Pro, Crypto.com
  • Cryptocurrencies used in Web3: Ethereum, Solana
  • Digital Wallet: MetaMask, Coinbase Wallet
  • Digital Asset Marketplace: OpenSea
  • Metaverse exploration: Decentraland.com, sandbox.com
  • Networking applications: Twitter, Telegraph, Discord
  • Social media: Twitch, TikTok
  • News: Reddit, Medium
  • Podcasts: Spotify
  • Reading:

The Bitcoin Standard: The Decentralized Alternative to Central Banking by Saifedean Ammous

“The Bitcoin Standard uses the history of money and gold to explain why Bitcoin is the way to go if the world wants to stick to having sound money and why it’s the only cryptocurrency to be focusing on right now.”

Reference book for Cryptocurrency, Blockchain and Smart Contracts

Navigating the Metaverse: A Guide to Limitless Possibilities in a Web 3.0 World by Cathy Hackl, Dirk Lueth, and Tommaso Di Bartolo 

“Navigating the Metaverse pushes beyond virtual worlds to explain the Web 3.0 technologies shaping it. Readers will discover well-marked paths to gaining a deeper understanding of blockchain technology, dApps, and NFTs.”

Reference book for Blockchain and Web3

As it currently stands, you need several DApps running at once to connect to the Web3 experiences. The vision is that as the technology develops, the DApps will connect across platforms and blockchains requiring less tools to fully access all parts of the Web3 experience.

With this knowledge of how crypto, blockchain and Web3 work together, stay tuned to learn about what tools you might use to navigate Web3.

In case you missed it, click here to read our post about cryptocurrency, blockchain and smart contracts. 

About the author

Tracy Kohn, CCIM is a commercial real estate broker and partner with Kohn Commercial Real Estate, Inc. She has a passion for technology and innovation, and she is on a mission to create a commercial real estate platform using blockchain technology. She wants to share her journey and insights with you as she explores the Web3 space and learns how to leverage crypto and blockchain for her business.

Tracy has been using computers since the 1980s and built her own computer from scratch in 1999. She has worked with software & web developers and digital designers since the early 2000s. She also has a rich background in restaurant operations and large-scale event production, working with famous chefs, brands, and venues for over 25 years.

Tracy is not a financial advisor, nor in the tech industry, and is not a software developer. All statements made in this blog are her personal opinions and have been compiled through her own research and trial and error. It is strongly recommended that you do your own research and make sure you are comfortable with your decisions prior to taking action regarding your own Web3, crypto and blockchain journey.

Tracy is excited to be one of the pioneers in the commercial real estate space moving into the future. She aims to provide a complete digital and physical brokerage experience that allows for the smooth and transparent connection and completion of real estate transactions across the world.