What Is Web3 | Web3 Explained | Cross-Chain Web3 .bit

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Welcome to our What Is Web3 Video!

Cross-chain Web3 identities for you and your community

A traditional account is a data container you don’t own.
Your Facebook account is a data container that is used to store your information on Facebook only.

.bit is a self-sovereign data container.
Your .bit is a new-type data container that you can own without permission. Any application can read the data in it, but only you can write data into it.

Each .bit is a powerful self-sovereign data container.
You can store any type of data in your .bit, and apps can read them before providing service for you.

.bit Ecosystem
.bit to its core is a set of smart contracts on blockchains, but as a product, it comes with a strong ecosystem.

.bit is a blockchain-based, open source, decentralized cross-chain account system that provides a worldwide unique naming system with a .bit suffix that can be used in different scenarios, such as cryptocurrency transfer, domain name resolution, identity authentication, etc.

.bit is the first decentralized account system with broad compatibility, allowing users to register and manage their .bit accounts with any public chain address or even email.

The core elements of a .bit account contain the owner/manager, and the record (i.e. the data associated with). Unlike ENS, the owner/manager of .bit can be any public chain private key or even email; unlike DNS, .bit supports any type of record.

.bit is a decentralized application running on Nervos CKB. .bit accounts and related records are stored on the permissionless blockchain. Nervos CKB is a PoW public chain with a highly open architecture using the UTXO model.

.bit has five main components:

Core Protocol

This refers to a series of Lock Scripts and Type Scripts deployed on Nervos CKB. They define .bit accounts and the related operational standards for .bit accounts and are the concrete implementations of the .bit core protocols.

Keeper

Keeper is a set of off-chain programs that can be run by anyone without permission, and is responsible for triggering a series of transactions that conform to the core protocol. Running a Keeper earns .bit system rewards.

Resolution Service

It resolves the global state of .bit based on the transactions on Nervos CKB and provides account resolution service to the public in the form of an interface.

Client SDK

Includes SDKs in various languages to simplify the integration of mobile wallets, web wallets, server wallets and other .bit-related applications.

Dapp UI

Users ultimately use various features of .bit through a variety of application interfaces. These applications can be used directly in the browser or can be integrated into popular wallet software.

The source code for all the components above can be found on our Github repository. Also, developers can implement their Keeper, Resolution Service, Client SDK, and Dapp UI based on the Core Protocol.

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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.

I hope you found value in our What Is Web3 video. Make sure to leave a like on the video if you gained value from it!

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⏰Timestamps⏰

00:00 – What Is Web3 Introduction.
00:20 – What Is Web3 project summary.
06:43- What Is Web3 project outro.