The word crypto has many connotations, and not all of them are positive. At worst, crypto is presented as nothing more than empty speculation on tokens that come and go, and have no intrinsic value.
Even among observers who take a more balanced assessment, crypto is still, entirely reasonably, seen as being excessively volatile, removed of regulation or oversight, and lacking clarity as to what its end uses are supposed to be.
However, perceptions are changing, and the process of crypto acceptance, integration and adoption may be accelerated by what appears to be a rebranding process. It’s important to note that, true to the spirit of crypto, any rebrandings that take place are emergent, decentralized occurrences, and the changes that gain traction will do so through being the best fit, rather than through being forced on users.
Crypto to Web3
This is the largest shift of all, encompassing all of the others. Besides Bitcoin, which is unique and stands alone, it seems as though the entire crypto space is being redefined as a new means of operating called web3.
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The meaning of web3 is, basically, a decentralized web in which you not only read and create content, but you also have total ownership of everything you create, and of your own online identity, and it’s crypto, or blockchains, that will enable this.
Web3 especially relates to smart contract
Smart Contract
A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist each time a song is played on the radio. The contract detects…
