Web3, also known as Web3.0 or the decentralized web, is a term used to describe the next evolution of the internet, where decentralized and distributed technologies are used to create a more open and transparent web.
Web3 technologies are built on top of blockchain technology, which enables decentralized data storage and management, peer-to-peer transactions, and smart contracts. Web3 allows for the creation of decentralized applications (DApps) that run on a peer-to-peer network, rather than relying on a central server.
Web3 technologies are designed to enable greater user control and ownership of data, as well as more secure and efficient transactions. This is achieved through the use of public-key cryptography, which allows users to secure their identities and data through digital signatures and encryption.
Some examples of Web3 technologies include:
- Blockchain networks such as Ethereum, Polkadot, and Solana
- Decentralized storage systems such as IPFS and Filecoin
- Decentralized finance (DeFi) platforms that allow for decentralized lending, borrowing, and trading
- Non-fungible token (NFT) marketplaces that allow for the creation and trading of unique digital assets
- Decentralized social media platforms that enable users to own and control their data.
Overall, Web3 is a vision for a more open and decentralized web that enables greater user control and ownership of data, and allows for more secure and efficient transactions.
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Quote: The moon looks upon many night flowers; the night flowers see but one moon. – Jean Ingelow