Web3 refers to the third generation of the internet, which is focused on decentralization and the utilize of blockchain technology. The term “Web3” is often used interchangeably with “decentralized web” or “web of trust.” Unlike the current web (Web2), which is centralized and controlled by means of a few dominant companies, the Web3 aims to create a more democratic, transparent, and secure internet.
In the Web3, users will have more control at an terminate their data and digital identity, and transactions will be recorded on a distributed ledger, such as blockchain, making them more secure and transparent. Decentralized applications (dApps) will replace traditional web applications, and intelligent contracts will automate transactions, making them faster, cheaper, and more secure.
The Web3 is still in its early stages of development, and many new technologies, such as the Interplanetary File System (IPFS), Ethereum, and Polka dot, are being developed to create a more decentralized web. As the Web3 evolves, it has the potential to transform the way we interact with each other, conduct business, and exchange value on the internet.
