What is Web3?
Web3 refers to the third generation of the World Wide Web, which is also known as the decentralized web or the blockchain web. Unlike the current version of the web (Web2), which is centralized and controlled by a small number of large companies and organizations, Web3 is decentralized and powered by blockchain technology.
In Web3, data and information are stored on a decentralized network of computers, rather than on centralized servers controlled by large corporations. This allows for greater security, privacy, and control of data.
Web3 also enables new types of applications and services that are not possible on the current web, such as decentralized finance (DeFi) platforms, non-fungible tokens (NFTs) marketplaces and other types of decentralized marketplaces, and digital identities.
Web3 also allows for the creation of decentralized autonomous organizations (DAOs) that are run by smart contracts on the blockchain, these organizations can be used for various purposes such as decentralized crowdfunding, digital voting systems and other forms of decision making.
Web3 is built on top of blockchain technology, which enables it to be more secure, transparent, and resistant to censorship. The most popular blockchain used for Web3 is Ethereum, which is an open-source, decentralized platform that enables the creation of smart contracts and decentralized applications (dApps).
Web3 is still in its early stages of development, but it has the potential to revolutionize the way we interact with the web, and the way we share and manage data online.
