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Learn Web3 in 100 Days – #1 What is the Internet and How Relevant to Web3

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I launched this new series to help people learn Web3. Web3 is not really a new idea but a progress idea builds on the top of Web2. And there is no way you can learn Web3 by ignoring Web2. There are many hypes around the Web3 but it is really just hype. The true Web3 is many decades away from us. However, it does not mean we will wait for Web3 to just come to us. Rather, we should explore Web2 and see how it can further improve through a Web3 idea.

This article will just touch a basis about the internet and the website.

TL;DR

What is the Internet

How the Internet Works

Internet vs. Web

How does  the Web Work

How It Matters in Web3

What is the Internet

Image Credit: https://en.wikipedia.org/wiki/ARPANET

The idea of the internet came from the project ARPANET. A project connects all university computers together and shares their research knowledge. But there is a rumor to believe the government was trying to build a  survival network to be resistant to nuclear war. It wasn’t available until officially decommissioning in 1990 and the internet started to flourish without potential threats from nuclear war. But the technology matured during the 70s and 80s as known as TCP/IP or Transmission Control Protocol and Internet Protocol.    

How the Internet Works    

The internet is a way to communicate between two computers. TCP/IP has a two-layer program. The higher layer TCP disassembles the message into little pieces called “data packets” and is transmitted into the internet to be re-assembled by the receiving computer’s TCP back into the original message. The lower layer IP is an “address manager” and gets each data packet to the correct destination. IP addresses are checked by every computer in a network to make sure messages are forwarded as needed.  

Internet vs. Web

The internet is different from the Web. Although people use them interchangeably, the internet is the infrastructure that runs the web. The World Wide Web was invented by Tim Berners-Lee in 1989. You need a web browser to view information from the web.

How does the Web Work

Thinking about when you are surfing the web. 

Step 1: Connect your internet

You will turn on your modem to connect your computer to the internet service provider. You will need the IP address ready to receive information from the internet service provider through TCP. 

Step 2: Enter a web address into the browser

You will type a web address into the browser called URL or Uniform Resource Locator. Then you will process and push the internet service provider to provide data of such address you input and the browser looks up the IP address for the domain name through DNS or Domain Name Server which translates the text into a number of IP addresses so that it can be easier to search.

Step 3: The browser sends an HTTP request to the target server to send a copy of the web page

HTTP or Hypertext Transfer Protocol is a language used for internet communication and is being encrypted. 

Step 4: Server approves the request and provides data

Once the server receives the request and decrypts the request message upon approval, it will transmit data into your computer through a browser.

Step 5: Load the data

Then, your browser will through the TCP/IP process download the data and reassemble packets to present messages into your browser.

How It Matters in Web3

The above steps can easily translate into the process of the wallet with only a simple twist: instead of one-to-one communication from the internet, the crypto internet runs on multiple nodes. 

Step 1: Connect your internet

You will turn on your modem to connect your computer to the internet service provider. You will need the IP address ready to receive information from the internet service provider through TCP. 

Step 2: Enter a wallet address into the browser

You will activate your wallet with your private key and input the public key address you want to send to. Then click send. 

Step 3: The browser sends a request to the crypto network and all nodes work to validate the transaction

Each block of a transaction is an unspent transaction output or UTXO. All nodes will work to validate the previous block to make sure such transaction does not duplicate in the previous records as the process to validate the transaction. Of course, validators will compete with each other to win this type of work known as a mining process and to win incentives to complete such work.  

Step 4: Miner approves the request and completes the transaction

Once miners confirm the transaction, it will be included in the block as the record and broadcast in the blockchain. Assume every condition has been met and a security check is passed (private key signature).

Step 5: Post the transaction

Then, you can find your transaction post in the blockchain and mark it as a success. The party who is supposed to receive the transaction will receive it.

In conclusion

You can easily imagine how the crypto and blockchain work to resemble how the internet and web work.  

The next topic I will touch on is server and browser to blockchain and wallet.

Check out my other article

Crypto Comics – What is Protocol

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Crypto News

Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit

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Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit


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Hotbit Exchange, a global crypto trading platform, officially listed $ESCROW (Cryptegrity DAO) on January 27, 2023. The ESCROW/USDT trading pair is now available for all users of Hotbit Exchange.

To increase trust and protect the funds of buyers and sellers, Cryptegrity DAO (ESCROW) has introduced a means to trade crypto for goods and services without fear of theft or services not rendered, providing Security via smart contract technology. Its native token $ESCROW has been listed on Hotbit Exchange at 07:00 AM UTC on January 27, 2023, to expand its global reach further and maintain a secure and reliable platform for the exchange of goods and services using crypto.

INTRODUCING CRYPTEGRITY DAO

Cryptegrity is a blockchain-based platform that aims to increase trust between buyers and sellers of goods and services. The platform utilizes smart contract technology and cryptographic techniques to ensure transactions’ integrity and funds’ security. 

Cryptegrity’s web3 platform offers transparency and peace of mind that is impossible with traditional web2 competitors. Buyer funds are locked in an audited smart contract and released to the seller only when goods are received or services are rendered. This ensures that buyers and sellers can have confidence in the security of their transactions and reduces counterparty risk.

25% of revenue is distributed to $Escrow holders in real-time through smart contract technology. This revenue sharing continues for the lifespan of the platform or until all tokens are repurchased from public circulation. The Cryptegrity platform incentivizes the community and holders to help create liquidity and earn rewards by offering $Escrow for creating $Escrow LP pairs and staking them. Additionally, the Cryptegrity DAO rewards participants for contributing and resolving issues on the platform.

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In conclusion, Cryptegrity is an innovative platform changing our thoughts about online identity verification. With its cutting-edge technology, user-friendly interface, and listing on Hotbit, this project is poised to make a big impact in the industry.  

About $ESCROW Token

The Escrow Token serves dual purposes: it distributes platform fees to Token holders via revenue sharing and functions as a governance token with voting rights in the Cryptegrity DAO. It is the native token of the Cryptegrity Platform and is built on the Bep-20 and Erc-20 standards.

ESCROW has a total supply of 100 million tokens, with the following allocation: 10% to founders, 10% to the team, 10% for marketing and development, 10% for promotions, 10% for partnerships, 10% for liquidity for future DEX and CEX, and 40% available for sale to the public.

The ESCROW token is now available for trading on Hotbit Exchange starting at 07:00 AM UTC on January 27, 2023. Investors can easily buy and sell the token in relation to the Cryptegrity Project. The listing on Hotbit Exchange will aid in expanding the project’s reach and increasing market attention.

ABOUT HOTBIT

Founded in 2018 and holding Estonian MTR license, American MSB license, Australian AUSTRAC license, and Canadian MSB license, Hotbit cryptocurrency exchange is known as a leading trading platform that continues to develop and integrate various forms of businesses such as spot trading, financial derivatives, cryptocurrency investment and DAPP into one platform. Hotbit has already gained over 8 Million registered users from more than 210 countries and regions. Based on its globalized and unified strategies, Hotbit continues to focus on world’s emerging markets, such as Russia, Turkey and Southeast Asia markets and was ranked one of the top 3 most welcomed exchanges by Russian media in 2019. Hotbit is constantly introducing and listing high-quality crypto projects so its users can directly trade, manage, track, and analyze cryptocurrencies, making the entire experience easier for ordinary people.

Start Trading Now: Hotbit.io

Telegram: https://t.me/Hotbit_English 

Twitter: https://twitter.com/Hotbit_news



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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.

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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.



“If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings,” the SEC wrote in its complaint. “The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token.”



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Australian Government Flagged FTX Concerns Eight Months Before Downfall

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Australian Government Flagged FTX Concerns Eight Months Before Downfall


A new report shows that the fallen crypto exchange FTX had already caused concerns with the Australian regulator months before its collapse. According to a document on The Guardian Australia’s website, the ASIC (Australian Securities and Investments Commission) started investigating the firm’s local operation last March.

An article in the Australian Financial Review prompted the concerns. The article outlined the now-bankrupt exchange’s plans to launch in Australia within a few weeks. FTX caused more concerns when rumors that it would allow users to purchase cryptocurrencies with margin loans of 30 times their investment started making rounds.

In early April 2022, several Australian regulators held meetings with FTX leadership, and at that time, the exchange promised to operate under the stipulated while cautioning its customers about potential scams. However, the regulators somehow remained concerned about the FTX business.

Report Shows ASIC Issued Several Notices to FTX Australia Within a Few Months

In a span of four months, the ASIC had issued about four notices to FTX’s Australian subsidiary, requesting more information about its business operations. However, to avoid interfering with its law enforcement activities, ASIC did not issue the notices via a freedom of information request.

The Guardian Australia’s briefing document released on November 12, 2022, a day after FTX had filed for bankruptcy, indicates that, indeed, the ASIC had been carrying out what’s described in the document as a ‘surveillance activity’ on the fallen exchange since last March.

The document stated that since March 2022, the Australian regulator has been requesting information from FTX Australia regarding its financial offerings. Among the issues raised included the firm’s compliance with the ASIC’s product intervention order alongside pricing and how it registered new users.

FTX Licensing Strategy

It has been discovered that FTX Australian began its operations without ASIC’s approval because it evaded the usual licensing procedures by buying out an existing firm that had possessed an Australian Financial Services License since 2021.

Another revelation shows that IFS Markets, the company acquired by FTX, had also gotten the license by taking over another financial firm called Forex Financial Services a few months earlier.


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