Blockchain for noobs: part 2
Have you ever wondered how Web3 really works?
How does Web3 really work?
To start with, I didn't want to mention the name Web3 as I think the topic has been over-flogged and abused a lot, but let's take a look at it from this angle - which is this; how really does web3 work? what really is this ownership thingy that has received so much of am emphasis in a short space of time?
Just before we go on ahead though, and just in case this is your first time reading any of my blog posts, you might be wondering where part 1 of this series is (I mean, for there to be a part 2 there must have been a part 1 right?). If this is you, then here it is Blockchain for noobs: part 1.
Let's take a look at a dapp (decentralised app) that allows users to create posts and reply them.
Instead of the usual authentication flow (OAuth, Auth2 etc) where you would want to sign up or log in to the app with your email address and password, or with your social accounts, here you would authenticate by connecting your crypto wallet (a user is represented by their wallet).
When you create a post or send in a reply, a new file is created and stored on a decentralised file storage system like the IPFS (InterPlanetary File System).
Also, a token that represents the file (post) is 'minted' on the dapp blockchain and allocated to your wallet address. The file stays in your wallet and as such you 'own' it, hence the much mentioned term 'ownership'.
You can transfer ownership of your files (posts) to other wallets. This is done via transaction calls.
I guess we now have a new question to answer - "what really is this ownership and how does it help me as a user?".
Well, I'd explain this too and I'll be as brief as I can so I don't bore you with the long stories 😉
The idea of ownership proposes that whatever you create (be it a post, an art, or a visual content on a dapp) or get transferred to your wallet via any successful transaction lives in your wallet and are 'owned' by you. They're recognised as assets which gain value over time (and can also lose value too, so you know it's not a bed of roses 🥲).
This is in contrast to web2 which we are so familiar with whereby whatever you create lives in the database of the app or centralised data centres of companies such as Amazon, and as such you don't really 'own' them per se.