BlockChain Basic Concepts
- 2. Content 1. Web2.0 2. Web3.0 3. How To Get Started With Web3.0 4. Why, What Is Blockchain 5. Blockchain Applications 6. Disadvantages with Blockchain 7. The Ethereum Blockchain 8. Smart Contracts 9. Fungible And Non Fungible Tokens
- 3. Web2.0 ● Web2.0 allowed users to be a part of the internet by providing features Like posting, social medias ● Example: facebook, Instagram, whatsapp
- 4. Web3.0 ● In Web3.0 people can use opensource, trustless, permissionless web technology to interact with each other.
- 5. How To Get Started With Web3.0???
- 6. Blockchain Basics ● Satoshi Nakamoto came with the concepts of blockchain ● It’s a distributed ledger system which is decentralized. ● Blockchain Contains blocks which are created when transaction takes place. ● Each block will have Data and hashes. ● Proof of Work and Mining. ● Public and Private keys ● How to be a part of blockchain? ○ Developers: web3.js and smart contract ○ Users: Metamask and other wallets ○ Miners using
- 7. Blockchain Applications. ● Immediate transactions for digital payments. ● Financial Services: Real estates buy and sell assets. ● Decentralized database system. ● Registries: land, driving permits. ● Shipments status, origin need to be confirmed everyone. ● Health Care: Health insurance billing chains, insurance need to be processed and confirmed. ● Internet Of Things. ● Smart grids. ● Voting system. ● Attestation for confirmation.
- 8. Disadvantages of Blockchain ● Cyber Security. ● Energy Consumptions. ● 51% attack. ● Regulation Risk. ● Slow Transaction. ● Illegal Activities
- 9. The Ethereum Blockchain ● Ethereum is open source blockchain technology with ‘Ether’ as its currency. ● To interact with blockchain there are two ways: ○ For consumers: Metamask (wallet) ○ For developers: web3.js (library), solidity ● Ethereum supports ‘Smart Contracts’. ● Etherscan
- 10. Smart Contracts ● Smart Contracts are Software that run on the Ethereum blockchain. ● The EVM (ethereum virtual machine) is a runtime environment for running smart contracts. ● Accounts in the blockchain can interact with the smart contracts to use it’s functionalities. ● They have a balance and can use functions to perform transactions. ● Truffle, Ganache, Solidity and Web3js ● Standards to create Tokens ○ ERC20 (fungible tokens) ○ ERC721 (Non Fungible Token)
- 11. Fungible And Non Fungible Tokens ● Fungible Tokens: ○ Interchangeable in nature. Ether, Bitcoin and all Currencies are Fungible. ○ Uses ERC20 token standard to implement in smart contract. ● NFTs: ○ Cannot be Interchanged Unique In nature. ○ Can have a ownership. ○ Uses ERC721 token standard to implement in smart contract. ○ Applications in Ticket Booking, Assets, Art Ownership, Identity Data.
- 12. Thank You