Web3, also known as Web 3.0, is the idea of a new version of the World Wide Web that incorporates concepts such as decentralization, blockchain technology (underpins Crypto), and token-based economics. Also, it is a technological innovation over Web 2.0, today’s Internet, because it gives Internet users digital control and privacy.
What is Web3 or Web 3.0 Crypto?
The Web3 Internet employs blockchain technology, the same technology that underpins cryptocurrencies (Crypto) to make the decentralized Internet more secure and private. Moreover, the system is a technology protocol governed by computer code to facilitate direct and secure contacts among users, applications, and data.
Blockchain technology, decentralized data storage, and peer-to-peer networking are essential components of the decentralized internet, which operates as part of Web3.
Web3 supporters are excited about the potential of Web3 technology to make the Internet more user-centric. It could potentially democratize financial systems by removing centralized decision-makers and geographic borders from the Internet.
Web3 or Web 3.0 Crypto
- Web3 controls data solely with internet users and place ownership, who can decode exactly how their data is used.
- This technology can leverage the technology to monetize their products and services by transaction directly with other peers on the network.
- It offers fully decentralized networks the promise of greater safety.
- Web3 Internet protocols resist censorship by allowing the decentralized generation and distribution of information.
- This technology can help trustless system protocols that use blockchain technology to eliminate the need for trust in any counterparty.
- Its systems operate decentrally
- It has no single point of failure.
Example of the Web3 applications
Web3 applications, known as decentralized applications, have the potential to transform the financial system and create new opportunities within the developing Web3 network. Here are some examples of Web3 applications.
- Ethereum
- Brave
- Uniswap
- Aave
- ReaIT
- Set protocol
- Nexus Mutual
- InstaDApp
