1、1WEB3 101New Tracks forBanking and Payments A letter to our readers 3Web3-So What?4 Web1-Dancing Babies,Screeching Modems 4 Web2.1-Mobile,Social,Global,Fun!5 Web2.2-You Are The Product 5 Web3-Taking Back Control 6 The Foundations of Web3 7 Blockchain 8 Smart Contracts 10 Cryptocurrencies and Crypto

2、Tokens 12 Fungibility 13 Recap-Web2 vs.Web3 14 Advantages of Web3 14 Disadvantages of Web3 14 Web 3 Components&Financial Services 15Conclusion-Evolution,not Revolution 16Web3 Glossary 18A letter to our readersIf you work in the financial services industry,theres a good chance that you have come acro

3、ss a plethora of exotic new terms and acronyms in the last couple of years blockchain,DeFi,NFTs,DAOs.For those of you who are minting your own NFTs,tracking gas fees for ETH,debating the merits of stablecoins versus traditional cryptocurrencies,and dabbling with the metaverse,this report is not for

4、you.Sorry there will be other reports that are more your cup of crypto.If,on the other hand,you are like many of us who nod knowingly at conversations at dinner parties but dont truly understand the subject,this is your crash course.Call it Web3 101.Its designed to get you up to speed and provide yo

5、u with the foundation you need to add to the conversation of what is to come.In the following pages,well guide you through Web1,2,and 3,unpack how blockchain,smart contracts,and tokens provide the architecture for a new form of internet,touch on how these innovations are impacting traditional financ

6、ial services via decentralized finance(DeFi),and assess just how disruptive Web3 is likely to be,and when.Money20/20 is the place where fintech conversations happen,and we invite you to participate in this Web3 discussion via dialogue with the authors directly,as well as via our social media channel