Web3
Web3 is short for “Web 3.0.” It is a catch-all phrase to capture the blockchain industry as a whole, along with its vision and concept of the next generation of the internet. While Web 2.0 refers to centralized platforms and services such as Facebook or Google, Web3 aims to decentralize the web by leveraging blockchain technology and other decentralized protocols. In Web3, it’s all about user control, privacy, and removing intermediaries.
Web3 introduced the idea of a decentralized infrastructure where individuals have ownership and control over their data, digital identities, and digital assets. Blockchain technology plays a central role in Web3 by providing a transparent, immutable, and distributed ledger that enables secure and trustless transactions. Smart contracts also play a significant role in Web3 applications, or “dApps,” enabling automated and programmable interactions without the need for intermediaries.