BLOCKCHAIN: THE BACKBONE OF WEB3
Blockchain is the bedrock upon which Web3 stands. But what exactly is it? At its core, a blockchain is a digital ledger. However, unlike traditional ledgers, it’s distributed across countless computers worldwide. Key Aspects of Blockchain: Immutability: This feature ensures that once data gets recorded on the blockchain, it’s nearly impossible to change without the consensus of the network. 1. Transparency: Every transaction on the blockchain is visible to anyone who wishes to see it, ensuring a level of transparency unprecedented in the digital world. 2. Consensus Algorithms: These cryptographic methods, like Proof of Work (PoW) and Proof of Stake (PoS), ensure all nodes (or participants) in the network agree on the validity of data. 3. The potential applications of blockchain are vast: from supply chain tracking to voting systems, and of course, digital currencies like Bitcoin and Ethereum. As industries begin to understand the value of a transparent, immutable, and decentralized system, the adoption of blockchain in various sectors continues to grow.
ISSUE 2 | NEXT PHASE OF THE WORLD WIDE WEB
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