The Normie’s Series: An Introduction to Web3, DeFi, and Cryptocurrency
Amidst the scam, Web3 has real value, utilities, and opportunities. Don’t miss out on account of your distrust. Get a Crypto Wallet. A BlockWallet
Yes, there are a lot of scams, loads of confusing jargon, and layers of complexities ensuring that entrance to normies is difficult, and helping the rich to get richer. In a few years when all the complexities have been abstracted most of the opportunities will be gone and you will likely become the next user of the new big tech not a part of it.
For every circle of innovation, there are early adopters, normies, and unbelievers. History tells us that at one time the earth was believed to be flat, and proponents of spherical earth faced the wrath of the people. Despite the disbelieve of spherical earth the earth remained spherical, neither will your distrust make Web3-Blockchain go away.
The Normies series is targeted at Crypto Normies. It intends to provide some infotainment in a simplified conversational manner on the jargon-filled normie confusing subject of cryptocurrency, DeFi, and NFT. Crypto Native is gone. Sounds like a statement in crypto space. Welcome
A Normie
A Normie is a Straight. According to Dictionary.com — Normie is slang for a “normal person,” especially someone seen to have conventional, mainstream tastes, interests, viewpoints, etc. It is intended as an insult but often used ironically. I am a normie, you know who you are so let’s back to our subject matter.
Web3 a Small Leap With Major Impact, so We Are Told
Although Web3 has promised to build castles in the sky for everyone- Metaverse (pun intended), if we go by cryptocurrency, it has so far been a leap for scams and the rich getting richer (Crypto Whales). However, Solis, B. of CMO Network in his Forbes argued that Web3 will deliver in future on Utility, Value, and Empowerment as I believe.
Normie’s don’t jump in to be a part of the gold rush you could likely get scammed, yet you must not be dismissive of the potential and Utility of Web3 to bring you real opportunities. Caution is the keyword.
What is Web3 (scary name-Crypto) (geek name- Decentralized Protocol)
Web1 (Static Web) — Web1 was the first version of our Internet. It’s known as a read-only era of the Internet because you mostly used it to read data that others had posted! — According to Eyes of the World by Daniel Schlabach
Web2 (Interactive) — Web 2.0 is the current state of the internet, which has more user-generated content (social media) and usability for end-users, according to Investopedia. The internet of big tech explosion.
Web3 (Decentralized & User Owned) — According to Coindesk Web, 3 is the next generation internet, one that focuses on shifting power from big tech companies to individual users. Web3 is yet evolving we will see what it ultimately brings.
Common Use cases of Web3 –Decentralize Protocols
The most evidential use of Web3 decentralized protocols is in Cryptocurrency, Decentralized Finance, and Non-Fungible Token, now all this may fail or succeed but the technology will not go away, even governments are getting in on the act via creating their own Central Bank Digital Currencies (CBDC).
Cryptocurrency 101 for Normie’s
Crypto and Currency = Cryptocurrency
The word Crypto comes from a security method of encrypting and decrypting information called CRYPTOgraphy.
According to coindesk, Cryptocurrency is a new type of money that operates in a completely different way than the traditional currency we all use every day. The most basic difference is that it’s exclusively a virtual currency, meaning there are no physical cryptocurrency coins or notes you can keep in your pocket.
It is not issued by a central bank or government, like U.S. dollars, euros and other fiat currencies are, new cryptocurrency units typically enter circulation through a technological process that involves the participation of volunteers from all over the world using their computers, thus its description as decentralized.
According to Statista, by Feb 2022 there were over 10,000 coins in circulation.
Bitcoin launched in January 2009, by Satoshi Nakamoto is the first viable cryptocurrency and is valued at about 33% of the total crypto market
Decentralized Finance (DeFi)
Decentralize Finance (DeFi) is the second most popular use case and it is more or less the same thing as traditional finance which is Investment, Lend, Borrow, Save, Trade, etc. The difference between DeFi and traditional finance is mainly that DeFi uses cryptocurrencies and Web3-Blockchain technology, which allows the financial services to be decentralized, another word for saying no one is in control. Scary stuff right!
Non-Fungible Token
What Is an NFT
According to Simplilearn — A Non-Fungible Token (NFT) is a digital asset that represents internet collectibles like music, games, and artwork with an authentic certificate created by blockchain. It cannot be forged or otherwise manipulated. It can have real utility or just a lowly image on Blockchain
According to Noah Davis of Christie’s, the biggest benefit of NFT is that it creates a mechanism for assigning value to digital art, and I agree.
To explain Fungible and Non-Fungible, Zikomo, J. used an example — If I gave you a 20-Euro bill and got four 5-Euro bills, we would have the same value because they are fungible. However, if I gave you an NFT worth 20 Euros and got another NFT worth 20 Euros, we would not have the same value — you’d have my NFT, and I would have yours because they are non-fungible.
A Crypto Wallet
In each of the use cases mentioned above, you will likely need or use a Crypto Wallet. So what is a crypto wallet
According to DeNicola, L. of Experian — A cryptocurrency wallet is what you need to buy, store and send cryptocurrencies. Unlike physical wallets, a cryptocurrency wallet doesn’t hold any money; instead, it holds the keys needed to access and control cryptocurrencies on a blockchain.
The Wallet holds a
1. Private key
2. And a Public Key.
3. A Private key is your access to control your cryptocurrency
4. And your Public key is more like your account number
5. Your wallet address is an extra layer of security, it is created from your Public Key and it is what you share with others to receive cryptocurrencies.
There are many great crypto wallets out there DYOR (Do your own research) but I am only going to tell you about the one I know. BlockWallet.
About BlockWallet
BlockWallet protects and ensures your privacy by default. When you make transactions or interact with blockchain apps, BlockWallet routes all node requests through Privacy Proxies, which masks the IP address and other metadata that can be used to identify and track you on a blockchain.
You can also use the Privacy Pools feature, powered by zk-SNARKs technology, to deposit and mix funds in a smart contract. This allows transferring funds without links to your history and identity on the blockchain, effectively rendering them untraceable.
BlockWallet offers integrated Flash-Bot Protection, shielding you from sandwich attacks when you trade on DEXes. Meanwhile, the Phishing Protection feature combats phishing scams by generating unique artwork on all sensitive pages.
BlockWallet is a privacy-first non-custodial browser extension wallet where you can store, send or receive crypto and interact with your favorite blockchain apps privately.
As crypto sees mainstream adoption, blockchain’s lack of privacy poses real security risks. BlockWallet is here to ensure that on-chain privacy does not lag. The wallet provides a set of advanced privacy tools wrapped in a familiar and user-friendly wallet experience, eliminating friction and making privacy accessible for everyone.
CAVEAT:
Note- This is not financial investment advice.
All financial investments involve risk DYOR (Do-Your-Own-Research) before making any financial investments
This article is my thoughts and opinion about the subject matter.
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