- What is Web3
- Blockchain basics
- Wallets, txs
- Eth and crypto coins
- DAOs - join our dao
- Crypto games - P2E
- Smart contracts
- Oracles - chain link
- Future of web3
- Resources, summary
Day 1: What is web3
Web1 meant reading - web2 was about reading and writing - web3 is about ownership. When you use the current applications like Social Media, all the data gets stored on the company’s servers, and well the majority of big platforms are handled by only a handful of companies.
We trust these companies with our data and have faith in them. We do it because we don’t have any other options yet. Artists never really own the things that they make. You don’t ‘really’ have control over your own money - banks do. Banks have the power to freeze someone’s account and well in history it has happened where the withdrawals had stopped multiple times.
This was a gist for you about how we live in a centralized world.
There are plenty of other examples on why this is important and we need the world of decentralization and web3.
Think of sound.xyz and how it’s helping artists be independent and make more money through ownership.
Centralized platforms have been dominant for so long that many people have forgotten there is a better way to build internet services.
Cryptonetworks are a powerful way to develop community-owned networks and provide a level playing field for 3rd-party developers, creators, and businesses. We saw the value of decentralized systems in the first era of the internet. Hopefully we’ll get to see it again in the next.
Day 2: Blockchain basics
Blockchain is a chain of “blocks” or a shared ledger of data - everyone can see what is going on and all the transactions happening in real time.
If trust can be set by code, then creators don’t have to rely on middlemen. They:
Don’t have to trust banks to get paid
Don’t have to trust lawyers to draft a contract
Don’t have to trust social networks to make a living
Decentralized: Transactions are stored on a network of computers (nodes).
Immutable: Transactions cannot be changed once committed to the block.
Open: Transactions can be viewed by anyone.
Bitcoin uses blockchain and therefore is decentralized, immutable, and open. It’s also:
Hard capped: There will only ever be 21M bitcoin.
Single-purpose: Many holders just want it to be a digital token that stores value.
From a developer perspective, think of a backend which never goes down and people can see what you’re doing anonymously with an address. You can deploy your product and use it to create a decentralized app where everyone owns what they make.
Day3: Wallets, Consensus Algorithms
On Blockchain, your wallet is your identity. There are no names, there are just wallet addresses.
An online wallet is just like the one in your pocket - we need that to store money.
Easiest way to get started is to just experiment with things. Find an exchange where you can purchase some crypto. Setup a wallet like metamask, transfer the money to that wallet, and then see if you can swap some tokens.
Every wallet has a security key that you need to keep safe with you. Make sure you don’t lose that. In the majority of cases, most people will just use an exchange to manage their money like binance and coinbase.
A consensus algorithm is a process in computer science used to achieve agreement on a single data value among distributed processes or systems.
Proof of work and proof of stake are 2 major consensus algorithm. Let’s discuss those.
POW: Nodes (miners) try to solve a problem - first one that solves it gets the reward - other nodes check if it’s correct.
POS: miners stake their share to solve the problem - other validators check it and get a share if it’s correct - eventually add the block to the chain.
Day 4: Ethereum and coins
Unlike Bitcoin, Ethereum has a complete programming language inside it, so programmers can write code and make apps on Ethereum.
Bitcoin is a digital gold. It's a store of value & a medium of exchange. Ethereum is the infrastructure of a digital city. It was imagined as a foundation for businesses and applications to be built atop.
You can use Solidity Language to code smart contracts and then build decentralized apps (dapps) on top of the ethereum blockchain. There are other (and faster) chains that you can develop on - like polygon, solana. Think of the blockchain as a big backend database which runs all the time and can store things for you!
For the coins, we see coins everywhere - shiba inu and dogecoin are going to the moon according to some people. Unfortunately, they don’t have any logic behind those products! They are just meme coins.
There is a lot of thought behind real projects like ethereum and a complete structure of ‘tokenomics’ is defined before launching the product.
There are other stablecoins which you can buy to earn passive income through staking, yield farming, lending, etc. Examples are DAI, USDT, etc.
Day 5: Defi
DeFi or decentralized finance is a movement that aims at making a new financial system that is open to everyone and doesn't require trusting intermediaries like banks. To achieve that defi relies heavily on cryptography, blockchain and smart contracts.
DeFi, or decentralized finance, refers to the “ecosystem of financial applications being built with blockchain technology and without banks.” (ref)
An awesome reason to learn Defi is the fact that APY returns from some of the apps are 10-20% as compared to the traditional 0.01% from the banks. Think about that - a 2000x more return on your money?
There are some super important concepts like staking, lending, yield farming - explained in the resources!
Day 6: NFTs
Fungible tokens are interchangeable (e.g., the US dollar, bitcoin). Non-fungible tokens (NFTs) are unique (e.g., art, music, domain names).
NFTs are much more than just images. Think of ownership. You own your house -> you want to sell it -> every time you sell it -> you get some ownership royalty on it. Now think of owning an art piece or something. You sell that and get royalty on that.
Artists have been selling things they made for years without ownership. Now they’re turning to their true fans to make much more money off of the work they do.
For gaming: Checkout the game zed run and how it’s played - you own a horse NFT just like in a real world horse gambling scenario.
How to buy, mint, sell? Go to opensea, connect your metamask wallet, and purchase your first NFT. Want to upload an art that you have? Go to the profile section and then upload your image to the blockchain through their dashboard.
There are many many other use cases for NFTs, checkout the resources.
Day 7: Metaverse
Today’s generation spends their day scrolling on their phones, we spend majority of our time online, the next generation will spend even much time on the Internet and thus Metaverse gives a complete new interactive nature to Internet. It opens up a whole new industry for innovation.
Metaverse is more about the time rather than about a place or virtual reality. Here is an amazing thread by Shaan puri. It has many different sub sections and forms like gaming but the overall structure is about your digital identity.
Think of Sandbox, which is a marketplace in the metaverse where you can buy, sell your NFTs.
Decentraland - an online metaverse where you can own land, build on that land, and customize avatars - has an expansive map with 100K plots, which were originally sold in 2017, and now has a land floor of 1.2 ETH.
People are buying virtual lands worth millions and creating an online identity inside the metaverse. Soon people might wear VR headsets, sit in meetings from home, buy more virtual lands, play more games, and more.
A large part of 2021 NFT projects are promising to be compatible in metaverses, or better yet creating their own metaverses!
Metaverse is nothing but a virtual place and time where people are walking around with their digital identities. The art that they make carries more weight than the shoes they are wearing.
Day 8: DAOs
DAOs are decentralized autonomous organizations - they run without a captain. This automatically reduces the risk of corruption and other malpractices.
Example 1: token holders of MakerDAO building a decentralized stablecoin are able to govern the system and vote on parameters such as fees charged.
We’ve also seen DAOs emerge that are catered for more specific investment opportunities such as owning NFT art and virtual gaming items.
DAOs work on relationships and it’s important to iterate on ideas regularly to maintain the integrity of the ideas
DAOs from Odyssey DAO
Day 9: Gaming, Play to earn
The rise of play to earn (P2E) and metaverse games is one of the biggest innovations to come in 2022. Gaming has often been described as the potential breakout case to bring in more “normies” into Web3.
Axie Infinity is a Pokémon-like game built on the Ethereum blockchain in which people buy digital pets, called Axies, as NFTs, and breed, battle, and trade them.
In April, Axie did about $670k in revenue.
In May, it did $3.0 million.
In June, $12.2 million.
In Fortnite, everything that a user buys is cosmetic. Buying a certain skin won’t give you a better chance at winning battles, just like buying a new shirt IRL won’t make you stronger. You just do it to show off that you can, or that you have style, or for all of the reasons that people spend on fancy things.
There are many learning based games like crypto zombies which you can complete to learn solidity and the basics of ethereum development.
In June, Japanese mobile game Ni No Kuni: Cross Worlds set the speed record, hitting $100M in revenue in just eleven days, despite only launching in five markets.
Farmers World is another game where players can engage in farming-based activities like building cow sheds, chicken coops, and tending to crops.
Metaverses are virtual environments that come in the form of augmented or virtual reality spaces. Splinterlands (built on the Hive blockchain) is one dynamic example, which has seen Axie-like explosive growth through its offering of digital land ownership.
Day 10: Smart contracts
Smart contracts are the building blocks of all decentralized applications. Just like you see user authentication, servers, backend in a web2 application - smart contracts are the basic thing you need to add to
Learning smart contract development means learning Solidity, which is the programming language behind that.
Things are a little different. You deploy the functions, pay for the writing functions, test it differently using a testnet, writes need to be accepted by the network, everything is public, building on chains is hard, and much more!
There are plenty of interactive games like crypto zombies which you can play to learn solidity.
Day 11: Investment basics
Crypto market is the most volatile market we’ve seen which brings in the most FOMO among people.
There is no perfect stock or crypto to buy. Do your own research and invest for the long term by taking majority stakes in the most popular projects like bitcoin and ethereum.
Every youtuber has a different view on coins and newer projects, most of them get paid for what they speak so make sure you do complete research before getting into it.
Coinbase, Binance, and other exchanges have a way to buy crypto with your bank account. Then you can transfer the money to a wallet or a hardware storage thing.
Defi offers a variety of options for passive income through lending, staking, and yield farming. Please read the conditions for every exchange and platform - usually there is a vesting period where the exchanges hold the amount for a certain period of time.
Celsius is an example, where you can add your funds and start earning passive income from day1.
Day 12: Oracles, chainlink
Smart Contracts need something to interact with the real world data. And we can’t trust a single point of interaction to fetch this data. The data that we get is still centralized. The weather API that we use in a simple app can take the app down if the company providing that API goes down. Problem to the solution we use Oracles, which work as decentralized ways to get real world data into the smart contracts.
One of the leading Oracles => Chainlink.
Chainlink is a decentralized blockchain oracle network built on Ethereum. The network is intended to be used to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.
If you use an external API you are actually putting the decentralization at risk because this API is centralized and it is owned by an entity, so if tomorrow this API for some reason goes down you would not be able to do anything about it and your app would be useless.
Here’s a great pokemon game that you can build using chain link.
Understand chainlink and oracles through this video. It does a great job at explaining the basics and history of how it was invented.
Day 13: Altcoins - Eth, Sol
Any coin or project other than bitcoin is called an altcoin but the massive success of ethereum, solana, and other projects don’t really justify the name.
Many altcoins are built using the basic framework of bitcoin, giving most of them that much-desired aspect of being “peer-to-peer”. Also, much like bitcoin, they aim to provide a cheap and efficient means of transaction.
Ethereum is the biggest altcoin and we’ve seen the potential of it. People
Another famous altcoin and project is Solana. It’s faster and cheaper to build on and uses Rust as the underlying language. Checkout the resources if you’re interested.
Another reason why altcoins are important is that they make great investment tools. With the success of bitcoin in investors’ minds, people are looking to get in on the ground floor by creating and investing in new and practical cryptocurrencies—then selling it when the value rises.
For finding coin values and market caps, coinmarketcap is a nice website.
Day 14: Future, blocktrain
All top companies are getting into blockchain and web3 through NFTs, metaverse, their projects, and more.
Google has set up multiple teams and Youtube is bringing NFTs specifically for the creators.
Meta is going all in for the NFTs on instagram and metaverse through VR related things.
Apple is going to launch their characters, metaverse, and NFTs for their users.
We share resources and cool things every single day so follow us here:
Day 15: What next?
You can start developing applications with any ideas that you may have. Find a no code list, check what all basic information you need, and talk to your users! Here’s a list of all web3 resources you would need: bit.ly/web3resources
Check the ethereum and metamask docs to see what all they are building.
You can open any freelancing website like fiverr and see what all contracts they are getting.
Join discords and stay active there. Get skilled in whatever aspect of web3 you like and start spreading knowledge on twitter. Linkedin and Instagram are still slow :P
Here’s the link to our discord - https://discord.gg/vtYBYTqTDa - We share news, updates, resources, and a lot of other cool things every single day!
It’s a beautiful road ahead, don’t stop!