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A source-led Web3 path: foundations first, then the mechanics those ideas depend on, then markets, DeFi, and advanced infrastructure.

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Six foundational articles. Read these before the rest of the path.

  1. Beginner Foundations What is a blockchain? A blockchain is a way for many participants to keep and verify one shared history of state changes without a single trusted operator. Here …
  2. Beginner Foundations What is cryptocurrency? Cryptocurrency is a broad label that gets applied to native network assets, application-issued tokens, and stablecoins alike, even though t…
  3. Beginner Wallets What is a crypto wallet? Despite the name, a crypto wallet does not literally hold coins the way a physical wallet holds cash. It holds the signing authority that c…
  4. Beginner Bitcoin Bitcoin Bitcoin is a peer-to-peer electronic cash system proposed in 2008 by the pseudonymous Satoshi Nakamoto and brought online in 2009. The whit…
  5. Beginner Ethereum Ethereum Ethereum is a programmable blockchain first proposed by Vitalik Buterin in a draft circulated in late 2013, with the canonical whitepaper p…
  6. Beginner Solana Solana Anatoly Yakovenko proposed Proof of History (PoH) as a way to verify order and the passage of time between events. The project’s whitepaper…

Start here / Foundations

Shared-ledger mental models, then wallets and keys, then the three networks most later articles assume.

  1. Beginner Foundations What is a blockchain? A blockchain is a way for many participants to keep and verify one shared history of state changes without a single tru…
  2. Beginner Foundations What is decentralization? "Decentralized" gets applied to blockchains, applications, and organizations as if it meant one simple thing. In practi…
  3. Beginner Foundations What is cryptocurrency? Cryptocurrency is a broad label that gets applied to native network assets, application-issued tokens, and stablecoins …
  4. Beginner Foundations What is Web3? Web3 is used to describe everything from a specific blockchain vision to a general marketing label. Here is the term's …
  5. Beginner Wallets What is a crypto wallet? Despite the name, a crypto wallet does not literally hold coins the way a physical wallet holds cash. It holds the sign…
  6. Beginner Wallets Private key A private key is secret cryptographic material, often 32 bytes, that forms the secret half of a cryptographic key pair;…
  7. Beginner Wallets Seed phrase A seed phrase, also called a recovery phrase or mnemonic, is a human-readable encoding of high-entropy random data. In …
  8. Beginner Bitcoin Bitcoin Bitcoin is a peer-to-peer electronic cash system proposed in 2008 by the pseudonymous Satoshi Nakamoto and brought onli…
  9. Beginner Ethereum Ethereum Ethereum is a programmable blockchain first proposed by Vitalik Buterin in a draft circulated in late 2013, with the ca…
  10. Beginner Solana Solana Anatoly Yakovenko proposed Proof of History (PoH) as a way to verify order and the passage of time between events. The …
  11. Beginner Ethereum Smart contracts Nick Szabo used “smart contract” in the mid-1990s for computerized protocols that carry out contractual terms. On today…
  12. Beginner Ethereum Gas fees Resource metering exists so that execution cannot loop forever, storage cannot grow without cost, and block space is ra…

How blockchains work

Nodes, pending transactions, settlement, consensus, and the account or token models used on Bitcoin, Ethereum, and Solana.

  1. Beginner Infrastructure What Is a Blockchain Node? A node is an instance of client software connected to peers. It is not a wallet, not an account, and not automatically …
  2. Intermediate Transactions What Is a Mempool? A mempool is a node’s local set of valid-looking transactions that are not yet in a block. It is not a single global qu…
  3. Intermediate Transactions What Is a Nonce in Crypto? A nonce is a context-specific value used to vary, order, or prevent reuse of a cryptographic message. The important que…
  4. Beginner Settlement What Are Block Confirmations? A transaction is unconfirmed while it sits only in mempools. It has one confirmation when it is in a block that your no…
  5. Intermediate Settlement What Is Finality? Finality is a claim about how hard it is to replace a block once the network has accepted it. Probabilistic finality (B…
  6. Intermediate Consensus What Is a Blockchain Fork? Fork has three related but distinct meanings: Competing-chain fork. Different valid blocks extend the same parent. A ne…
  7. Intermediate Bitcoin Proof of work Bitcoin uses a Hashcash-style proof of work so that a peer-to-peer network can agree on a single history without a mint…
  8. Intermediate Bitcoin What Is Bitcoin Mining? Mining combines two related jobs: Block construction: choose valid transactions, order them, create a coinbase transact…
  9. Intermediate Bitcoin What Is a Bitcoin Halving? A Bitcoin halving is a consensus-enforced reduction in the block subsidy. The subsidy began at 50 BTC per block and ste…
  10. Intermediate Ethereum Proof of stake Proof of stake (PoS) is a family of consensus designs that select block producers and voters according to stake ownersh…
  11. Intermediate Infrastructure Validators “Validator” is a role, not one machine design. On Ethereum it is a protocol object with a 32 ETH activation minimum, an…
  12. Intermediate Ethereum Staking Native staking commits a network’s own asset to consensus, through rules that may use bonded locks or delegated stake o…
  13. Intermediate Architecture Account Model vs UTXO In Bitcoin’s UTXO model, every input points to a specific unspent transaction output. A valid transaction consumes each…
  14. Intermediate Ethereum What Is the EVM? The EVM is Ethereum’s deterministic execution environment. Given valid pre-state and a transaction, it executes message…
  15. Intermediate Tokens What Is an ERC-20 Token? ERC-20, standardized as EIP-20, defines an interface for fungible-token contracts.
  16. Intermediate Solana What Are SPL Tokens? SPL refers to the Solana Program Library, and Solana documentation calls assets managed by its Token Programs SPL token…
  17. Beginner Infrastructure What Is a Block Explorer? A block explorer usually has three layers: Node or RPC access supplies protocol data such as blocks, transactions, rece…

Using crypto safely

Custody choices, signing surfaces, and the common ways a wallet or approval is abused.

  1. Beginner Wallets Self-custody Custody, in this setting, is the practical ability to authorize a transfer. On typical public blockchains that means co…
  2. Beginner Wallets Hot Wallet vs Cold Wallet Hot wallet describes a signing setup in which key material is stored or usable on a network-connected computing environ…
  3. Intermediate Wallets What Is a Hardware Wallet? Hardware wallets usually generate or import secret material, derive account keys, and perform signature operations with…
  4. Intermediate Security What Are Token Approvals? Under ERC-20, approve(spender, value) sets how much spender may withdraw from the caller, allowance(owner, spender) rep…
  5. Intermediate Security What Is Address Poisoning? The attack combines three things: public transaction activity that reveals addresses a target uses; an attacker-control…
  6. Intermediate Wallets What Is Multisig? An M-of-N threshold names the minimum approvals M accepted from N authorized keys. A 2-of-3 policy tolerates one unavai…

Markets & token economics

Venue structure, supply figures, valuation labels, and the asset types those numbers are applied to.

  1. Beginner Markets CEX vs DEX “CEX” and “DEX” describe market structures, not safety ratings.
  2. Beginner Markets Circulating vs Total vs Max Supply Total supply is current issuance, commonly net of units the chosen methodology recognizes as burned. For an ERC-20, tot…
  3. Beginner Markets What Is Market Cap in Crypto? Circulating market cap = reference price × circulating supply The formula is simple; the inputs are not. A data provide…
  4. Intermediate Markets What Is Fully Diluted Valuation (FDV)? FDV = current reference price × provider-defined fully diluted supply CoinMarketCap currently defines FDV as price time…
  5. Intermediate Markets Tokenomics The term bundles **supply** (max, circulating, issuance, burns), **distribution** (teams, treasuries, unlocks, concentr…
  6. Intermediate Governance Governance tokens Governance tokens are units of **token-weighted voice**. Compound’s COMP is a documented example: delegate, propose abo…
  7. Intermediate Governance DAOs Vitalik Buterin was already trying to sort “DAO” from neighboring words in a May 2014 Ethereum Foundation post. The 201…
  8. Beginner Tokens NFTs **Fungible** tokens are interchangeable: one unit is as good as another. **Non-fungible** tokens are distinguishable. O…
  9. Intermediate Markets Stablecoins Stablecoins are tokens, not a single technical standard. Fiat-backed coins such as USDC and USDT depend on an issuer, r…
  10. Intermediate Tokens What Are Wrapped Tokens? “Wrapped” covers at least two importantly different arrangements: Same-chain adapters. WETH represents ETH deposited in…

DeFi

Open financial protocols: exchanges, pools, lending, and the price-feed and liquidation mechanics they depend on.

  1. Beginner DeFi DeFi Decentralized finance is a loose label for lending markets, exchanges, stablecoin systems, derivatives, asset managers …
  2. Intermediate DeFi Decentralized exchanges A DEX is a trading venue whose matching or pricing, and typically the custody of trading inventory, live in on-chain pr…
  3. Intermediate DeFi Automated market makers In DeFi, an AMM is one **DEX architecture**, not the definition of a DEX (see Batch C). This article focuses on pool-ba…
  4. Intermediate DeFi Liquidity pools Pools are shared reserves that a market-making rule can trade against. They are the inventory layer many DeFi AMMs use;…
  5. Intermediate DeFi Slippage Market price, **price impact**, expected execution and actual execution are related but not identical. Impact is the di…
  6. Advanced DeFi What Is Impermanent Loss? Impermanent loss (IL) compares an LP position with a specific benchmark: holding the assets and quantities originally d…
  7. Intermediate DeFi What Is Crypto Lending? Most major DeFi lending is pool-based and overcollateralized: suppliers provide liquidity, while borrowers pledge more …
  8. Intermediate DeFi What Is Liquidation in DeFi? An initial loan-to-value limit controls new borrowing; a distinct liquidation threshold controls when an existing posit…
  9. Intermediate DeFi Oracles Smart contracts cannot fetch arbitrary off-chain APIs without breaking deterministic consensus. Oracles source, verify …
  10. Advanced DeFi What Is a Flash Loan? A flash loan rents temporary liquidity plus transaction atomicity. The borrower contract can route the assets through e…

Advanced mechanics & infrastructure

Ordering and extraction, programmable accounts, rollups and data availability, bridges, Bitcoin payments, and storage.

  1. Advanced Markets What Is MEV in Crypto? MEV was originally “miner extractable value.” “Maximal” is now broader: many chains do not use miners, and block constr…
  2. Advanced Security What Is a Sandwich Attack? A sandwich is an ordering-based form of MEV: an attacker places one transaction before a target and another after it. T…
  3. Advanced Wallets What Is Account Abstraction? An account is an onchain entity; a wallet is software or hardware used to control and interact with accounts. An Ethere…
  4. Advanced Scaling Layer 2 “Layer 2” is used loosely. On Ethereum, a careful meaning is an off-chain execution system that **derives security from…
  5. Advanced Scaling What Are Optimistic Rollups? Optimistic rollups move execution off Ethereum while using Ethereum for data availability, batch ordering and dispute s…
  6. Advanced Scaling What Are ZK Rollups? ZK rollups are more precisely called validity rollups: an L1 verifier accepts a state transition only with a valid proo…
  7. Advanced Scaling What Is Data Availability? Data availability (DA) is assurance that data required to verify or reconstruct a state transition was made available t…
  8. Advanced Infrastructure Bridges Blockchains do not natively share state. Bridges copy *meaning* across that gap: lock-and-mint, burn-and-mint, liquidit…
  9. Advanced Bitcoin What Is the Lightning Network? Lightning is a Bitcoin layer-2 payment-channel network. The BOLT specifications define cooperative off-chain transfers …
  10. Advanced Infrastructure What Is IPFS? IPFS stands for InterPlanetary File System and refers to open protocols, implementations and participating networks for…

Explore all topics

Every published article, in path order. Use search if you already know the term.

  1. What is a blockchain? Beginner Foundations
  2. What is decentralization? Beginner Foundations
  3. What is cryptocurrency? Beginner Foundations
  4. What is Web3? Beginner Foundations
  5. What is a crypto wallet? Beginner Wallets
  6. Private key Beginner Wallets
  7. Seed phrase Beginner Wallets
  8. Bitcoin Beginner Bitcoin
  9. Ethereum Beginner Ethereum
  10. Solana Beginner Solana
  11. Smart contracts Beginner Ethereum
  12. Gas fees Beginner Ethereum
  13. What Is a Blockchain Node? Beginner Infrastructure
  14. What Is a Mempool? Intermediate Transactions
  15. What Is a Nonce in Crypto? Intermediate Transactions
  16. What Are Block Confirmations? Beginner Settlement
  17. What Is Finality? Intermediate Settlement
  18. What Is a Blockchain Fork? Intermediate Consensus
  19. Proof of work Intermediate Bitcoin
  20. What Is Bitcoin Mining? Intermediate Bitcoin
  21. What Is a Bitcoin Halving? Intermediate Bitcoin
  22. Proof of stake Intermediate Ethereum
  23. Validators Intermediate Infrastructure
  24. Staking Intermediate Ethereum
  25. Account Model vs UTXO Intermediate Architecture
  26. What Is the EVM? Intermediate Ethereum
  27. What Is an ERC-20 Token? Intermediate Tokens
  28. What Are SPL Tokens? Intermediate Solana
  29. What Is a Block Explorer? Beginner Infrastructure
  30. Self-custody Beginner Wallets
  31. Hot Wallet vs Cold Wallet Beginner Wallets
  32. What Is a Hardware Wallet? Intermediate Wallets
  33. What Are Token Approvals? Intermediate Security
  34. What Is Address Poisoning? Intermediate Security
  35. What Is Multisig? Intermediate Wallets
  36. CEX vs DEX Beginner Markets
  37. Circulating vs Total vs Max Supply Beginner Markets
  38. What Is Market Cap in Crypto? Beginner Markets
  39. What Is Fully Diluted Valuation (FDV)? Intermediate Markets
  40. Tokenomics Intermediate Markets
  41. Governance tokens Intermediate Governance
  42. DAOs Intermediate Governance
  43. NFTs Beginner Tokens
  44. Stablecoins Intermediate Markets
  45. What Are Wrapped Tokens? Intermediate Tokens
  46. DeFi Beginner DeFi
  47. Decentralized exchanges Intermediate DeFi
  48. Automated market makers Intermediate DeFi
  49. Liquidity pools Intermediate DeFi
  50. Slippage Intermediate DeFi
  51. What Is Impermanent Loss? Advanced DeFi
  52. What Is Crypto Lending? Intermediate DeFi
  53. What Is Liquidation in DeFi? Intermediate DeFi
  54. Oracles Intermediate DeFi
  55. What Is a Flash Loan? Advanced DeFi
  56. What Is MEV in Crypto? Advanced Markets
  57. What Is a Sandwich Attack? Advanced Security
  58. What Is Account Abstraction? Advanced Wallets
  59. Layer 2 Advanced Scaling
  60. What Are Optimistic Rollups? Advanced Scaling
  61. What Are ZK Rollups? Advanced Scaling
  62. What Is Data Availability? Advanced Scaling
  63. Bridges Advanced Infrastructure
  64. What Is the Lightning Network? Advanced Bitcoin
  65. What Is IPFS? Advanced Infrastructure