A simple user guide to web3, Part One

Quick Start

  1. Security should be your #1 priority. We spend most of our time connected to the internet these days. Taking every reasonable step to ensure your privacy, personal information, and finances are protected is a really smart move. Download a mobile authenticator app, which allows you to do multi-factor authentication. Store your passwords and seed phrases offline. Don’t spend more than you’re willing to lose.
  2. Coinbase is the easiest onramp to “crypto”. 9-year-old Coinbase is the safest place to buy and store cryptocurrency. Logging into the website or app for the first time is a friendly experience — you’ll find click-through tutorials to teach you about different tokens and coins available to you. Most of these even give you free cryptocurrency to begin trading with! It’s perfect for beginners for two reasons: 1) they make it easy to get your first crypto and 2) they support 140 tokens, so you’re not immediately overwhelmed by the 10,000+ in circulation today.
  3. Explore dapps (decentralized apps) and have fun! Blockchains are the foundational layer of web3 that has unlocked thousands of applications to be built onto them. Visiting DappRadar is a great way to see what dapps are trending in the categories you’re most interested in. The website is especially helpful for learning about each dapp before clicking through to them — I love their simple descriptions and screenshots. Once you find your cup of tea, dive right in.
  4. You need a digital wallet to participate in web3 beyond trading crypto. web3 gives you complete ownership of your identity. You control how every bit of your information is collected and used online. This is done through ownership of a blockchain address. You can get one by signing up for a digital wallet. Metamask is the most popular and it’s easy to add as an extension to your Chrome browser. This will be your gateway to the Ethereum blockchain, which will allow you to interact with most of the popular dapps. Sign up and you’ll be given your own Ethereum wallet address to send and receive Ether (the cryptocurrency of Ethereum).

Explain it to me like I’m five… web3

web3's Five Star Flywheel

Understanding web3

Level 1: Basics

Every new block is chained to every piece of data stored before it.
Icons of popular cryptocurrencies.
Bitcoin value over its lifetime.

Level 2: Becoming a user

You can also own an NFT simply because it’s cool.
‘Connect Wallet’ is looking like the new ‘Sign Up/Login’ button.
  • Centralized exchange. The most common way of managing cryptocurrency holdings is through centralized exchanges — a technical middleman for securing transactions across blockchains. Three popular centralized exchanges are Coinbase, FTX, and Kraken.
  • Decentralized exchange (DEX). These exchanges are often community driven, open-sourced initiatives that allow buyers and sellers to trade crypto directly, without the need for a centralized intermediary. Three popular DEXs are Uniswap, Sushiswap, and 1inch.
Screen you’ll see when needing a 6-digit code.
Example of a 12 word seed phrase.

Level 3: Explore new worlds

Corporate structure on the left, DAO structure on the right.
A metaverse “visit” to Costa Rica 😑.

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Ryan Wigley

Ryan Wigley

Product manager, builder, and storyteller.