If you’ve heard of the “metaverse” then you’ve already heard of web3, and while it might not seem very important right now, that is going to change very quickly as our online interactions become more immersive and 3 dimensional.
You can think of Web3 as being the next generation of the internet – a decentralized and open-source web of networks that are controlled by their users, not by big corporations. With Web3, you can own your data, your identity, and even your online assets, like your personal domain!
Web3 is a term used to describe the next evolution of the internet, which is based on decentralized and distributed technologies, such as blockchain. It is sometimes referred to as the decentralized web or the blockchain web.
Web3 aims to shift the power and control of the internet from centralized authorities, such as tech companies and governments, to users and communities, by enabling peer-to-peer interactions, decentralization, privacy, and security. It seeks to create a more open, transparent, and fair internet, where users own and control their data and digital assets, and can participate in decentralized networks and applications without relying on intermediaries or gatekeepers.
Blockchain technology is a key component of web3, as it enables the creation of decentralized and trustless networks, where transactions and data are recorded on a public, tamper-proof ledger, and verified and validated by a network of nodes or validators. Blockchain provides the foundation for many decentralized applications and use cases, such as cryptocurrencies, smart contracts, decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized identity (DID).
Web3 and blockchain are intertwined, as web3 relies on blockchain technology to provide the infrastructure for decentralized applications and networks. Web3 also expands the scope and potential of blockchain, by enabling new forms of user interaction, community governance, and data sharing. Together, web3 and blockchain offer a vision for a more decentralized, democratic, and equitable internet, where users can participate and benefit from the value they create.