Web 3.0 is based on the next iteration of the internet that depends on Blockchain technology and decentralization. The name was coined by Ethereum co-founder Gavin Wood and Polkadot founder. The current iteration of the internet consists of a huge amount of data that is being held by a small number of big companies.
The main aim of web 3.0 is to interconnect data in a decentralized way rather than the current scenario of the data being in a centralized repository with big tech companies. Improvements in Artificial intelligence and machine learning might help propel the web forward. We will see more interaction with the decentralized applications in the future which will let us interact and perform actions in the blockchain like never before.
Applications that are maintained by a network of computer nodes rather than a single server are called Decentralized Applications. This has become possible with the blockchain technology that supports Smart contracts. Smart Contracts are pieces of code that are added to the blockchain and which will execute the code based on the agreement. There is no manual intervention needed to execute the contract which avoids the need for a middle-man.
DApps can provide a good level of service similar to the regular application but the difference is they are decentralized and their transactions are transparent.
Now, that we are familiar with DApps, we will need a way to interact with the DApps without a centralized authority. Web3 wallets are non-custodial and so you don’t need a middleman like your bank. It will let you send, receive and store the cryptocurrencies. The wallet will hold the private key, public key, and the address (we will learn about these later in the post) which will provide access to your currency in the blockchain
There are two types are web3 wallet
A hardware wallet is a physical device that you can use to store your keys which will provide access to your account in the blockchain. Once you have configured the wallet after buying, you don’t have to be connected to the internet and so they are known as cold wallets. These are considered to be more secure since they are physical devices.
Here’s a list of top 10 hardware wallets
A software wallet is software which you can install on your computer or mobile phone which will provide access to your account in the blockchain. You can install the software and create a wallet to start your interactions with the DApps right away. These are considered to be less secure than their hardware counterparts.
Address of your wallet which can be shared with other people who are trying to send cryptocurrencies to you. Think of this as a unique address when your postman is delivering your postcard to you. When someone sends transactions to your wallet address, you will be able to receive those.
Usually, this will be a long alpha-numeric string and it can be shared as a QR code as well.
Private keys are the important part of your wallet which is used to decrypt the messages. The private key is important to the security of your wallet. So don’t share your private key with anyone. Good things to do with your private key is to store them offline and backup your wallet when you can.
Public key plays a major role in encrypting the messages and transactions which are sent to your address. They are used to make sure that only the intended recipient is able to read the message and not everyone can decrypt the message without the private key.
These are simple explanations and do not go in-depth about the different cryptography concepts involved in them. For more detailed information, public-key cryptography
There are lots of different Software wallets present in the market. One of the popular wallets is Metamask. It is available to download as a browser extension and mobile apps. We will look into how to create a new account in Metamask and start accessing the DApps in your browser.
You can download the application from their website
Step 1: Go to their landing page
Step 2: Click on the “Download” button
Step 3: Choose the device to download the application. We can select the Chrome browser to install a browser extension
Step 4: After installation, you will find the metamask icon on the extension in the navigation bar of Chrome.
If you don’t see it right away, click on the “Extensions” icon and you will see a list of all the apps installed on the browser.
You can click on the “Pin” icon and then it will show in the navigation bar.
Step 5: Open the Metamask app by clicking on the icon and then click “Get Started” to create a new account
Step 6: On the Get Started page, you will have two options
Step 7: You will have to agree to the Terms and conditions of Metamask
Step 8: Create a strong password which you will need to enter when you are accessing the Metamask application.
Step 9: Secret Backup Phase
This step is very important. You will need to click on the Reveal Secret button and then note down the phase. This will be 12 random words that will be displayed. You need to keep this secure
DO NOT SHARE THIS WITH ANYONE.
You can use this to get access to your account and so if anyone has this phase, they will be able to steal your account and all the assets inside your account.
Step 10: Confirm the Secret Backup Phase. You will have to select the secret backup phase in the order it was provided. This step is to verify that you have properly noted down the phase similar to Confirm password text
Done! Enjoy your new Metamask account
If you are a developer, you will be interested in learning more about the different resources available to build web 3.0 sites. ThirdWeb is a website that will help in getting started on your journey. So let’s connect our wallet and login to the site
I have taken the example of Thirdweb but a lot of other sites have a similar experience to connect your wallet.
Step 1: Open the thirdweb website
Step 2: Click on the “Connect wallet” button on the top right. Click on Metamask button and then you will receive a popup on the browser extension to connect to the website.
Step 3: Accept the notification in Metamask popup
Step 4: Done! You should be logged in to the application in ThirdWeb
Web 3.0 is a really interesting space right now and evolving very rapidly in a few years. It will be interesting to see what the future holds for these decentralized applications and how it will affect the developer and creator economies.
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