Web3 is a term used to describe the next iteration of the internet, one that is built on blockchain technology and is communally controlled by its users.
A blockchain is a digitally distributed, decentralized ledger that exists across a computer network and facilitates recording of transactions. As new data are added to a network, a new block is created and appended permanently to the chain. All nodes on the blockchain are then updated to reflect the change. This means the system is not subject to a single point of control or failure.
Smart contracts are software programs that are automatically executed when specified conditions are met, like terms agreed on by a buyer and seller. Smart contracts are established in code on a blockchain that can’t be altered.
These are items of value that exist only digitally. They can include cryptocurrencies, stablecoins, central bank digital currencies (CBDCs), and NFTs (nonfungible tokens). They can also include tokenized versions of assets, including real things like art or tickets to concerts or sporting events.
This is are some of our speakers
Innovate Nairobi is fully owned by Nairobi City County and is set to showcase innovations taking place; within county sectors, county incubation centres and the annual Innovate Nairobi Tech week. The platform aims to create greater visibility and build community for all makers and creators who give life to the terms Silicon Savannah.
