Blockchain technology is one of the most spoken about but least understood Web 3 technologies.
It is essentially a digital database, that is both transparent and secure. Where it differs from traditional databases, is that it is a digital distributable ledger that uses double-entry accounting principles. The technology records, stores and distributes digital information across a network of participants, providing for a peer-to-peer secured distributable ledger, hence it is completely decentralised. The ledger consists of records called blocks that are then chained together, new records of information are represented as new blocks which are added to the end of the chain.
Why is this so important to Web3? The ability to maintain ledgers across digital transactions is an essential aspect of global economics to ensure that different digital actions, including transactions and contracts, are accurately documented in a manner that is secure.
Blockchain technology has enabled the development of the decentralised network that Web 3 will rely on and is, therefore, the most important technology in the development of the future “WWW”. It is vital that you understand it so that you aren't left in the wake of the next generation of trailblazers. There are many innovations that have been developed with blockchain technology, due to its ability to execute, log, and store digital transactions and assets. The most notable of which is Crypto-currencies, DeFi Crypto projects, and NFTs.
Opportunities!
The prominence of NFTs, digital assets, DeFi, and cryptos are giving power back into the hands of the creators. Blockchain technology, and particularly NFTs make it far easier to monetise your assets, in a way that was previously done with publishers, labels, and hosting platforms. With Web 3 tech you can be the platform for the ownership opportunities of your creations, brand, and IP and do not have to sign them away. You will continue to profit from secondary market resale after your initial offering.
Whether you are wanting to secure your reputation, monetise your assets, protect your IP, or just build your virtual presence, blockchain and NFTs, an expert team of senior developers, blockchain specialists, and metaverse experts are required.
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