What is Web3?

Web3, also known as Web 3.0, is the next evolution of the internet. It is a decentralized network that allows for more direct interaction…

Luis Soares

24 Jan 2023 — 1 min read

Web3, also known as Web 3.0, is the next evolution of the internet. It is a decentralized network that allows for more direct interaction between users and their data without the need for intermediaries such as centralized servers or corporations.

One of the main advantages of Web3 is increased security and privacy. In a traditional centralized web, data is stored on servers owned and controlled by a single entity.

This makes it vulnerable to hacking and data breaches. In a decentralized web, data is distributed across multiple nodes, making it much harder for hackers to access.

Another advantage is the ability for users to own and control their own data.

In a traditional centralized web, large corporations often hold and control users’ data for their own gain.

In a decentralized web, users have complete control over their data and can choose how it is used.

Web3 also enables the creation of decentralized apps (dApps), which can be built on a blockchain network. These dApps can provide greater transparency, security, and trust, as any single entity does not control them.

Additionally, Web3 enables the use of smart contracts, which are self-executing contracts with the terms of the agreement written into code.

These contracts can be used to automate various processes, such as the transfer of assets or the execution of business logic.

Overall, Web3 has the potential to revolutionize the way we interact with the internet and with each other.

It offers greater security, privacy, and control over our data, as well as the ability to create decentralized apps and use smart contracts.

Leave a comment or message me, and I’ll be glad to help.

You can also follow me on Medium.

All the best,

Luis Soares

Head of Engineering | Solutions Architect | Blockchain & Fintech SME | Data & Artificial Intelligence Researcher. 20+ years of experience in technology.

#blockchain #defi #decentralization #technology #web3

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