WEB3 VS BLOCKCHAIN

DIFFERENCES BETWEEN WEB3 AND BLOCKCHAIN

For years now, people have been mixing Web3 for Blockchain and vice-versa, not knowing much difference between the two.

People say Web3 is Blockchain but here, I will be telling you about the difference between the two and why people can take them for the same.

After reading this article on WEB3 AND BLOCKCHAIN, I am sure you will be able to differentiate between the two in a proper explanation which I have done well to breakdown into simpler wordings for the understanding of everyone, even for newbies in the crypto industry.

What is Blockchain?

Blockchain is a decentralized digital ledger that records transactions on multiple computers, creating a permanent and unalterable record of those transactions using cryptography to secure and validate the transactions.

It is often used to create cryptocurrencies, like Bitcoin or Ethereum, but can also be used for other applications such as supply chain management, voting systems, and more.

Blockchain allows multiple parties to have access to the same data, and once data is entered it can’t be altered or changed, creating a tamper-proof record of transactions.

Blockchain is the technology behind Web3, which is the next-generation internet built on blockchain technology.

What is Web3?

Web3 on the other hand, refers to the next generation of the Internet, which is designed to be more decentralized and open than the Internet. It is built on blockchain technology and enables the creation of decentralized applications (Dapps) and Smart contracts.

Web3 enables digital identity, which is the representation of an individual in the digital world. It encompasses all the information about a person that is available online, including personal information, social media profiles, online activities, and more. In the context of Web3, digital identity takes on a new level of importance as it relates to decentralized applications, smart contracts, and blockchain-based transactions.

Importance of Web3?

Web3 has been adopted almost by all crypto industries, this has also given users the interest to make use of it as it provides the adequate safety and security of transactions and identity from the world.

It keeps you anonymous and also the transactions made on it are open to everyone in the world to see, this will help to reduce the cases of theft, cybercrime, and fake transfers. With Web3, you can see the transactions from any part of the world, and get paid from any part of the world without the issues of currency differences.

There are still more coming into the blockchain and Web3 industry but for now, I just mentioned the most common importance of Web3 to the people.

What Web3 seeks to solve is decentralization, openness, ownership of data by users, and many more, all this is possible on the blockchain technology because of its open ledger and use of private keys.

Importance of Blockchain

Blockchain is the technology that helps keep web3 safe and secure so without the blockchain then web3 will be nothing in terms of security, anonymity, and transaction openness.

It is the technology that cryptocurrencies are created on to integrate with the web3 to function, they have a network that the cryptocurrencies are built on to differentiate them and know their networks in the blockchain.

Why People Mistake Web3 for Blockchain.

Web3 and Blockchain are related concepts, but they are not the same thing.

Well, it is often associated with blockchain technology because it uses blockchain as a means of decentralization, but it also includes other technologies like peer-to-peer networks, distributed file storage, and smart contracts.

What this means to refer to is that Web3 cannot exist without the blockchain. They are not the same thing, Web3 is built on the blockchain just like Python is installed on an OS, without our computers Python cannot run but without Python, our computer will still work perfectly fine.

FINAL CONCLUSIONS

So, the tech is the blockchain and Web3 just builds on an existing blockchain, if you take away blockchain, Web3 dies, but if you take away Web3 the blockchain will always remain.

In essence, blockchain is a technology that enables decentralized data storage and secure transactions, while web3 is a broader vision for a decentralized internet that uses blockchain and other technologies to create a more open and democratic online ecosystem.