What exactly is Web3? 3 Wallet, Consensus Algorithms

By Long ·  

Wallets, Consensus Algorithms

On the blockchain, your wallet address is your identity - yes, there is no name, just the wallet address.

A wallet address is like that wallet in your pocket - we need it to store money.

These wallets are either software (e.g., Coinbase, Metamask) or hardware (e.g., Ledger).

The easiest way to learn web3 is to try something out.

Find a platform where you can buy some crypto assets.

Set up a wallet like metamask, transfer the money to another wallet, and see if you can exchange some Token.

Each wallet has a security key that you need to keep to make sure you don't lose it.

In most cases, most people will use CEX to manage their tokens , such as binance and coinbase.

A consensus algorithm is a process used in computer science to agree on a single data value between distributed processes or systems.

Proof of Work (POW) and Proof of Stake (POS) are the two main consensus algorithms.

POW: Nodes (miners) try to solve a problem - the first one to solve it is rewarded - other nodes check if it is correct.

POS: miners solve the problem with their share - other verifiers check it and get a share if it is correct - eventually the block is added to the chain.

To be continued

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