What is Web3?

New to Web3, Block
Chains and NFTs?

In this section we will get you up and running with what Web3 is and how to buy and mint a Beyond Street Cred NFT off our website. With this knowledge you can buy and mint other NFTs from projects around the world.

You can also find us on our Discord server to get one-on-one support for all your questions, comments and concerns.

WHAT IS A BLOCK CHAIN SYSTEM?

Web3_History

Web3 allows us to execute a transaction using a tokenized system and verify a path of public ownership in that system to digital files such as documents, images, videos or other data. Anyone can later visit a publicly accessible ledger on the internet to see all the transactions done in a given moment. To better visualize this public ledger think of it like a score board on a multi-player video game or sporting stats for a season. It’s a form of public record keeping were every transaction is verified by a network of 3rd party computers located all throughout the world. These computers, some factory size, some out of living rooms, all working as a consensus to verify or “mine” transactions anonymously between party’s throughout the world keeping the public ledger or block chain accurate and tamper free. Think of a “Block” like a folder on your desktop computer holding files in it. Every transaction that is verified around the world within the same time frame are put into the same Block or Folder for record keeping. As the transactions pile up throughout the day these Block’s will chain to each other through associated file numbers making it easy for people to verify past transactions. Basically, a Block Chain is a public record keeping system which exist on the internet that offers tamper proof approaches using Web3 wallets for id purposes and Smart Contracts or Dapps as the backbone behind its operation.

WHAT IS A NFT OR
NON-FUNGIBLE TOKEN?

BSC-NFT-Explained-Graph

An NFT or Non-Fungible Token is basically a file that has a tokenize number on a Block Chain. Files come in the form of images, videos, documents and other data. When one of the these files make its way onto the Block Chain, it’s given a unique identification number for public record keeping. When an artist brings their work into any given Block Chain (Ethereum, Solana, Wax, Polygon) they can make it for sale by going directly through online marketplaces like OpenSea, Rarible, and LooksRare to name a few, or they can create a custom Smart Contract which is basically a program that acts as a 24/7 bookkeeper for the NFTs they want to sell within that Block Chain. Essentially, a well designed Smart Contract will act as a neutral 3rd party custodian for all transactions done under the NFT series it was designed for. Well designed Smart Contracts like the one Beyond Street Cred utilizes has safety, accuracy, rarity through deflation and gas efficiency as its top tenants. We employ coding techniques with specificity that allow us to deliver an NFT that will last on the Block Chain forever and bring generational value to holders.

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