Congratulations on embarking on your Web3 journey! This is an exciting time to be entering the world of blockchain technology and cryptocurrency. While it's true that many people first become interested in Web3 because of the potential for financial gain, there is so much more to it than you might think. The technology behind crypto, known as blockchain, has the potential to revolutionize the way we do business in the digital world.
About this series
Before we introduce you to Boba and it's amazing ecosystem, we think it’s important
to educate our users to get a better understanding of the general concept of Web3 and why it’s going to change the way we interact with the internet. As you start to explore this new and exciting world, keep an open mind and be ready to learn. There is a lot of ground to cover and it can be a bit confusing from time to time. But this series is created to break it down in an easy and digestible way. So buckle up and get ready to dive in.
Web3 in a nutshell
Web3 is the concept of a new, third-generation internet. Underlying this new technology is something called the blockchain, a decentralized and secure digital ledger that allows for the transfer of value and information without the need for intermediaries. It is opposed to the current “world wide web”, where large corporations like Google, Amazon or Facebook collect and control a vast majority of the data.
In the early days of the internet, there were only a few content creators. This all changed with the introduction of social media platforms and the rise of big tech companies. People started publishing their own thoughts, perspectives and opinions. One of the biggest drawbacks or vulnerabilities of this transformation was the lack of privacy. Tech companies were extracting huge value from their users by collecting, tracking and selling their digital footprint.
We are in the early days of another transitional phase in the evolution of the internet. People call this phase Web3. Besides the upcoming technologies associated with Web3 such as virtual reality, the internet of things or the metaverse. We are going to focus on the underlying technology that will give the user back the ownership of their data, also known as blockchain. Something the current internet has never experienced, the element of trust.
So what is this thing called Boba? And what does it try to accomplish? As you may or may not know, blockchains are very good at being decentralized. Meaning the state of the network is spread on different computers. This peer-to-peer approach is the backbone of Web3, not being dependent on one central server. But this comes with a scalability trade-off. Blockchains have trouble computing large amounts of transactions in a short period of time. Boba is aiming to take the transactional and computational burden away from blockchain’s base layer by adding an extra layer on top of it. This scaling infrastructure offers a second layer where users can benefit from owning their digital assets, using DeFi, interacting with NTFs, playing games, and exploring a large variety of applications in a faster, cheaper and smarter way. While maintaining the same level of security as the underlying blockchain