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1/10: GM and welcome to My Web3 Journey! 👋 I’m @wheezardofweb3, Advocate of Web3 a graduate of law currently a student @Web3Bridge CohortXlll diving back into X to share my web3 journey. Today I'm kicking off with an intro to the Web3 ecosystem. It’s attributes, legal ties and societal impact. Let's go #Web3 #Web3Law
2/10: Web3 is built on decentralization. Unlike Web2’s centralized servers, Web3 spreads data across nodes globally and this helps in preventing single entry point of failure as if one nodes fail others continue the work. #Blockchain
3/10: It ditches trust-based models reliant on middlemen and brokers(agents, banks) which has proven unsustainable in some situations. Web3 presents trustless models with smart contracts, self-executing code on blockchains like Ethereum. No middlemen needed. #SmartContracts
4/10: Smart Contracts automate agreements. Legally, this raises questions.
5/10: Web3 introduces a new financial system which has revolutionalised the financial world with seamless performance of transactions across borders. Defi enables cross-border transactions seamlessly, cutting fees and delays. This has made sending money to family abroad without bankfees. #Defi
6/10: This growing industry has lifted millions of people from poverty and has helped a lot with poverty alleviation in undeveloped or third world countries and also helped to improve on the already good standard of living in developed countries and super advanced countries of the world. It's worth noting that Web3 enhances living standards with innovation. #Web3Impact
7/10: It enables a fully decentralized and democratic model of governance. DAOs(Decentralized Autonomous Organizations) let communities vote via code.
This is particularly useful in decision making and allows for a new governance model that prioritizes accountability and transparency. #DAO
8/10: Self executing smart contracts could streamline govenance eg in transparent aid distribution, resource allocation, and all other areas that have been riddled with corrupt practices. But then the society still need legal frameworks to ensure fairness especially in undeserved regions. #BlockchainGovernance
9/10: Web3’s early adoption already shows endless benefits: financial inclusion, better governance model, poverty alleviation transparency and accountability. As wheezardofweb3, I’ll be sharing my journey insights, how web3 can solve real life issues with long-lasting solutions and how law might fit in. Follow along! #Web3
10/10: This is my X launchpad! Expect more threads on web3 concepts, Blockchain, law and society. Let's learn and build a better world together!
#Web3 #Web3Bridge
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