Web3 explained to a 5 year old

What is Web3?

Web3 is a way to use the internet to access and interact with things called “smart contracts”. These are special programs that can do things like store information, send money, or make decisions based on rules that are written into them.

To use web3, you might use a special program called a “wallet” that helps you send and receive information to and from these smart contracts. You can also use web3 to build your own smart contracts and share them with other people, so that you can all work together on things like creating a new game or building a new business.

Overall, web3 is a way to make the internet more powerful and useful by allowing people to do new and interesting things with it.

What is blockchain?

Imagine you have a special notebook that you and your friends can write in. Each time someone writes something in the notebook, they also write down the date and time they wrote it. Then, they pass the notebook to the next person.

This way, everyone can see what has been written in the notebook and when it was written. And because each person writes down the date and time, it’s very hard for anyone to change or erase what has been written. That’s a little bit like how a blockchain works.

In a blockchain, computers all around the world work together to keep track of a list of things, like transactions or records. Each time someone wants to add something new to the list, they have to follow some special rules. Then, all the computers in the blockchain check to make sure the new thing follows the rules. If it does, they add it to the list and record the date and time.

A blockchain is like a special kind of list that is very hard to change or cheat. That’s why people use it to keep track of important things like money or information.

What are NFTs?

Have you ever played with a toy or a game that you really loved and wanted to keep forever? A non-fungible token is a little bit like that. It’s a special kind of token that represents something special and unique, like a toy or a game or even a picture or a video.

Imagine you have a special toy that is really rare and special to you. You might want to keep it safe and not let anyone else play with it. A non-fungible token is like a special certificate that proves that the toy belongs to you. You can keep it safe in your toy box, and no one else can take it away from you.

In the same way, people can use non-fungible tokens to represent special and unique things that they own, like digital artwork or collectible items. They can keep the token safe in a special place, and no one else can take it away from them.

So a non-fungible token is like a special certificate that proves you own something special and unique. It helps you keep track of the things you love and care about.