With peer-to-peer and decentralized features that move data control to users and eventually do away with platform / third-party intermediation, Web3 is a new call for industries today. In essence, Web3 leverages blockchains, cryptocurrencies, and NFTs to return ownership and authority to the consumers. Read on Web3 and its Current Trends to Watch.

A node in Ethereum consists of two components: execution client and consensus client.

Web3 do not synonymous with Blockchain. It amalgamates different technologies, becoming a catch-all term for a new, better internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to return control in the form of ownership to the users.

Non-Fungible Tokens, or NFTs, were popularized by the game Cryptokitties built on the Ethereum blockchain. Later, more and more use cases apart from games were explored, and NFTs grew from mere game entities to millions worth of industry.

As blockchain technology continues to witness rising real-world adoption, the focus on scalability, fast transaction speeds and low transaction fees will drive developments across both L1 and L2 scaling solutions.

Oracle comprises an entire system that collects off-chain data, verifies it and transmits it to smart contracts on the blockchain.

The “Verge” puts forward the idea of “Verkle tree” that is set to replace the erstwhile Merkle proofs/Merkle tree. Before going to the Verkle tree concept it is essential to understand the need for such a mechanism in the blockchain framework.

Rollups offer a solution to perform transactions secured by blockchain at a lower cost.

Defi ventures are expected towards becoming more in line with conventional financial models as new users get interested in decentralized technology and its financial goods.

The first programmable blockchain, Ethereum, is evolving into a secure, environment-friendly and sustainable ecosystem through a series of upgrades.