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What is Non-Fungible Tokens (NFTs)

Chapter 5

Decentralizing the Online Experience With Web3 Technologies

Unique digital assets that represent ownership of specific items or content, verified using blockchain technology.

Published in Chapter:

Crypto Coins and Ethereum: Pioneering Decentralized Finance

Kaushikkumar Patel (TransUnion LLC, USA)

Source Title: Decentralizing the Online Experience With Web3 Technologies

DOI: 10.4018/979-8-3693-1532-3.ch005

Abstract

In the internet's evolution, cryptocurrencies and decentralized platforms represent a significant shift. This chapter explores this shift, emphasizing Ethereum's role in Web 3. As we move from centralized to decentralized systems, Ethereum emerges as a “world computer.” This chapter explores Ethereum's blockchain and smart contract technology. It clarifies Ethereum and Ether (ETH), highlighting their impact on DeFi and NFTs. Ethereum offers opportunities but also faces scalability and fee challenges. The chapter provides a balanced view, exploring these issues and Ethereum's potential to alter the internet and finance. Readers will understand Ethereum's Web 3 role, its industry implications, and developments enhancing its ecosystem.