An Introduction to Web3.0 Blockchain Technology – Setting the Context

In 2008, an anonymous entity going by the name Satoshi Nakamoto, introduced a paper titled “Bitcoin: a peer to peer electronic cash system“. This paper introduced a technology called blockchain, which for the first time, enabled the separation of trust and value.

In 2014, Ethereum implemented the concept of smart contracts using blockchain technology, which was a turning point for the space, enabling countless more functions for the asset-class than being mere belief-backed currencies. This allowed for the separation of trust and any human activity that required it, not just money.

We believe this technology will result in a paradigm shift caused by the abstraction of several systems and industries. EQUIL is focused on the abstraction of Health and Human Performance Data systems.

Existing fiat currency systems

Current legal tender of money is a store of value also known as fiat currency. The value is derived by the government (centralised state power) and consensus (people trusting the value derived by this government). This demonstrates how value and trust are strongly intertwined in our current systems of exchange.

Creating an Economy of Value

Blockchain has allowed for the technological abstraction of trust, whereby trust and value can be separated. Opening the doors for the economy of value. Where value can be exchanged without the need of fiat currency. Transactions are peer-to-peer and agreed upon through code without intermediaries such as a bank, to complete transactions.

The economy of value can operate parallel and complementary to the existing fiat currency system. People have the choice to engage in a decentralised system, democratising trade and creating new opportunities for growth and innovation. The economy of value restores power back to individuals rather than centralised power.

Tori West
Founder likes exploring wellness, perichoresis, web3.0 and data.