What is Web3?
The next version of the internet is called Web3, or the decentralized web. By doing away with the need for centralized authorities, it seeks to provide consumers greater control over their data and online activities. Web3 offers more privacy, security, and transparency by allowing users to communicate directly with one another via peer-to-peer networks.
Web3 and Blockchain: A Perfect Match
Blockchain technology is Web3's foundation. It provides the decentralized infrastructure needed to support Web3 applications. This is how they collaborate:
- Decentralization: The decentralized structure of blockchain guarantees that no one party controls the network. This is exactly in line with Web3's objective of empowering consumers.
2. Smart Contracts: A key component of Web3, these self-executing contracts have the conditions of the agreement encoded directly into code. They eliminate the need for middlemen by automating procedures and enabling trustless transactions.
3. Tokenization: Web3 apps can leverage digital assets and tokens created using blockchain technology to symbolize ownership, access privileges, or other qualities.
