Understanding the Web 3 Ecosystem:

The Web 3 ecosystem is built on decentralized networks, such as Ethereum, which enable the creation of smart contracts. Smart contracts are self-executing contracts with the terms of the agreement written directly into lines of code. These contracts can be used to automate various processes, from supply chain management to financial transactions. Additionally, the Web 3 ecosystem also includes decentralized storage solutions, such as InterPlanetary File System (IPFS), which allow for the decentralized storage of data.

Developing for the Web 3:

To develop for Web 3, one must have a good understanding of blockchain technology and its underlying protocols. Popular protocols in the Web 3 space include Ethereum, EOS, and TRON. Developers also use various tools such as Solidity (the programming language for Ethereum) and Truffle (a development environment for Ethereum). Additionally, there are various platforms such as OpenZeppelin and Gnosis that provide pre-built smart contract templates and libraries for developers to use.

Web 3 Use Cases:

Web 3 technology is already being used in various industries, from finance to gaming. In finance, decentralized finance (DeFi) platforms are being built on Web 3, allowing for peer-to-peer financial transactions without the need for intermediaries.

In gaming, dApps are being created that allow players to own and trade in-game assets, creating a new form of gaming economy. In addition to these examples, Web 3 also has potential in industries such as supply chain management, real estate, and voting systems.

Conclusion: Web 3 represents a significant shift in the way we interact with technology and the digital world. The decentralized infrastructure of Web 3 allows for greater security, transparency, and autonomy. As the technology continues to evolve, we are likely to see an increasing number of dApps and decentralized networks built on the Web 3. With the potential to revolutionize various industries, it is important to stay informed about the developments in the Web 3 space.

The web is undergoing dramatic changes. Of the latest changes is Web3, a new version of the internet, which is quickly expanding in size and popularity.

As it’s still a new idea, finding Web3 engineers is a tedious task. It’s mostly cryptocurrency and blockchain enthusiast developers who are mastering this new form of the web, which is destined to change the internet in ways we have yet to understand.

Before we talk about how to hire Web3 developers, let’s talk about Web3 itself.

What is Web3?

Web3, unlike its predecessors, Web 1.0 and Web 2.0, is based on peer-to-peer (P2P) decentralized networks, such as blockchain.

Blockchain is a hallmark building block of cryptocurrency, and Web3 is a product of both. Web3 developers create apps that aren’t limited to a single cloud server but are instead distributed on a blockchain or decentralized P2P network that isn’t controlled by a central authority.

In simpler words, Web3 is similar to how most cryptocurrencies work based on the blueprint of Bitcoin.

How does this differ from the existing Web 2.0? While Web 2.0 is user-centric (most of the content is user-generated), Web3 has taken this approach to the next level by introducing more autonomy and keeping things more transparent and relatable. In Web3, computers are heavily involved in interpreting information on a human level.

Web3 has many additional attributes that distinguish it from Web 2.0 — it’s verifiable, self-governing, permission-less, distributed, stateless, and has built-in payment systems (cryptocurrency).

This lack of transparency and verification led to Web 2.0 containing too much content and information, most of which isn’t helpful for general users. Its security is also sub-par, which is why there are too many hackers today and a marked increase in identity theft and other cyber-crimes.

Any application built on Web3 would be developed and owned by the users as they help create and maintain the app, earning their stake along the way. This is just how Bitcoin operates, as miners of the currency earn Bitcoins when they facilitate transactions through computing operations.

The apps on Web3 are called “dApps,” which is short for “decentralized applications.” You can expect to hear this term more often in the near future.

An effective Web3 developer is one who is familiar with the concept of Web3, is proficient in the relevant programming languages, and has the right tech stack to back their development work.

What Tech Stack Do Web3 Developers Use: Skills and Tools

The tech stack, or developer stack, refers to the technology or tools the developer uses and excels at. A good example is the MEAN stack, which is comprised of MongoDB, Express.js, AngularJS/Angular, and Node.js.

For Web3, there’s a specific tech stack that the developer you’re hiring must use.

Web3 SDKs/dApps

The Web3 SDKs, or libraries, are essential for building any dApp. These libraries support the interaction with a blockchain, such as Ethereum, and conduct transactions.

The most important of these SDKs are web3.js, web3.py, and ethers.js. These are also linked with smart contracts, which are explained further below.

Cryptocurrency Wallets

If you’ve ever dabbled with cryptocurrency, you probably already know what a crypto wallet is. It holds your cryptocurrency and can be either a digital or hardware wallet. For Web3 applications, a wallet is required to facilitate transactions.

There’s a fee for the writing operations on the blockchain, which must be drawn from the wallet. For Web3, the developer can create an ETH (ethers) wallet using any of the common languages, such as Python, JavaScript, or Ruby. Alternatively, developers can use an existing wallet platform like MetaMask.

Nodes

Nodes make up the blockchain and retain a copy of it. These are also called Web3 providers for this reason, as the application’s connectivity with the blockchain hinges on these nodes. Without these nodes, dApp cannot communicate with the smart contracts.

The most commonly used provider is QuickNode, which provides a global network of nodes powered by speedy operations.

Smart Contracts

In the crypto world, smart contracts are pieces of code that live on the blockchain. Written in Solidity, these cannot be altered or mutated. This code runs when the conditions for it to run are met.

This automates the workflow when the participants of the blockchain confirm an outcome. These smart contracts (pioneered by Ethereum) also helped give Ethereum the edge over Bitcoin in terms of transaction speed.

Related: Hire NFT Developers »

Related: What to Look for in a Mobile App Developer

Web3 Developer Salaries

The average yearly salaries for Web3 developers can vary greatly depending on what you’re hiring them for. Here’s an overview of the most popular Web3 expert roles and their salaries.

Blockchain Developer

According to ZipRecruiter, the average yearly salary for a blockchain developer is $154,550 or $74 per hour. Note that this average is mostly drawn from larger companies. If you add smaller companies and startups into the mix, the average yearly salary drops to $80,000 per year.

Since the term “blockchain developer” is a broad descriptor, the associated salaries tend to vary. In general, there are two types of blockchain developers: blockchain software developers and core blockchain developers.

1. Blockchain software developers: Blockchain software developers are responsible for creating applications based on blockchain protocol and architecture. One of their main duties is to create smart contracts, which are programs stored on a blockchain that automatically run when conditions are met. Small contracts are usually used to automate workflows and agreement execution so every participant will immediately know the outcome.

   They also create decentralized applications (dApps) that run on the blockchain, making them comparable with web developers, who use web architects’ design and protocol to create web applications. Additionally, these software developers are responsible for the front-end and back-end development of dApps and supervising the stack that runs them.

2. Core blockchain developers: These blockchain developers are responsible for creating the architecture, design, and security of the blockchain system. They also:

• Design the blockchain protocols
• Design security patterns and consensus protocols for the network
• Supervise the entire blockchain network

Despite their differences, both types of blockchain developers require a similar skill set. Here are the main blockchain developer hard skills you should look for when hiring a blockchain developer for your team:

1. Cryptography: Cryptography is the study of blockchain protocols that prevent unauthorized and unwanted parties from accessing your data. A popular concept in cryptography is public-key cryptography, which forms the backbone of cryptocurrency transactions.

   Another hot topic is cryptographic hashing, which transforms cleartext passwords into enciphered text for storage. This slows down threat actors since they’ll have to decipher these hash values if they want to exploit the passwords.

2. Data structures: Every blockchain developer needs to have extensive knowledge of data structures. This is because blockchain networks consist of data structures.

3. Blockchain architecture: Blockchain developers need to know what ledgers are, how smart contracts work, and what consensus is. They should also be familiar with all four types of blockchain architecture: consortium, private, public, and hybrid.

4. Web development: Blockchain developers should also know how to develop and create web apps, particularly if they’re blockchain software developers.

5. A variety of programming languages: Finally, your blockchain developer should have experience with at three or more of the following programming languages:

• Java
• Python
• C++
• C#
• PHP
• JavaScript
• Go
• Simplicity
• SQL

Like the rest of the roles on this list, blockchain developers need the following soft skills:

• Commitment to and passion for the Web3 landscape
• Interest in learning more about blockchain technologies
• Client and project management skills
• The ability to meet deadlines ahead of time
• The ability to work in multi-disciplinary teams

Solidity Developer

The average base salary for a Solidity developer is $127,500 per year. Remote Solidity developers can earn up to an average of $145,000 per year, depending on which company they’re working for.

Solidity developers use the Solidity language to create and deploy smart contracts on Ethereum-based apps. The syntax of Solidity is similar to C and Javascript, so developers who already know those languages can quickly learn Solidity. Compared to other languages, Solidity offers multiple benefits, such as:

• Statically typed programming
• Accessibility to JavaScript debuggers, infrastructures, and other tools
• Preciseness

With Solidity, developers can craft applications with self-enforcing business logic in smart contracts, creating a non-repeatable record of transactions. Solidity also supports libraries, a complex user-defined type, and inheritance. Thus, it’s a good choice for creating contracts for crowdfunding, voting, multi-signature wallets, and blind auctions.

Solidity developers are usually responsible for:

• Integrating Solidity code across various platforms
• Managing the full lifecycle of blockchain development
• Ensuring blockchain integration with existing applications
• Building smart contracts and ensuring that all timelines and expectations are met for finished smart contracts
• Reviewing smart contracts for security and functionality
• Supervising web services that use blockchain technology
• Collaborating with multidisciplinary teams and product managers to discover new ideas for smart contract development
• Assessing technical reviews of proposed solutions
• Analyzing usage and transaction statistics to pinpoint and prioritize areas for improvement

Besides having a deep knowledge of Solidity and blockchains, Solidity developers should also have the following hard skills:

• Blockchain technology, especially Ethereum blockchain
• Strong background in Javascript, C, C++
• Knowledge of AngularJS, React JS, and Ember JS
• Portfolio experience with Ethereum testnet and mainnet
• CSS/HTML/JS/React for application binary interface (ABI) integration
• Experience with RESTful APIs
• Experience with staking protocol implementation for liquidity pair and single-token staking
• Familiar with different ways to deploy smart contracts, such as Remix, Truffle suite, and Hardhat
• Experienced in staking implementing and test-driven development (TDD)
• Knowledge of libraries, data structures, blockchain architecture, web development, and smart contracts

Smart Contract Developer

According to Glassdoor, the average annual salary of a smart contract developer in San Francisco, CA, is $94,674 with an average additional cash compensation of $20,950.

As their name suggests, smart contract developers are responsible for developing smart contracts for blockchain platforms. They use various programming languages, such as Solidity and Vyper, to create smart contracts, which, as we covered above, are blockchain programs that automatically run when conditions are met.

Unlike blockchain software developers who create dApps as well as smart contracts, smart contract developers are only responsible for designing and building smart contracts architecture and related tasks. As such, they have fewer responsibilities and lower salaries.

Here’s what they’re typically responsible for:

• Designing, building, and deploying smart contracts architecture, yield pools, incentive structures, and strategies
• Working with smart contract auditors and the rest of your IT team to implement fixes
• Create, implement, and test smart contract additions and upgrades
• Explore and research smart contract design implications

Most companies require smart contract developers to have the following hard skills:

• Over four years of full-stack web development (client-facing apps and APIs)
• Programming languages such as Solidity, NodeJS, and JavaScript
• Cryptography
• Experience in creating, developing, deploying, and testing smart contracts for all four blockchain architectural types
• Experience with patterns that will make their Solidity code more readable and improve performance, such as:

1. Oracles
2. Pull over Push
3. Eternal Storage
4. Tight Variable Packing
5. Guard Check
6. Emergency Stop

• The ability to write secure code that prevents threat actors from taking over contracts
• Optimization of smart contracts
• User experience (UX)

Rust Developer

There’s a lot of variation in the salaries of Rust developers.

According to ZipRecruiter, the average Rust developer earns $91,709 per year or $44 per hour. However, in certain major cities, the average salary of Rust developers is higher. For instance, the annual average salary of a rust developer in San Francisco, CA, is $106,131 with an average additional cash compensation of $11,867.

Rust developers are responsible for coding and developing web browsers, blockchain platforms and projects, servers and systems software, and operating systems in the Rust programming language. They may also be responsible for testing, debugging, and ensuring the security and safety of the systems, software, and platforms they develop.

Additional duties may include:

• Collaborating with customers, management, and relevant departments to pinpoint end-user specifications and requirements
• Analyzing user feedback to boost software performance
• Creating technical documentation

Like Solidity, Rust is a popular language that has a wide range of Web3 applications. It’s particularly popular due to its use in the Solana blockchain, a potential competitor to Ethereum as the leading platform for dApps. As of March 2022, Solana is currently ranked ninth in market value on CoinMarketCap, making it the highest-ranked blockchain platform that uses Rust.

Most companies require Rust developers to have the following skills:

• C++, since the Rust language is similar to it
• Other programming languages such as Golang, Python, Java, Node.js, and React.js
• Knowledge and experience with secure coding practices
• Experience with network programming skills and multi-threaded programming
• Familiarity with solana-web3.js, Solana’s official SDK (Rust developers use this SDK to develop Solana dApps)
• The ability to create and launch Programs, which are the Solana equivalent of smart contracts
• Experience with specific operating systems such as Android or Linux
• Experience with certain databases, such as MongoDB and Apache CouchDB

Many organizations also prefer to hire Rust programmers who have at least three to five years of Rust coding experience since it’s a difficult language to master.

According to the Rust Survey of 2019, most Rust programmers rated their expertise as 7 out of 10 or below, even though over 68% of them wrote Rust code weekly. Additionally, 22% of Rust users indicated that they didn’t feel productive while coding Rust and the steep learning curve was the second most common reason for not using Rust on some projects.

As such, it’s important to get a good idea of how familiar and comfortable your potential hire is at Rust. Give them a few test assignments and make sure that they know how to create, test, and debug the programs and apps you want them to create.

Where to Find Web3 Developers

Whether you’re looking to hire Web3 developers for a long-term project or a small gig, knowing where you can find the best talent for this specific set of skills can substantially cut down your search time.

Web3, like cryptocurrency in its early days, is driving impressive innovation. It’s an excellent opportunity to be a part of the blockchain ecosystem and help formulate the future of the web.

Unless you live in a tech hub where you can find talent locally, it’s probably easiest to hire remote developers. Here are the best places to find these developers and Web3 engineers:

Crypto Job Boards

Even while talking about something as cutting edge as Web3, you may find the age-old approach of searching job boards to be quite convenient. However, you’ll want to choose a job board that’s known for harboring blockchain and crypto developers.

There are several recruitment websites that focus solely on crypto-related jobs. You can increase your chances of finding the right person by posting the position on more than one of these platforms.

Some of the most popular online crypto job boards include Crypto Jobs List, CryptoJobs, and Angel. Other more general job sites include Indeed and Remote.co.

LinkedIn

LinkedIn is another online job board, but it’s also a social media platform. Many startups begin their talent scouting here.

Not only do you have the opportunity to post Web3 development jobs on LinkedIn, but you can also search for professionals with experience by viewing the profiles of prospective employees. Profiles present workers’ skills, experience, and education, and if you like someone, you can communicate with them directly on the website or app.

While LinkedIn is an excellent place to find a developer, it also provides a great platform for promoting your business, especially if you’re looking for financing. It offers opportunities to show off the talent you hire as well, to make your venture appear even more valuable.

Talent Marketplaces

Online talent marketplaces are another viable option when searching for Web3 developers. These usually have both remote workers and freelancers, so you’ll first need to figure out exactly the kind of worker you need.

Do you want a permanent member of the team? Do you want a contractual freelancer? These are serious considerations. For example, for long-haul collaboration, you’d likely want the developer to be an employee of the company.

There’s nothing wrong with going with a freelance developer, provided this kind of relationship meets your needs and you can find someone suitable. But if you’re looking to embed developers in your team and hire them permanently, Revelo is an excellent place to start. You’ll be connected with top-notch remote talent specializing in Web3 engineering or development, or whatever technology you need to grow your business.

One of the most significant benefits of using Revelo is that the developers are pre-screened, so the skills and experience they list on their profile are what you’ll get. Therefore, there’s no need to confirm their experience — you can just move along with the interviewing process.

How to Hire Web3 Developers

You probably don’t want to spend endless hours reviewing resume after resume and conducting dozens of interviews. At the same time, you also don’t want to miss out on good talent by overlooking their applications.

To help you pick out the best from the rest, here are some examples of job postings and some guidelines for the interviews themselves.

If you find hiring daunting, don’t worry — hiring developers doesn’t require the formal interviews, group discussions, or IQ tests that many big corporations use. If you’re all for decentralization anyway, you might as well do things a little differently than more centralized corporations.

Web3 Developer Job Post Example

The first thing you need to nail is the job post itself. Whether you choose to go with a job board, LinkedIn, or a talent marketplace, you’ll need to define the position you’re offering.

This is important because, believe it or not, many recruiters and contractors end up using the wrong terms in their posts or adding too much detail. This can cause candidates to overlook the most important requirements of the position. In these cases, you’ll end up with irrelevant resumes and often too many of them to sift through.

When you’re looking to hire Web3 developers, the post should be direct. It should address that you’re looking for a blockchain developer who specializes in Web3 development and has the right tech stack to support it.

Ideally, you would want people with experience working with blockchain to apply. So, make a list of the relevant keywords to put in your post. Those keywords will also help the post rank better on search engines, so anyone who types those keywords will see your job posting.

To help you write an immaculate job post to hire Web3 programmer, here is an example:

“We are looking for a passionate and experienced Web3 developer to help us build our project XYZ.

Our ideal candidate is someone with experience developing blockchain-based applications, especially those for Web3 (dApps). They should be aware of and use the latest technologies in crypto, blockchain, and Web3 development. With collaborative energy and willingness to learn, the right candidate will readily communicate with and assist other team members on the project.

Necessary Qualifications:

• Experience with blockchain development
• Experience with Solidity and dApp development
• Basic knowledge of front-end development of dApps to bridge the gap between the complex blockchain and usable Web 2.0–based interface
• Ability to work remotely and collaborate with the team when necessary

Responsibilities

• Help create scalable applications with Ethereum blockchain
• Analyze and solve problems in the development phase
• Communicate and collaborate with back-end and front-end teams
• Develop and optimize smart contracts
• Help document the development process of the blockchain and dApps
• Optimize development and implementation
• Adopt best practices for Web3 and blockchain development”

You can follow this layout or create your own based on this sample structure:

Begin by briefly introducing your company or the idea of the project without giving too much away, especially if you’ve come up with a new idea.

Then, talk about what the ideal candidate should have, including the desired skills and qualifications. Don’t be too general with these but try to be straightforward. Keep in mind that Web3 is relatively new, so asking for 5 or 10 years of specific experience may be unreasonable and limit who applies. This could cause you to miss out on exceptionally qualified candidates.

Consider adding a pay rate or range in the job posting. This transparency will ensure that neither you nor the candidates waste time with interviews or application materials if your expectations are drastically different.

Lastly, list the responsibilities that the developer will have. Include both technical and non-technical responsibilities that you’ll expect of a new hire.

Remember that a clearer job description will attract more relevant applicants.

Web3 Developer Interviews

Once you have shortlisted the candidates, you can begin setting up interviews. You already established during your initial review that they meet the requirements you defined in the job post. Now, it’s time to get to know them a bit better.

You’ll most likely be conducting the interview remotely via a web meeting tool, like Zoom.

It’s always a good idea to formulate your interview questions beforehand. You should write down your most significant concerns with hiring Web3 engineers and keep each candidate’s resume handy either in paper format or on your computer screen.

Ask them how they plan on working remotely, especially if they are located in a different region with a significant time zone difference. Discuss the communication tools and methods of your team and whether they have any experience with those.

Make sure to formulate these discussions and concerns into a set of questions and create a smooth flow. For example, consider dividing the interview into technical and non-technical sections. However, it’s not necessary to stick to your script. If you think of something during the interview, you can go ahead and ask and come back to your pre-written questions after.

Lastly, discuss their salary or pay expectations. Do they prefer to be paid hourly, annually, or by the project?

Here are some sample questions you can use in your interviews:

• How do you think Web3 is different from the previous versions of the web?
• What blockchain projects have you been part of? What was your role?
• What Web3 development tools and technology have you used before?
• What coding languages are you experienced in?
• How do you respond to feedback from other team members?
• What testing methods do you use for your code?
• What is your preferred mode of communication?

Don’t forget to keep the mood light and friendly!

Related: Outsourcing Software Development to Bolivia: Why You Should Hire Bolivian Developers

Web3 Coding Challenges

No matter how well the interview went and how experienced the candidate claims to be, it all comes down to their skill.

To measure and confirm their level of knowledge and experience in Web3 development, you should conduct several small coding challenges. These can be presented to the candidates in written form or as video presentations to explain the purpose of the assignment. The task shouldn’t be longer than an hour unless you plan to pay them for their time.

If you’re hiring a developer to carry out different coding tasks, you should create different coding challenges, each dealing with a specific need of your project — for example, creating nodes, writing smart contracts, or developing the front end of a Web3 application.

Another popular approach to coding challenges is pair programming. In these tests, two developers work together on a problem, either in person or remotely. This is a great way to test their technical skills and their team and communication skills. The code wouldn’t be written by both of the developers, however. One would formulate the code or define the approach, while the other would actually write it. You can reverse the roles for a second test.

Here are some tips for developing coding challenges:

• Utilize problems related to your project. You want to see the developers working in the context of your application. You should take a problem related to your project and present it as a challenge to see how the candidate might benefit your team.
• Focus on the process, not the result. When examining the coding challenge results, don’t just look at whether they solved the problem. Even if they didn’t quite find the solution, their results can help you get to know how they work and whether they have the potential to learn more.
• Use the same challenge. For a single job posting, use the same coding challenge to see how different candidates compare. However, don’t reuse the test once you’ve hired someone successfully.
• Create from scratch. It’s best to create the challenge yourself, using a real problem related to your project. Pre-designed coding tests may not provide the best outcome, and many times the solutions have been published online, which defeats the purpose of testing. If you’re not a developer yourself, consider asking your current developers, especially those responsible for testing, to create these tests for you.

Conclusion

Hiring Web3 developers is not difficult if you search in the right places, conduct the interviews effectively, and design a solid coding test. Even if you believe a candidate is not seasoned, you can always train them. However, they should have the drive to learn more.

Revelo can solve your talent hunting issues by presenting some of the best developers from Latin America to become an integral part of your team and take your Web3 project to the next level. Contact us and get matched with vetted developers within 3 days.

SOURCE: REVELO

What is blockchain?

A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

Learn more

What is a cryptocurrency?

A cryptocurrency is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don’t have a central issuing or regulating authority, instead, they use a decentralized system to record transactions and issue new units.

Here is how you can buy your first cryptocurrency

What Are Crypto Tokens?

The term token refers to a special virtual currency token or how cryptocurrencies are denominated. These tokens represent fungible and tradable assets or utilities that reside on their own blockchains. Crypto tokens are often used to fundraise for crowd sales, but they can also serve as a substitute for other things. These tokens are usually created, distributed, sold, and circulated through the standard initial coin offering (ICO) process, which involves a crowdfunding exercise to fund project development.

What is a smart contract?

A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control, or document legally relevant events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of the need for trusted intermediates, arbitrations, and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions.

Learn more.

What is an NFT?

A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain). NFTs can be associated with reproducible digital files such as photos, videos, and audio. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership, but it does not restrict the sharing or copying of the underlying digital file. The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin.

Learn more.

What is Web 3?

Web3, also known as Web 3.0, is an idea for a new iteration of the Internet that is based on public blockchains. The term was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2020 and 2021 from cryptocurrency enthusiasts, large technology companies, and venture capitalist firms.

Learn more.

What is DeFi?

Decentralized finance (commonly referred to as DeFi) is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum.[citation needed] DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. DeFi uses a layered architecture and highly composable building blocks.

Learn more.

What is GameFi?

GameFi also known as Game Finance, is the gamification of financial systems to create profit from playing play-to-earn crypto games.

Learn more.

What is DeIn?

Decentralized Insurance also known as DeIn or DeFi Insurance is where rather than purchasing insurance coverage from one specific individual or company, you can purchase coverage from a decentralized pool of insurance providers. Interestingly, any individual or company can work as an insurance provider by locking up capital in the decentralized capital pool. The individual or company providing capital to the pool can qualify as a liquidity provider.

Learn more.

Conclusion

I am a follower of the above simply because of how much disruption of traditional methods blockchain can create. In one way or the other blockchain technology is the future of processing. Currently, as of writing this post, there are Decentralized Supply Chain Management, Decentralized Full Proof Voting, Decentralized Real Estate, Decentralized Data Protection, and Decentralized Loyalty + Royalty Programs.

Learn more here: The Importance and Benefits of Blockchain Technology

Blockchain increases trust, security, transparency, and the traceability of data shared across a business network — and delivers cost savings with new efficiencies. Blockchain for business uses a shared and immutable ledger that can only be accessed by members with permission.

This includes targets of reaching net-zero carbon emissions by 2050 or sooner, as well as a more immediate goal of reducing scope one and two emissions by 50 percent by the end of this decade.

In order to do this, it is leveraging several new technology trends that are proving themselves to be revolutionary in many industries beyond its own sector. These include artificial intelligence (AI), the internet of things (IoT), and – as we will see in this article – Web3 and blockchain.

Blockchain is best known to most people as the technology that underpins cryptocurrencies like Bitcoin. The simplest way to think of it is that it’s essentially a relatively new form of database format. Blockchains have two key features that make them different from other databases. Firstly, rather than being centrally located on a specific computer or server, they are distributed. This means they are spread across multiple computers, so no one person is in direct, overall control, and all changes have to be validated by consensus.

Secondly, they are encrypted, meaning they are effectively tamper-proof, and only people with permission can add to them or edit the data they contain.

These two features, in combination, make blockchain ideal for applications where data needs to be added, checked, and validated by multiple parties, and security and integrity are of utmost importance. A good demonstration of its robustness can be seen in the fact that the Bitcoin network itself handles 270 million transactions every day, is worth (as of writing) around $400 billion, and has remained secure throughout the 13 years of its existence so far.

These features make blockchain an attractive technology for global organizations like Shell, which need hyper-secure, scalable technology solutions to drive a new generation of applications involving collecting and sharing valuable data. Their “trustless” nature improves the current processes used across the industry, helps to reimagine energy value chains via tokenizing energy to create transparency & traceability, and makes new markets and new business models with DEFI / DAO’s / NFT’s, etc.

Recently, I was joined by Dan Jeavons, VP of Computational Science and Digital Innovation at Shell, as well as Shell’s blockchain lead, Sabine Brink, to discuss some of these projects on my webinar.

Brink tells me, “The intersection of digital and energy is one of the most exciting spaces. Looking at how we utilize this technology – web3, a blockchain that accelerates the energy transition. This is an extremely motivating journey to be on.”

This enthusiasm has led to her spending the past five years examining every area of the business where blockchain and related Web3 technologies could be implemented in order to drive sustainability and green energy goals. A number of projects have emerged out of this, and the most promising are now moving into pilot and production stages, where it is hoped their ability to drive real global change will be realized.

In particular, I was interested to hear how the energy giant is using blockchain to trace and verify the provenance of energy created from renewable sources. As the world has come to appreciate the urgent need to transition towards sustainable energy sources, huge rewards – both in terms of financial incentives and customer loyalty – have emerged for organizations that work towards affecting change. The process, however, is often opaque – it’s difficult for customers or partner organizations to really be sure exactly how clean a specific energy source or supplier is.

Jeavons and Brink explained that Shell had developed a blockchain-based system that can demystify the complex web of sources.

He says, “So if you look at the electricity market today, we have energy attribute certificates (EAC) that represent green energy or grey [non-green] energy generated in a given month or year. For companies that aim to run on 100 percent green energy, their monthly or yearly certificates may match their total energy consumption, but when the sun doesn’t shine, and the wind does not blow, grey energy is actually being consumed. So it’s hard to claim that they are actually consuming green energy on a 24/7 basis.”

Shell’s solution involves creating highly granular certificates in real-time at the source where the energy is created – which could be solar panels in the desert or wind farms in the ocean - to represent the green energy produced at every half hour, in sync with established energy attribute certificates systems. Every point of that electron’s journey to the point that it is consumed is tracked and recorded on a blockchain.

“This is one of those solutions where blockchain creates the transparency and assures us there’s no double-counting of electrons in the system; we believe this could be a game-changer,” Jeavons tells me.

Another project which has just made the leap to the pilot phase is an ambitious venture between Shell, Accenture, and American Express Global Business Travel (Amex GBT) aimed at increasing the availability and use of sustainable aviation fuel (SAF).

Brink says, “To me, this is one of the most exciting projects we’ve been working on. I’m very proud of the team. It’s one of the first public blockchain solutions that creates a credible and transparent way to help decarbonize the aviation sector. Thanks to its inherent technical features, blockchain offers verifiability, transparency, and security of environmental attributes of SAF.”

The product is Avelia – one of the first blockchain-powered book-and-claim systems which will offer around one million gallons of sustainable aviation fuel (SAF) and associated environmental benefits to corporates looking to reduce emissions from their business travel.

Currently, there is insufficient SAF available at an affordable price. It’s hoped that through aggregating demand for SAF among corporate travelers who form a more concentrated segment than leisure passengers, there will be a reduction in the price – with SAF currently priced significantly higher than equivalent conventional aviation fuels. However, growth in demand for the fuel will theoretically lead to suppliers increasing investment in production and, therefore, an eventual fall in price.

“It’s really hard to decarbonize the aviation sector,” Brink tells me. “Decarbonizing the aviation sector cannot happen overnight. Today we do not have large-scale airplanes that can be powered by green electricity that are able to travel the world. Sustainable aviation fuel is actually a solution – sustainable aviation fuel that we can utilize today and implement with existing infrastructure. With Avelia, we hope to demonstrate that the tracking of SAF data at scale can be delivered in a credible manner, thereby proving to decision-makers that a mechanism for corporations and airlines to book and claim SAF is an acceptable form of emission reduction. In turn, this creates increased demand signals to structurally scale the SAF production required to reduce emissions in aviation.”

Other blockchains and digital transformation projects currently undergoing evaluation or pilot status at Shell involve “digital passports” to track the lifecycle of industrial parts, equipment, and machinery at energy plants operated by the company and its partners.

Of course, all of this technology-driven transformation is driven, at its root, by data, and Shell has worked to implement an integrated data platform that aggregates 2.9 trillion rows of information harvested from all areas of its business. This includes IoT sensors installed across its plants and wind and solar farms, ultimately allowing it to create digital twin applications to help it better understand the operation of its assets.

Jeavons says, “This is what my team is so excited about – the potential to do this at scale. We’re rolling out digital twin … we’re rolling out AI … and when you put that together with traceability, we believe we could bring to market a whole raft of decarbonization solutions … where we could partner with our customers to help them accelerate their own decarbonization journeys. We’re just getting started.”

Source: LinkedIn

This article answers these questions, with the goal of educating users about one of the most important aspects of Web3 access infrastructure.

Wallets or keychains?

In the context of blockchain and Web3, a “wallet” is essentially a cryptographic key management system that doubles as a user interface allowing you to interact with network applications and services by reading and/or modifying the state of the blockchain. It is in this sense, therefore, that we will use the term “wallet” from now on.

Although the use of the term is already widespread, it is somewhat misleading, and it is worth dispelling a common misunderstanding right away. Contrary to popular belief, when you make a transaction on the blockchain you are not “sending” tokens from your wallet to someone else’s wallet. In fact, you are using your private key to sign a transaction and transmit it to the entire blockchain network. Only after the network validates your transaction will it be executed, and then this change will be reflected in the updated balances of your address and the recipient’s address.

In this sense, the term “wallet” is misleading because the applications we use to interact with the blockchain do not store money the way physical wallets do. Instead, they store the private keys that allow you to sign and make transactions, and the public keys that allow you to receive assets. A more apt analogy would be to a keychain, with the important difference that in the case of the blockchain this “keychain” not only manages the keys needed to interact with the network but also shows the record of transactions and the balances of the addresses associated with these keys.

But what exactly are the “keys” that digital wallets manage, and what are they used for?

Keys and seed phrases

A “key”, in the sense in which the term is used in cryptography, is the basis of a transformation, usually mathematical, of an ordinary message into an unreadable (encrypted) message.

In public-key cryptography, which is the standard used to implement blockchains, a pair of correlated keys are created for this purpose: the first is called private because it must be kept secret; the second is called public because it can be shared with anyone who wants to receive it. Any participant that has access to your public key can encrypt a message using that key, but only you can read it, using your private key. In addition, you can use your private key to “digitally sign” a message, allowing others to verify that you were the sender; this verification is also done using your public key.

Public-key cryptography — Source: Network Encyclopedia

A wallet stores and allows you to manage this key pair to interact with a blockchain.

• A public key refers to an address that allows you to send and receive transactions.
• A private key proves that you own the assets associated with your address.

You can think of your public key as analogous to your bank account number, and of your private key as analogous to the password you use to access your account and make transactions. As with banking, your public key can be shared with anyone to receive funds, but your private key, like your password, must be kept secret.

Public & Private Keys — Source: Crypto.com

Most modern wallet implementations use a single master key, also known as a seed phrase, to generate the public and private keys. This key generation system is called deterministic because in it the public and private keys are correlated and can always be reproduced from the same seed.

Seed phrases are represented as a list of English words (usually 12, sometimes 24) that you can write down and keep somewhere, and can reuse to retrieve your wallet if for some reason you lose access to it (say, by having a device stolen or damaged).

Example of seed phrases — source: Realt Academy

There are a set of industry standards for wallet implementations that ensure interoperability between different applications. Thanks to these standards, you can easily export and import your keys between wallets from different vendors.

More than keychains — wallets as Web3 identities

The keychain analogy helps, but it doesn’t catch all the functions of wallets. In a blockchain, nodes are constantly synchronizing the state of the network and updating the history of transactions made. As we saw above, wallets connect you to the blockchain nodes and allow you to read this history and also make transactions, registering new data in the network. In this sense, we can also say that wallets work analogously to a traditional web browser, serving as a gateway to access and interact with Web1 / Web2. Wallets, in turn, are your gateway to Web3. But they go further, and can also serve as your identity in this new environment.

In Web3, identity and reputation work very differently from what we are used to today. As a rule, in Web2 our identities are tied to some centralized provider, which almost always requires users to hand over confidential and personal information. Examples of such identities are your Google account, Facebook, Twitter, etc.

Web2 Login — Source: Dev.to

In Web3, you simply link your wallet to a decentralized application (dApp) to be able to interact with it. And unlike Web2 authentication methods, wallet addresses are pseudonymous by default. If a user chooses to connect the same wallet with multiple dApps, her (pseudonymous) identity can be easily transferable between those dApps, which means that over time the user can build up a sort of portable reputation, even without having to reveal her personal information.

Web3 Login — Source: Coinbase

As more and more aspects of our lives come to be experienced on Web3 — communication, work, education, entertainment, finance, and so on — all “orchestrated with tokens” (see Dixon and McCormick’s definition of Web3), our very identities will become more and more intertwined with the content of our wallets. For this reason, having a portable, privacy-preserving, and secure digital identity will become of paramount importance in this emerging future.

(I delve deeper into issues involving risks to our identities in Web3 and in the Metaverse in this article.)

Types of wallets

Types of Wallets — Source: Odyssey DAO

The first important distinction for categorizing wallets concerns whether or not they are connected to the Internet. So-called “hot wallets” are connected to the Internet, while so-called “cold wallets” are kept offline.

Hot wallets

In hot wallets, the user’s keys are stored and encrypted in the application itself, which is kept online. Examples of hot wallets include:

• Web-based wallets (websites or browser extensions)
• Wallets for mobile devices (Android or iOS applications)
• Desktop Wallets (applications installed on your OS)

Using a hot wallet, in its different forms, is generally quite convenient, but along with convenience also comes more risk, since computer networks tend to have hidden vulnerabilities that can be targeted by hackers or malware programs, among other forms of a system intrusion.

Hot wallets can be subdivided into two further categories, having to do with the way the keys are controlled in each case.

Custodial hot wallets

These are wallets managed by an exchange (for example, by Binance, Coinbase, Crypto.com, etc.), and require you to log in with a username and password to access them, just as you would do to access any traditional web application.

With a custodial wallet, you do not own your keys and therefore are not in full control of the assets they manage. As a popular saying in the crypto community goes, “not your keys, not your coins!”

Because of this, when using custodial wallets you must trust the service provider to securely store your assets and implement strong security measures to prevent unauthorized access. These measures include two-factor authentication (2FA), email confirmation, and biometric authentication, among others. Many exchanges will not allow you to transact until these security measures are properly configured by you.

Non-custodial hot wallets

These are self-managed wallets. The keys and assets these applications manage are fully under the control of the users. But since with great power comes great responsibility, this means that users of non-custodial wallets must take care of their own security regarding key and seed phrase storage. If any of these are lost, recovery may be difficult or even impossible, since they are not usually stored on any third-party server.

Cold wallets

Cold wallets are, by default, offline. This makes them less convenient than hot wallets, but as a rule, also makes them more secure.

Examples of cold wallets include:

• Paper wallets: as the name implies, a paper wallet is a physical location where private keys and/or seed phrases are written or printed. Since hackers cannot access these records remotely, this method is generally more secure than using a hot wallet connected to the internet. On the other hand, it opens up the potential risk that the piece of paper will be destroyed or lost, which could result in unrecoverable funds.
• Stainless steel wallets: To avoid the risk of destroying a paper wallet in case of fire or flooding, you can also engrave your private keys on a stainless steel plate. Some manufacturers even offer ready-made kits for this type of wallet.
• Hardware wallets: A hardware wallet is an external, dedicated device (usually a USB or Bluetooth device) that stores your keys. You can only sign a transaction by pressing a physical button on the device, which malicious actors cannot control.

Wallets with multiple signatures (multisig)

Also known as “multisig”, these are wallets that require two or more private key signatures to authorize transactions. This solution is useful for a number of use cases:

• An individual using a multisig wallet can avoid losing total access to the wallet in a scenario where one key is lost because then there will still be other keys able to sign transactions.
• Multisig wallets can make misuse of funds and fraud more difficult, which makes them a good option for hedge funds, exchanges, and corporations. Since each authorized person will have a key, and a transaction requires the use of most keys, it becomes impossible for any one individual to unilaterally perform unauthorized transactions.

(All the wallet types described above have multisig versions — hot, cold, hardware, and so on.)

How to secure your wallet

If your wallet’s private key or seed phrase gets lost or stolen, you not only risk losing access to your assets but, given what was said before, an integral part of your identity on Web3 will be jeopardized. Therefore, it is crucial that you learn how to secure your wallet to avoid fraud and identity theft.

Here are some tips to ensure the security of your wallet:

1. Store your private keys and your seed phrases in a safe place. Consider copying them to paper or stainless steel and storing them very well, or, if you prefer to have online access, use a password manager (such as 1Password or LastPass).
2. Never share your private keys or seed phrases with anyone. No matter who asks — just don’t share!
3. Protect your password. If your wallet has a separate password, anyone who obtains it can obtain your private key. So choose a secure password, preferably saving it in a password manager, and using 2FA.
4. Don’t leave valuable assets in your everyday hot wallet. Instead, put those assets in a cold wallet or in a separate hot wallet with reinforced security. If you have a lot of assets in your wallet and share your address publicly, sooner or later someone will try to pull a scam using this information and some social engineering techniques.
5. Carefully check any website URL, email address, or social network profile before taking any action involving your wallet. Scammers usually pose as a trusted platform to phish your seed phrase or private key.
6. Turn off private messaging in apps like Discord and Telegram, and never interact with unknown assets (such as NFTs) that appear “out of nowhere” in your wallet. These are two common attack vectors that scammers use.

In addition to these general tips, here are some suggestions of best practices for using cold wallets specifically:

1. Your seed phrase is more important than the device itself. If your cold wallet is damaged, you can always recover your assets by importing your seed phrase into another wallet. Therefore, prioritize the safety of the seed phrase as indicated above.
2. Do not use the seed phrase from a hot wallet in your cold wallet. The purpose of the cold wallet is to store a seed phrase offline. Reusing a hot wallet seed phrase in the cold wallet means bringing back all the problems of online storage.
3. Be very wary of cold wallet phishing attempts. Buy a cold wallet only from the official websites of the manufacturers (such as Ledger and Trezor). Do not respond to “support” emails, letters, or private messages asking for your seed phrase.

Common frauds involving wallets, and tips to avoid them

One of the main goals of scammers regarding the Web3 space is to trick you into sharing your private key or your seed phrase. Here is a list of common scams for this purpose, and tips for avoiding them.

Phishing attacks by fake customer support accounts

Scammers send a message via email, social network, SMS, etc., informing you that there has been some kind of problem with your wallet — for example, “Your Metamask account has been hacked.” The criminals then try to convince you to share your private key or your seed phrase, supposedly to verify that you really own the “hacked” account. If this happens:

• Carefully check the website URL, email address, social profile, or phone number from which the message originated.
• Even if the source seems reliable, remember: no reputable platform will ask for your private key or seed phrase!

MetaMask’s Fake Support Attack — Source: Odyssey DAO

Trust Wallet Fake Support Attack — Source: Rainbow

Airdrops of fake tokens and NFTs

Since wallet addresses are public, literally anyone can send tokens or NFTs to these addresses. This is usually not a big problem, because you can simply choose to ignore them; but some cybercriminals have developed ways to send tokens that can execute transactions on your account as soon as you interact with them. In this sense, one could compare these tokens to a trojan that allows hackers to access your computer as soon as you interact with a malicious file. A more detailed analysis of this type of scam, including an explanatory video, can be found here.

As a precaution, be very careful with “freebies” and “gifts”, usually offered by fake profiles on social networks or by private instant messages on Discord servers or in Telegram groups. Never interact with a token of unknown origin in your wallet!

Blind-signing

Another recent and still little-known type of attack used to steal digital assets from wallets is blind signing. This attack takes advantage of the fact that users who employ their wallets to interact with dApps and NFTs often do not review the code of the smart contracts underlying these applications and therefore may end up signing and authorizing transactions without knowing exactly what they are signing and authorizing.

For example, it is sometimes necessary to grant a third party — say, cryptocurrency exchange or an NFT marketplace — permission to conduct transactions involving tokens within your wallet. Once third-party access is approved, users can exchange tokens or list NFTs for sale without paying additional fees each time. The attackers have found ways to trick victims into giving them third-party approval over the contents of their wallets, which can be transferred to other addresses controlled by the criminals.

Fake hardware wallets

One very ingenious scam involves sending some sort of correspondence — it can be an email or even a physical letter in the mail, “signed” by a CEO of a hardware wallet manufacturer — that tries to convince the user that their wallet has suffered some sort of attack and needs to be replaced. Sometimes a new device is even sent along with the letter. But these new devices have been hacked to provide access to the fraudsters, who then clone the wallet using the previously created seed phrase to gain access to the user’s funds.

If something like this happens, simply throw these devices in the trash and inform the manufacturer of the attempt.

A fake letter signed by “Ledger CEO” — Source: Ledger

Speaking of Web3 Identities, Unstoppable Domains is on a mission to create the best web3 domains and identities on the planet. Their domains fix a lot of issues such as long complex crypto addresses, sign-in with your web3 ID, and more. My Web3 Domain is stephenajulu.crypto. Get your own now at a discounted price. Free minting and no renewal fees: Unstoppable Domains

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Sources and Further Reading

• Wallets as web3 identities By Jônadas Techio — Blockchain Solutions Architect & Web3 Evangelist @ Axur(Medium)
• What is a Crypto Wallet? A Beginner’s Guide (Crypto.com)
• What is a crypto wallet? | Coinbase
• Public Key Cryptography — Network Encyclopedia
• Seed Phrase 101 (Realt Academy)
• How to use a hot wallet? (Odyssey DAO)
• The Anatomy of MetaMask. An X-ray of Web3’s Beloved Fox | by Julia Wu | Jun, 2022
• How to use a cold wallet? (Odyssey DAO)
• What is a Hardware Wallet and How Does it Work? (Crypto.com)
• How to avoid crypto scams (Rainbow)
• How to avoid wallet scams? (Odyssey DAO)
• Digital Risks in Blockchain and Web3 (Axur — Free Ebook)
• Digital risks in the Metaverse (Medium)

Static Websites

Assuming the source code is in a git repository online(GitHub, GitLab, BitBucket, etc)

1. Go to netlify.com and create an account
2. Click “Add new site”
3. Select “Import an existing project”
4. Select Git provider_(I’m on github)_
5. Authenticate and Authorize
6. Select the repository
7. Enter build command e.g this site’s build command is “hugo –gc –minify”
8. Enter publish directory e.g this site’s publish directory is “public”
9. Click “Deploy site”

That’s it. Depending on the static version you used. It will take some time.

NB: Just plain HTML, CSS, and Javascript will take less than 3 seconds and does not need a specified build command or publish directory, Hugo takes anywhere from 10 seconds to 1 minute depending on how large your site is.

Dynamic Websites

Now, this depends on what tech stack you are using. I won’t lay down the details. Rather I’ll provide you with a few hosting solutions, both free and paid.

1. Heroku
2. Digital Ocean
3. Truehost(Affordable)
4. Namecheap

Making Your Website Web3 Compliant

As far as I know, the only possible way is by making a static site web3 compliant. I don’t know how to make a dynamic site web3 compliant hence will only cover static sites.

There are four URL options:

1. Constant Hashes => serve as links within ipfs and have been discussed in my previous article.

2. DNSLink => Simply put, a regular Web2.0 domain name from a DNS record.

3. ENS => Dynamic Url with a ’ .eth ’ ending and that is more readable than IPNs links. I would argue that this is the best domain choice for establishing a website, but the first option is free :)

1. Unstoppable Domains => Dynamic Url with multiple endings. My recommended choice.

Static Sites

1. Go to fleek.co and create an account
2. Follow the same process as Netlify
3. Select either IPFS or Internet Computer. Your choice.

Earn Money From Your Content Website

Here I won’t cover affiliate marketing and other popular ways to monetize your website as there are enough resources in the web.

1. Web Monetization

To monetize your site, you must:

1. Set up a web monetized receiver (wallet) for receiving payments. Supported wallets.

2. Get your wallet’s payment pointer. E.g. $wallet.example.com/alice

3. Create a special <meta> tag that tells Web Monetization providers how to pay you. e.g.

   <meta name="monetization" content="$wallet.example.com/alice">
   

4. Add the <meta> tag to each page of your website that you want to monetize. E.g.

   <!doctype html>
   <html>
   <head>
   <title>Web Monetized Site</title>
   <meta name="monetization" content="$wallet.example.com/alice">
   </head>
   </html>
   

5. For a more detailed look at web monetizing your site, see the Web Monetization explainer.

6. Congratulations! Your website is now web monetized.

2. Basic Attention Tokens

Follow this and this.

3. Digital Product

Create an account on Gumroad, and start creating digital products and selling. Then use their overlay widget on your website

Photo by Le Buzz on Unsplash

NFT domains are domains that live on a public blockchain and give users complete ownership of their stored data. The main benefits to owning one are simplifying crypto transactions by replacing long complicated wallet addresses with the domain name and easily creating and hosting websites on web3.

What is the Ethereum Naming Service?

Ethereum Name Service is a blockchain protocol for users who want to have their own unique and memorable usernames over Web 3.0. Using the service allows you to nail all of your wallet addresses and decentralized websites to a single unique name. For instance, “alice.ETH.” This makes you more recognizable and easier to find across the decentralized space.

The service also allows you to use your domain name to create a decentralized website or to link an existing domain to your Ethereum (CCC:ETH-USD) wallet.

How to buy an “.ETH” domain?

How to Register Your First “.ETH” Domain

1. Go to https://app.ens.domains
2. Use the search bar to find a domain you want.
3. Tap on your chosen name to see an estimate of how much it will cost.
4. Get a free Ethereum wallet. I recommend Rainbow or MetaMask
5. Buy enough Ethereum using the wallet to cover the cost of your domain (add a little extra just in case)
6. Go back to the ENS domain website, click the menu in the top right and connect your new wallet.
7. Once connected, you’ll be able to click the blue “Request to Register” button on the domain.
8. Open your wallet & confirm the first transaction request. The transaction may take a few minutes, and then you’ll see a 1-minute countdown begin on the ENS site.
9. After the 1-minute countdown is done, you’ll be able to finalize your registration. Click the register button to initiate a transaction in your wallet.
10. Confirm the transaction in your wallet, then wait for it to complete.
11. You now have your very own ENS name! Congratulations!
12. Lastly, go to your account on the ENS website and set your reverse record to the new name you’ve purchased.

You can now use your “.ETH” address to send/receive Ethereum and other crypto assets. In the future, it’ll be used for more things too!

If you’d like to learn more, go check out the previous article here.

First,

What is an NFT/WEB3 Domain?

NFT domains are domains that live on a public blockchain and give users complete ownership of their stored data. The main benefits to owning one are simplifying crypto transactions by replacing long complicated wallet addresses with the domain name and easily creating and hosting websites on web3.

If you haven’t heard yet, NFT domains are the newest kids on the block(chain) and they have the power to change what we know of as the internet today. But before we dive into all that goodness, let’s take a step back to run through what traditional domains are and define NFTs — that way, you can truly understand the superpowers behind NFT domains.

Typically, you interact with a traditional domain when you type the address (like Twitter.com) into your browser. But did you know traditional domains were originally built to do so much more on the internet? Think of functionalities like email and payments. Hard to believe, right?

But as we can see, traditional domains haven’t progressed much beyond displaying websites. This might be because traditional domains have been controlled by centralized servers since the internet was created. This made it much more difficult for developers to innovate on top of that technology.

Luckily for us, the tech that powers NFT domains (a.k.a. blockchains) opens up a whole new realm of possibilities for us on the web!

What is an NFT?

NFT (non-fungible token): a digital certificate of authenticity used to assign and verify ownership of a unique digital or physical asset. Unlike fungible tokens, NFTs are not interchangeable with one another.

How Do They Work?

Great question! NFT domains are essentially a suite of smart contracts, which is a fancy term to describe software written on a public blockchain. This means that instead of one company controlling your data online, the power is transferred back to you as the user. And by being built on blockchains, anyone can look at the data stored there, creating a level of ultimate openness and transparency.

On top of that, there is the benefit of enhanced security — only you hold the power to make updates to your NFT domain, which minimizes worries about servers getting hacked or domains getting stolen.

All that to say, blockchain superpowers give everyone a safer way to surf the internet while also giving control back to you over what gets shared and where it gets shared.

Cool, I’m starting to get the power of blockchain but am still not 100% sure what I can DO with an NFT domain?

Uses of an NFT Domain?

1. Simplify crypto transactions by replacing all your complicated wallet addresses with your domain name as your username.
2. Use your domain to receive 275+ coins and tokens across multiple blockchain networks.
3. Login to apps with your domain name as your universal web3 username.
4. Unlike traditional domains, fully own and control your domain. You buy it once, you own it for life!
5. Easily create and host websites, ranging from personal websites to NFT galleries.

Reasons to get one?

#1) Zero Renewal Fees

Unlike traditional .com domains, you fully own and control your Unstoppable Domain, so you never have to pay renewal fees. Ever. You buy it once, you own it for life!

#2) Seamless Crypto Payments

No longer fear your payments getting lost in the ether (pun intended). Instead of copy and pasting your wallet address (which is similar to a bank account number and can look like: 0xc6b0562605d35ee710138402b878ffe6f2e23807), use an Unstoppable Domain as your one-stop-shop username to store all of your wallet addresses for sending and receiving crypto.

#3) Multi-Chain Compatibility

Your NFT domain comes with the superpower to receive over 275 supported coins and tokens, with many more on the way! Now you can navigate crypto transactions with ease, regardless of the blockchain network. Browse the complete list of supported cryptocurrencies here.

#4) Decentralized Websites

Want to create a website on the decentralized web? Create one in just a few clicks with our pre-made templates. Own any NFTs? Create a gallery-style website to show off your favorite collectibles as your collection grows. We’ll be adding more features and templates in the future, so stay tuned here.

#5) Own Your Identity on Web3

As the world shifts to web3, it’ll be more important than ever to own your part of the new internet. By owning an Unstoppable Domain, you’ll not only help progress the digital world, you’ll ensure your identity is secured for the next wave of technology.

How to get one?

1. To buy one visit this link and follow the prompts: Register for Unstoppable Domains.

A cryptocurrency is any form of currency that exists digitally or virtually and uses cryptography to secure transactions. Cryptocurrencies don’t have a central issuing or regulating authority, instead, they use a decentralized system to record transactions and issue new units.

Here is how you can buy your first cryptocurrency

What is blockchain?

A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

Learn more.

What is a smart contract?

A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control, or document legally relevant events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need in trusted intermediates, arbitrations, and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions.

Learn more.

What is an NFT?

A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain). NFTs can be associated with reproducible digital files such as photos, videos, and audio. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership, but it does not restrict the sharing or copying of the underlying digital file. The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin.

Learn more.

What is Web 3?

Web3, also known as Web 3.0, is an idea for a new iteration of the Internet that is based on public blockchains. The term was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2020 and 2021 from cryptocurrency enthusiasts, large technology companies, and venture capitalist firms.

Learn more.

What is DeFi?

Decentralized finance (commonly referred to as DeFi) is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum.[citation needed] DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. DeFi uses a layered architecture and highly composable building blocks.

Learn more.

What is GameFi?

GameFi is also known as Game Finance, is the gamification of financial systems to create profit from playing play-to-earn crypto games.

Learn more.

Helium: Helium is one of the most popular Web 3.0 cryptocurrencies and is responsible for making the internet accessible to everyone. This project offers a web service designed to compete with ISP giants like Verizon and AT&T.

Polkadot: If you are not new to the crypto market, then you have probably heard of Polkadot. It is one of the top 10 cryptocurrencies on the market and is a flagship project by the Web 3 Foundation, a Swiss company founded to facilitate a fully functional and user-friendly decentralized web.

Kusama: Investing in Kusama is almost a roundabout way of investing in Polkadot. It is because Kusama only exists as the companion of the Polkadot network. It has carried out many projects because the network is the benchmark for the success of parachains.

Ocean: Ocean protocol is a decentralized, blockchain-based data exchange. It functions as a protocol that allows anyone to build their own decentralized data marketplace. Ocean also functions as a utility token, which is used for buying, staking, and selling data for the governance of community funding on the platform.

Filecoin: As its name suggests, Filecoin is the file cabinet for Web 3.0. The network is decentralized storage that is created to be a safe alternative to centralized cloud storage and also a way to passively earn money. Filecoin wants its users to know that its storage is for anything and everything.

To buy these I suggest you register at Binance

You’ll find that these blockchains and cryptocurrencies are being used to create more cryptocurrencies and blockchains. Most are also involved in the metaverse and web 3.0 development.

Buy their cryptocurrencies by registering here: BINANCE

NB: NOT FINANCIAL ADVICE!

Web 3.0 has not yet been implemented, so there is no solid definition. It took over ten years to transition from the original web, Web 1.0, to Web 2.0, and it is expected to take just as long, if not longer, to fully implement and reshape the web with Web 3.0. However, the technologies that some people believe are going to make up and ultimately define Web 3.0 are currently being developed. Smart home appliances using wireless networks and the Internet of Things (IoT) are two examples of how Web 3.0 is already impacting technology.

If the trend of change is traced from Web 1.0, a static information provider where people read websites but rarely interacted with them, to Web 2.0, an interactive and social web enabling collaboration between users, then it can be assumed that Web 3.0 will change both how websites are made and how people interact with them.

Web 3.0 properties

Web 3.0 may be constructed with artificial intelligence (AI), semantic web, and ubiquitous properties in mind. The idea behind using AI comes from the goal of providing faster, more relevant data to end-users. A website using AI should be able to filter through and provide the data it thinks a specific user will find appropriate. Social bookmarking as a search engine can provide better results than Google since the results are websites that have been voted on by users. However, these results can also be manipulated by humans. AI could be used to separate the legitimate results from the falsified, therefore producing results similar to social bookmarking and social media, but without bad feedback.

An artificially intelligent web will also introduce virtual assistants, an element that is already emerging today as an aspect built into a device or through third-party apps.

The idea behind the semantic web is to categorize and store information in a way that helps teach a system what specific data means. In other words, a website should be able to understand words put in search queries the same way a human would, enabling it to generate and share better content. This system will also use AI; semantic web will teach a computer what the data means and then AI will take the information and use it.

Ubiquitous computing refers to embedded processing in everyday objects, which enables the intercommunication of devices in a user’s environment. This is thought to be another property that Web 3.0 will have. The concept is similar to the Internet of Things.

The technologies which will make up these properties include microformats, data mining, natural language search, and machine learning. Web 3.0 will also be more focused on peer-to-peer (P2P) technologies such as blockchain. Other technologies such as open APIs, data formats, and open-sourced software may also be used while developing Web 3.0 applications.

Web 3.0 and Web 2.0

Web 2.0 refers to websites and applications that utilize user-generated content for end-users. Web 2.0 is used in many websites today, chiefly focusing on user interactivity and collaboration. Web 2.0 also focused on providing more universal network connectivity and communication channels. The difference between Web 2.0 and 3.0 is that Web 3.0 is more focused on the use of technologies like machine learning and AI to provide relevant content for each user instead of just the content other end users have provided. Web 2.0 essentially allows users to contribute and sometimes collaborate on-site content, while Web 3.0 will most likely turn these jobs over to the semantic web and AI technologies.