Hi everyone! Welcome to this weeks post on Bit Education. Every Thursday I’ll be sending out a quick, education-packed newsletter containing:

• Either an article about either blockchain technology or cryptocurrency

• Articles or posts that I think would be useful to your learning

• A though provoking excerpt from a book I’m reading

These are informative posts, meaning there will be certain spots where you might not be familiar with the content. I suggest that you do external reading from the links that I will at the end of each post.

By signing up you also get instant access to weekly posts, and access to my private community where we share ideas and posts everyday.

How to best use this post.

1. Take notes while you read the post. I challenge you to discuss the ideas outside the newsletter with friends and family.

2. Read the extra links provided, and apply the information from those posts to come to your own conclusion.

3. Truly digest the book quote. Reflect on how it can apply to your life.

4 Reasons Web3 is the Future!

Between 1990-now the internet has been evolving. Between 1990-2004 with the creation of Web 1.0 was mainly static websites that were owned by companies, and there was zero interaction between uses, leading it to be known as a read-only web.

From 2004-now. The internet evolved from Web 1.0 to Web 2.0, with the creation of social media platforms, instead of being a read-only internet, companies began to provide platforms to share content and engage user-to-user.

As the internet gained the use of the masses, a handful of top companies began to control a major proportion of the internet. This lead to the creation of an advertising driven revenue model. While users could create content, they wouldn't benefit from its monetisation.

Web 3.0 was coined by Ethereum co-founder Gavin Wood. Wood’s put into words, the problem a lot of people felt, that the Web required too much trust, in terms that the internet today relies on trusting a small handful of private companies, and how can we trust them to act in the public’s best interest.

Core Ideas of Web3:

• Decentralised - ownership is distributed among users and builders. Not a centralised entity such as a company.

• Permissionless - equal access to all users, no one gets excluded

• Native payments - cryptocurrency for spending and sending/receiving money, unlike the outdated system of banks and payment processors.

• Trustless - uses incentives and economic mechanisms, instead of relying on trusted third-parties

Web 3.0 puts the power back into the hands of the users. By putting in place mechanisms that would make sure there are central authorities that can control the platform that we use everyday.

Further Reading

Book Excerpt

“The best revenge is not to be like your enemy.” - Marcus Aurelius, Meditations

I’ve been reading this book for a while now. I may not understand it when I’m reading it, but as I go about with regular life its words become more meaningful.

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