Decentralization: Unlike traditional Web2, which relies on centralized servers and intermediaries, Web3 is built on decentralized networks like blockchain, where control and ownership are distributed among users.
Blockchain Technology: Web3 leverages blockchain technology to ensure transparency, security, and immutability of data and transactions.
Smart Contracts: These are self-executing contracts with the terms of the agreement directly written into code, enabling automated and trustless transactions.
Cryptocurrencies and Tokens: Web3 uses digital currencies and tokens for transactions, governance, and incentivizing participation within decentralized applications (dApps).
Decentralized Applications (dApps): Applications that run on a decentralized network, providing services without relying on a central authority.
Digital Identity: Web3 promotes user sovereignty over personal data and identity, often through decentralized identifiers (DIDs) and verifiable credentials.
Interoperability: Web3 aims for seamless interaction between different blockchain networks and systems, enhancing connectivity and functionality across platforms.
Ownership and Control: Users have greater ownership and control over their data and digital assets, with the ability to participate in governance and decision-making processes through decentralized autonomous organizations (DAOs).
Token Economy: Web3 incorporates a token-based economy where users can earn, spend, and trade tokens within the ecosystem, often tied to the value and utility of dApps and services.
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Topic: What exactly does Web3 encompass? (Read 44 times)
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