The Web3 Rookie ✩

Unpacking all things Bitcoin, Crypto & Web3 in a non-technical kind of way.

[The Web3 Rookie ✩ @Web3Rookie]

The shekel was the first recorded commodity money developed by the Mesopotamian civilization circa 3000 BC.

Various forms of commodity money circulated for aprox 5000 years.

89 years ago today, the US Government confiscated gold and introduced fiat money.

[The Web3 Rookie ✩ @Web3Rookie]

Once a user has fully downloaded a file they can become a seed for that file, allowing others to download it from them.

This way, a large file can spread relatively quickly without the need for large servers and extensive infrastructure to distribute it.

[The Web3 Rookie ✩ @Web3Rookie]

Peer-to-peer is a network structure in which all members have equal privileges and obligations toward one another.

No central coordinators can change the rules of the network and there is no single point of failure that can compromise the network.

[The Web3 Rookie ✩ @Web3Rookie]

My first experience with a peer-to-peer network was BitTorrent.

Typically we download files directly from a central server - like a company's website. However, with BitTorrent, users download files directly from each other, divided into small pieces.

[Edgy - The DeFi Edge 🗡️ @thedefiedge]

Most people suck at building a Crypto Portfolio.

They're too aggressive & get wrecked.
or they playing it too safe and leaving $ on the table.

Here's how to build a solid Crypto Portfolio in 2022:

(+ my personal portfolio recommendation)

[The Web3 Rookie ✩ @Web3Rookie]

Under web3 philosophy and architecture, privacy and composability are shared values respected amongst users and creators.

Web1: Read
Web2: Read-Write
Web3: Read-Write-Own

5/5 🦋

[The Web3 Rookie ✩ @Web3Rookie]

🦋What is web3?

It's easiest to think about web3 in context to the meaning of web1 and web2. Let's simplify it:

🧵1/5

[The Web3 Rookie ✩ @Web3Rookie]

Web3:

The future internet we are moving towards, is a decentralized internet. Under web3, the internet is shared online and governed by the collective “we,” rather than owned by centralized entities.

Web3 has open-source protocols at its foundation.

4/5

[The Web3 Rookie ✩ @Web3Rookie]

As long as money is controlled by the government, in a "capitalist" society, this is exactly what happens and this is exactly what bitcoin is helping to prevent.

[The Web3 Rookie ✩ @Web3Rookie]

PSA - this article is covering this research study:
https://t.co/nV5XygtEPa

The lead researcher is Alex de Vries, who works for the Dutch Central Bank 👇
https://t.co/yTSTnRAp8x

[NYTimes Tech @nytimestech]

A single Bitcoin transaction now requires more than 2,000 kilowatt-hours of electricity, or enough energy to power the average American household for 73 days, researchers estimate. https://t.co/UbKPuZv2NY

[The Web3 Rookie ✩ @Web3Rookie]

Under no circumstance should you share your private key -- even if the virgin Mary herself appears and requests you tell her. Just drink some water and eat some cookies, everything is going to be ok.

5/5 🍪

[The Web3 Rookie ✩ @Web3Rookie]

Bitcoin is a more transferrable, digital version of gold.

As a currency, bitcoin is a finite supply asset in a network of users who agree on its value as a form of money that can’t be controlled or altered by a singular entity.

🧵1/5

[The Web3 Rookie ✩ @Web3Rookie]

In essence, to spend bitcoin, a user needs the private key associated with the public key and the address where the bitcoin is held.

For a user to receive bitcoin, they simply need to provide their bitcoin address to the sender.

4/5

[The Web3 Rookie ✩ @Web3Rookie]

There's a new internet alchemy, the next 20 years will be the creative & intellectual wild west.

We're in the infancy stages so have an open mind, let it get weird, the market will decide what survives anyway #dontbethatmaxi

[The Web3 Rookie ✩ @Web3Rookie]

Think of Bitcoin as the land, the foundation that all other cryptocurrencies and web3 applications are built from.

[The Web3 Rookie ✩ @Web3Rookie]

Today there are thousands of cryptocurrencies.

However, Bitcoin was the first cryptocurrency to come on the scene in 2009 and it remains the most popular and valuable cryptocurrency on the market today.

[The Web3 Rookie ✩ @Web3Rookie]

A cryptocurrency is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.

[The Web3 Rookie ✩ @Web3Rookie]

Crypto vs TradFi:

🍦There is no single point of failure: If one node fails it has zero impact on the blockchain ledger.

🍦There is no single source of truth that can be easily corrupted.