What is Web3?
Web3, also known as Web 3.0, is the next evolution of the internet. While the current version of the internet, or Web 2.0, is primarily focused on connecting people and allowing them to share information, Web3 is focused on connecting people and allowing them to share value. It is built on top of blockchain technology and enables new decentralized applications (dApps) that give users more control over their data and allows for trustless interactions between parties without intermediaries.
Web3 refers to a set of technologies, protocols, and protocols that aim to decentralize the web, giving users more control over their data and enabling trustless interactions between parties. These technologies include blockchain, peer-to-peer networking, and smart contracts.
One of the key features of Web3 is the use of decentralized applications, or dApps. dApps are apps that run on a blockchain, rather than on a centralized server. This means that they are not controlled by any single entity, and users have full control over their own data. dApps can be used for a wide range of applications, from social media and gaming, to finance and supply chain management.
Another important aspect of Web3 is the use of decentralized storage solutions, such as IPFS or Swarm. These solutions allow users to store their data in a distributed manner, rather than relying on centralized servers. This not only increases security and privacy, but it also makes the web more resilient and less vulnerable to censorship.
Web3 also introduces the use of decentralized identity, also called self-sovereign identity. This allows users to have full control over their digital identity and the data associated with it. It’s enabling users to own and control their digital identity and data, and enables them to interact with different dApps and services without the need of creating a new identity for each.
Finally, Web3 also enables new forms of decentralized finance (DeFi) which allows for trustless and borderless transactions of assets, lending, borrowing and trading on decentralized platforms. This will enable a more inclusive and accessible financial system for everyone.
Web3 is still in its early stages, but it has the potential to revolutionize the way we interact with the internet and with each other. By giving users more control over their data and enabling trustless interactions, Web3 has the potential to create a more decentralized, equitable, and secure internet.
In summary, Web3 or Web 3.0 is the next evolution of the internet which is built on blockchain technology. It empowers users with more control over their data, enables trustless interactions, and offers new decentralized application, storage, identity and finance solutions. As it still in its early stage, it has a lot of potential to reshape the way we interact and transact on the internet.