Why do we need crypto and Web3?

This article explains what a cryptocurrency is, the must-have traits of a good crypto project, and how this concept evolved into Web3. In the end you will read about some popular free crypto tools.

Bitcoin is the first ever cryptocurrency. Its white paper was published on October 31, 2008 by an unknown entity, nicknamed as Satoshi Nakamoto.

Disclaimer: Did you come here for financial advice? Well, you are not going to find it here. TechWriters.eu does not offer any financial advice whatsoever and never will.

Why crypto?

It breaks our hearts that as late as towards the end of 2023, there are still people who openly question the motivation for crypto; or openly label it "a scam".

So, while we are well aware that there is a long way to go, let us make it clear why we at TechWriters.eu have a stance on crypto: financial freedom achieved through advancement of technology.

What is a crypto currency?
Cryptocurrencies are a form of digital currencies that use blockchain technology.

A "reliable" cryptocurrency project must clearly meet several criteria:

1. Is entirely decentralized: no single decision or entity can coerce or manipulate the network to perform in favor of one user group over the others.
2. Holds all transaction history in a public ledger where each and every transaction is recorded and chronologically stored in the blockchain until eternity. No one can delete a record. Ever.
3. Supports immutability of transactions: once a tx is submitted and logged in the ledger, it is unstoppable within the network.
4. Is robustly encrypted so that no one can mess with transactions.
5. Allows every user to own their private key(s), thus allowing digital ownership over any wallet address you have the key to, hence the assets it holds.
6. Facilitates peer-to-peer transactions so two wallets can exchange assets without limitations or third-party approvals.
7. Is trustless, so no third-party will ever be needed for the network to operate.
8. Has a transparent and well-structured and planned tokenomics (token-based economics) model.
9. Is open source so that no one can sneak in chunks of malicious code.

There are other characteristics and the discussion is long. Like, really long. The key take-away here is that these criteria are the pillars of the concept of a truly decentralized financial model: which is intended to guarantee financial freedom of the network users.

Satoshi's whitepaper opened the door to the concept of digital financial freedom.

Why Web3?

Because 3 > 2 so it's better, duuh?

Seriously, the idea of a decentralized internet effectively means that no one owns the Internet, uhm, technically speaking. Some would argue that the current Internet belongs to no one but in truth, a few tech corporations own the largest chunk of all web activity.

Web3 is a natural step for cryptocurrencies to escape regulatory shutdown on the network level.

What is Decentralized Internet?

This is the conceptual part so just submerge yourself into it.
The TL;DR is that it is based on a blockchain model, much similar to crypto and NFTs but all websites and apps run on top and you can even earn some cash, even end users. ISPs responsibilities would be distributed across the nodes that operate the blockchain, which is natively hooked to the application layer. Thus exchange of data is attached to transactions and this adds incentivization to Web3. So, it is again servers and services but operations and payload are all paid for depending on the tokenomics model.

The end users would essentially have experience, similar to Web2: they will be use web apps and access websites in a similar way. Depending on economics models in these apps, some users would be able to monetize on Web3.

How is Web3 a cryptocurrency?

First of all, the idea of crypto itself is beyond just a cryptocurrency already. The success of long-term cryptocurrencies usually lies in the tokenomics models and development of the crypto protocols' capabilities.

So back to the question: ideally, all the protocols that operate Web3 networks will seamlessly interact with one another to form the ecosystem of Web3. There is a lot to happen and we probably don't even know a huge chunk of what technology will achieve.

It is not the subject of this article to name specific projects, so we won't.

Free Crypto Tools

The tools listed are just for references. This list is not comprehensive or complete in ay way.

Disclaimer: TechWriters.eu is in no way associated with any of the projects listed herein. In no way do we recommend or endorse any of these tools over others. Basically, this is a selection of the list composed by the guys at CoinBureau.

These tools are well-known within the community.

• A great news aggregator, also available on mobile: Crypto Panic
• A loveable market price & market cap data aggregator: Coin Gecko
• A popular screener and crypto intelligence: Messari

CoinGecko is one of the most popular market price and market cap aggregators.

Final words

In time, TechWriters.eu will offer a blog portal with a dedicated crypto section in there.