Blockchain technology is a digital database that is transparent and secure. It uses double-entry accounting principles and records, stores, and distributes digital information across a network of participants. It is a completely decentralized ledger that is maintained by a network of computers rather than a central authority.
This technology has enabled the development of the decentralized network that Web 3 will rely on. It is therefore the most important technology of the future of the “WWW”. Some notable innovations that have been developed utilising the blockchain are crypto-currencies, DeFi crypto projects, and NFTs.
The shift to decentralised finance is powered by crypto-currencies, which are tokens that run on a blockchain. By using crypto-currencies, DeFi platforms can offer financial services without the need for a central authority. This means that users can retain control of their own data and assets and that the platforms can be built on trustless, open-source infrastructure.
Decentralised finance (“DeFi”) refers to the shift from traditional, hierarchical financial systems to systems powered by crypto-currencies. This change is possible because crypto-currencies allow for platforms to be built on trustless, open-source infrastructure. As the technology develops, we can expect to see even more innovative applications come to market.
The potential for Non Fungible Tokens is seemingly high due to their infancy NFTs differ from cryptos in that they are unique, there is only one unique token of that asset, whereas with cryptos there are often millions of each token with a common price attached. NFTs are digital tokens of assets that represent ownership of something unique, they are non-fungible. Most NFTs right now are digital art collectibles, often as part of a collection or sometimes as stand-alone items. NFTs could extend to all other types of art, writing, fashion, music, and videos. It also could extend out to all forms of collectibles, especially natively digital artifacts like in-game items, traditional art-based mementos like tickets, or even documents like Web 3 Intel.
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