Listen! This is Wafa Taftazani's explanation of Web3 and Metaverse questions

Wafa Taftazani

Maybe there are still some of us who are wondering what WEB 3.0, Blockchain, Smart Contracts to what is Metaverse.

Moreover, this has often been a hot topic of conversation among the public for some time now.

In addition, there are many figures in the world who also talk about it.

When you see this article, of course you want to know what WEB 3.0, Blockchain, Smart Contract and Metaverse are.

So, this time, the Co-Founder & Chairman of VCGamers will explain, Wafa Taftazani.

Wafa Taftazani had the opportunity to explain what WEB 3.0, Blockchain, Smart Contract and Metaverse are all about.

Wafa Taftazani explained all of these things in the program Economic Outlook 2022 which aired on CNBC.

So, let's look at Wafa Taftazani's explanation on this matter.

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Wafa Taftazani's explanation of what WEB 3.0 is

WEB 3.0
Illustration. (VCGamers)

Wafa Taftazani explains what WEB 3.0 is all about. This will make it easier for you to understand.

Because Wafa explains what WEB 3.0 is all about simply.

He said, WEB 3.0 is different from WEB 1.0 and WEB 2.0.

WEB 1.0, said Wafa, was the era when the internet was where information was conveyed in one direction.

Then, WEB 2.0 is a period where internet users can provide information to other users.

Thus, in WEB 2.0 created two-way information between users.

“But there is central authority or a mediator (mediator) who determines which information can be transmitted and which cannot," said Wafa in the program.

Wafa then explained, WEB 3.0 is a phenomenon in which the exchange of information occurs universally.

"There isn't any central authority, but be decentralized where when information is conveyed it will be recorded or recorded in a transparent and complete manner," he said.

In addition, he said, the information could have an impact on the system.

Most importantly, the information must obtain the consent of all participants in the system.

Also read: What Is Web 3.0? Here's the Full Explanation!

What is Blockchain?

Cross chains
Blockchain illustration. Source: Freepik

Furthermore, Wafa Taftazani also explained about Blockchain. He stated that blockchain can be described as a ledger.

"Blockchain can be described as a ledger, where every transaction or information that is transmitted is recorded there and its movements are recorded," he said.

Wafa Taftazani stated that transactions and information contained in the blockchain cannot be counterfeited. Because everything can be recorded properly.

"It cannot be faked or cheated because every change in the blockchain all participants in it have to verify it," he said.

Also read: BRI Ventures and Tokocrypto Launch Tokocrypto Sembrani Blockchain Accelerator (TSBA)

Wafa Taftazani Explains What is NFT

NFT - Wafa Taftazani
NFT illustration. Source: Freepik

Wafa Taftazani also gave an explanation of what NFT or Non-Fungible Tokens are.

NFT is known to have become the newest phenomenon in Indonesia after the Gozali Everyday viral.

Gozali is known to be selling NFTs in the form of his photos every day for the last few years.

Wafa stated, NFTs are assets or objects whose ownership is recorded in the blockchain.

He explained, there are a number of forms of NFT that can be found.

This means that it's not just artwork, photos or videos as they are currently popular.

“The NFT can be in any form. Not just artwork, photos or videos. But it can be like hospital records, criminal records, population records or financial records," he said.

Also read: look forward to it! VCGamers Will Prepare NFT Marketplace Platform

What are Smart Contracts?

CrossChain 2
Blockchain illustration. (Source: Freepik)

On the same occasion, Wafa also explained what a Smart Contract is.

A Smart Contract is a few lines of command or code that defines the activity parameters that occur within all WEB 3.0 elements.

What is the Metaverse?

Ransverse. (VCGamers)

Wafa Taftazani stated that the Metaverse is a combination of NFT Crypto Assets, Blockchain, Smart Contracts in one virtual environment and becomes like the real world. One example of a metaverse is RansVerse.

We can perform a number of real-world activities in the virtual world.

For example, buying houses and land in the form of NFTs using crypto assets.

"When any changes are stored not on a server but are recorded and recorded on the blockchain and everything happens virtually," he said.

Crypto article by PINTU

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  1. Armanpool

    Stay optimistic with vcgamers because it's the work of a child, bro