Web3 in a couple words explained
Web3 refers to the third iteration of the internet, which is envisioned as a decentralized and trustless network built on blockchain technology. Unlike Web 2.0, where users rely on centralized platforms and intermediaries for services and transactions, Web3 aims to empower users by giving them more control over their data, identity, and digital assets. Key components of Web3 include: Blockchain Technology : At the core of Web3 is blockchain, a distributed ledger technology that enables secure and transparent peer-to-peer transactions without the need for intermediaries. Decentralized Applications (DApps) : DApps are applications built on blockchain networks that operate without a central authority. They leverage smart contracts to automate and enforce the rules of the application. Cryptocurrencies and Tokens : Web3 uses digital currencies and tokens to facilitate transactions and incentivize network participants. These tokens can represent various assets, such as currency, ownership ri