🔵Blockchain (Blockchain)
It is a type of distributed ledger technology characterized by decentralization, immutability, and transparency. It ensures consensus among all nodes in the network regarding data additions through consensus mechanisms.
✔️Function: Blockchain is the underlying technology, providing a secure, transparent, and decentralized infrastructure that can be used to record transactions or other data.
✔️Application scenarios: not only cryptocurrencies, but also supply chain management, data storage, identity verification, smart contracts, etc.
✔️Relationship with Bitcoin: Bitcoin is the first application of blockchain technology, and blockchain is the core technology that supports Bitcoin's operation.
🔵Bitcoin (Bitcoin)
It is a digital currency aimed at achieving peer-to-peer value transfer, decentralized, and not relying on any central authority (such as banks).
✔️Features
Decentralization
Limited supply
Blockchain-driven: Bitcoin's transaction records are maintained through blockchain technology.
✔️Relationship with blockchain: Bitcoin is the first successful application of blockchain technology, and blockchain provides a distributed ledger for Bitcoin, recording all Bitcoin transactions.
✔️Relationship with Web3: Bitcoin can be seen as part of the Web3 ecosystem, but its functionality is more focused on value storage and payment.
🔵Web3
It is a new form of decentralized internet based on blockchain technology. It aims to build a new type of internet where users can directly control data, identity, and assets through blockchain, cryptocurrencies, and decentralized protocols.
✔️Features
Decentralization
User ownership: Users control their own data and digital assets, for example, by managing assets directly through encrypted wallets.
Smart contracts: Achieve automated operations without intermediaries through smart contracts on the blockchain.
Economic incentives: Encouraging user participation and contribution through token economic models.
✔️Relationship with blockchain: Blockchain is the technological foundation of Web3, and applications in Web3 (such as decentralized finance, NFTs) rely on blockchain's distributed ledger and smart contracts.
✔️Relationship with Bitcoin: Bitcoin is part of the Web3 ecosystem, but the scope of Web3 is broader, while Bitcoin primarily focuses on the functionality of digital currency.
🔵The relationship between the three
Blockchain is a cryptographic technology, Bitcoin is a derivative asset of blockchain, and Web3 is the commercial form of blockchain.
✅A metaphor:
Blockchain is 'electricity', providing the foundational energy;
Bitcoin is the 'light bulb', the first successful application of electricity;
Web3 is the 'smart grid', a more complex and broader system based on electricity.
