Typically, in older systems, people interact with each other through third-party
platforms:
User accounts are stored on large platforms like Google, X (formerly known as
Twitter), and Meta (Facebook, Instagram). These accounts can be removed at
will by the companies, and items ‘owned’ by these accounts may be lost
forever.
Accounts that store and transfer value - like payment cards, bank accounts,
and stock trading accounts - are handled by large platforms like credit card
companies, money transfer organizations, and stock exchanges. In many cases,
these companies take a piece (around 1% - 3%) of every transaction that occurs
on their platforms. They may often slow transaction settlement down, to
benefit the organization. In some cases the item being transferred may not
belong to the recipient at all but is rather held on the recipient’s behalf.
Web3 is an evolution of the internet that allows people to transact directly
with each other:
Users own their accounts, represented by their wallet.
Transfers of value can occur directly between users.
Tokens - representing currencies, digital art, event tickets, real estate, or
whatever else - are fully under the custody of the user.
Common uses of web3 include:
Selling goods and services online with near-zero fees and instant settlement.
Selling digital or physical items, ensuring that each item is genuine and that
copies are distinguishable from original items.
Instant global payments, without the time and expense of traditional money
transfer companies.
Nexis Native allows people to transact directly with each other instantly at almost
no cost.Compared to older platforms like Bitcoin and Ethereum, Nexis Native is:
Significantly faster - most transactions complete in a second or two.
Massively cheaper - transaction fees (referred to as ‘gas fees’ in older
networks) are typically $0.00025 (much less than one penny) regardless of the
value of what’s being transferred.
Highly decentralized, having one of the highest Nakamoto coefficients
(decentralization score) of any proof-of-stake network.
Many of the common use cases on Nexis Native are only possible on Nexis Native, due to the
high costs and slow translation times of older blockchains.
This course is broken down into individual lessons. Each lesson has three
sections:
Overview - the overview contains explanatory text, examples, and code
snippets. You are not expected to code along with any of the examples shown
here. The goal is to simply read through and get initial exposure to the
lesson topics.
Lab - a practical project you absolutely should code along with. This is
your second exposure to the content as well as your first opportunity to dive
in and do the thing.
Challenge - another project, with just a few simple prompts that you
should take and implement independently.
The lessons here are very effective, but everyone comes from different
backgrounds and aptitudes that can’t be taken into account by static content.
With that in mind, here are three recommendations for how to get the most out of
the course:
Be brutally honest with yourself - this may sound a little vague, but
being honest with yourself about how well you understand a certain topic is
essential to mastering it. It’s really easy to read a thing and think “yeah,
yeah I get it,” only to realize later that you actually didn’t. Be honest
with yourself while going through each lesson. Please don’t hesitate to
repeat sections if you need to or do outside research when the lesson
phrasing doesn’t quite work for you.
Do every lab and challenge - this supports the first point. It’s pretty
tough to lie to yourself about how well you know something when you make
yourself try to do it. Do every lab and every challenge to test where you’re
at and repeat them as needed. We provide solution code for every lab, but be
sure to use it as a helpful resource rather than a crutch.
Go above and beyond - this sounds cliche, but don’t just stop at what the
lab and challenges ask you to do. Get creative! Take the projects and make
them your own. Build past them. The more you practice the better you get.
Alright, that’s it for the pep talk. Get after it!