Versus Series
Explore the key differences between various Web3 terminologies
Metaverse VS Multiverse
Web 2.0 VS Metaverse
Maine VS Testnet
Hot VS Cold Wallet
POW VS POS
Coin VS Token
Fungible VS Non-Fungible Tokens
StarkNet Vs zkSync
Penetration Testing Vs Ethical Hacking
Layer 1 Vs Layer 2 Solution
Metaverse VS Multiverse
Metaverse Vs Multiverse
- The metaverse can be defined as an immersive 3D space that consolidates multiple AR, VR, and MR experiences.
- Metaverse denotes only one universe.
- Here, events follow each other in a timely fashion just as two different places don’t overlap at any given time.
- A virtual space populated by entities like virtual doppelgangers of human users, Artificial Intelligence, virtual objects, etc
- The Multiverse is a hypothetical set of infinite universes, each with its own physical laws and properties.
- Multiverse is a collection of an unending number of metaverses functioning side by side.
- Because it is beyond time and space, witnessing randomness is pretty common.
- There are no entities present in the multiverse.
Web 2.0 VS Metaverse
Web3.0 Vs Metaverse
- An idea for a new iteration of the World Wide Web based on the blockchain, which incorporates concepts including decentralization and token-based economics.
Data distribution protocols e.g. IPFS, Bluzelle, Fluence, Swarm
Low-trust interaction protocols e.g. Ethereum, Bitcoin, Zcash, Polkadot parachains
Protocol-extensible developer APIs & languages e.g. Web3.js, ether.js, oo7.js, Solidity, Rust
- A metaverse is a network of 3D virtual worlds focused on social connection.
To construct the metaverse, you’ll need
- Connection
- Interfaces
- Decentralization
- Creator economy
- Experiences, and
- Supporting technology
Maine VS Testnet
Mainnet VS Testnet
- A mainnet (Main Network) is the final, most stable, and fully functional version of the blockchain.
- Mainnet is the released functional blockchain.
- The cost of operations in the mainnet is higher.
- Transaction frequency is high for a mainnet.
- Bitcoin protocol works on TCP port 8333 for the mainnet.
- Used for testing and experimentation without risk to real
funds or the main chain. - The testnet is the testing “Sandbox”.
- In the testnet, the tokens do not hold any value.
- Transaction frequency is low for a testnet.
- Works on TCP port 18333 for testnet.
Hot VS Cold Wallet
Hot Wallet VS Cold Wallet
- Connected to Internet & store private keys online
- More vulnerable to hacks and attacks
- Either custodial or Non-custodial in nature
- Recommended for smaller holdings of Crypto Units
- Available on exchanges such as Binance and Coinbase
- Most widely used – Exodus, Mycelium
- Stores private keys in an offline environment
- Highly Secure
- Strictly Non-custodial in nature
- Recommended for large units of Crypto holdings
- Mainly of two types – Paper Wallets and Hardware Wallets
- Most widely used hardware wallet – Trezor Ledger
POW VS POS
Proof-of-Work VS Proof-of-Stake
- The potential to mine a block is decided by the computational power of each miner.
- Miner who solves each block is rewarded
- Energy cost is High
- Miners & Mining becomes Centralized
- ASICs and GPUs are used to mine the coins
- To add a malicious block, hackers would require 51% of computing power
- Used by – Bitcoin, Ethereum 1.0, and many others.
- The potential to mine a block is decided by the number of tokens owned by the user.
- Miner doesn’t earn reward but is paid with network fees
- Energy cost is Low
- Mining is Decentralized
- A standard server-grade device is sufficient for PoS based systems
- To add a malicious block, hackers would require to hold 51% of all Crypto on Network
- Used by – Ethereum 2.0, Cardano, Tezos and other (generally newer) cryptocurrencies.
Coin VS Token
Voin VS Token
- Digital Currency similar to Physical Currency
- Cost-effective, but requires knowledge & expertise to create
- Can be used as a medium of exchange
- Process to create a coin is long & requires skills & lot more resources
- Examples: Bitcoin, Ethereum, EOS
- Digital asset built on existing blockchain
- A bit expensive
- Mostly used with dApps or to represent something with real value
- Based on the platform, it can be created in a very short period
- Examples: Maker, Augur, Komodo
Fungible VS Non-Fungible Tokens
Fungible VS Non-Fungible Tokens
- Fungible tokens or assets are divisible, non-unique, and easily interchangeable.
- Built on its own Blockchain
- Depend on the ERC-20 standard
- Examples – Bitcoin, Litecoin, ERC-20
- A non-fungible token is a unique and non-interchangeable asset.
- Built on another Blockchain
- Leverage the ERC-721 standard
- Examples – ERC-721
StarkNet Vs zkSync
StarkNet Vs zkSync
- StarkNet built by StarkWare is a zkRollup that scales Ethereum
- StarkNet TVL is around $635k
- Notable protocols are ImmutableX for NFTs, ArgentX as a Web3 wallet
- They are currently closed source and uses Cairo programming languag
- zkSync built by Matter Labs is a zkRollup for scalable payments.
- zkSync TVL is around $57M
- Notable protocols on zkSync include Zigzag – a non-custodial exchange, Yearn Finance – a yield optimizer
- They are open source protocol built using Rust and Typescript
Penetration Testing Vs Ethical Hacking
Penetration Testing Vs Ethical Hacking
- Penetration testing is a planned security check which is carried out under secure conditions.
- The scope of testing is limited to verifying possible security threats
- Seeks to spot the vulnerabilities of the targeted system
- Takes only less time to assess as it is done on only specific parts of the system
- Pentesting is a focused approach to targeted areas alone.
- Ethical hacking involves introducing attack vectors, studying and suggesting security methodologies.
- Possess wide scope to explore and identify security flaws.
- Seeks to spot many flaws by introducing wide-ranging techniques and attack vectors.
- Takes longer time as testing is performed comprehensively.
- Pentesting is only a subset of Ethical hacking
Layer 1 Vs Layer 2 Solution
Layer 1 Vs Layer 2 Solution
- Layer 1 solution comprises the change made to the base protocol of the blockchain network, to improve scalability.
- Layer 1 scaling solutions are generally tailored to improve the block size or the speed of the block creation.
- Layer 1 scaling modifications include consensus protocol changes and sharding.
- Ex. Proof Of Stake consensus mechanism offers better efficiency than Proof Of Work.
- Layer 2 solution comprises third-party integration to the mainnet of the blockchain network.
- Layer 2 solution focuses on using networks and technologies to facilitate scalability.
- Layer 2 scaling solutions include nested blockchains, side chains, and state channels.
- Ex. Lightning network for Bitcoin improves the efficiency and speed of transactions
