what is web3?
Web3, often referred to as the “Semantic Web” or “Decentralized Web,” is the next evolution of the internet.
#DecentralizedWeb #BlockchainTechnology #SmartContracts
It aims to create a more open, secure, and user-centric online experience by leveraging decentralized technologies like blockchain, distributed ledger technology (DLT), and smart contracts. The core purpose of Web3 is to address the challenges of Web2, such as data privacy, centralized control, and lack of interoperability between different platforms, and to empower users with greater control over their data and online interactions.
In Web2, control largely lies in the hands of a few centralized organizations, often referred to as “Big Tech” or “Silicon Valley giants.” These companies, such as Google, Facebook, Amazon, Apple, and Twitter, have amassed enormous power over user data, digital advertising, content distribution, and various online services.
Web3, on the other hand, aims to distribute control among its users and network participants by leveraging decentralized technologies like blockchain, distributed ledger technology (DLT), and smart contracts. Instead of relying on centralized intermediaries, Web3 envisions an internet where users have direct control over their data, assets, and online interactions. This shift in control is facilitated by decentralized platforms, such as decentralized finance (DeFi) services, decentralized autonomous organizations (DAOs), and decentralized applications (DApps).
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