# WHAT IS WEB3 By [TOBY](https://paragraph.com/@0430pm) ยท 2024-01-15 --- Certainly! In the context of web3: 1. Decentralization: Unlike the current web (web2), which relies on centralized servers controlled by companies, web3 seeks to distribute data and services across a network of nodes. This reduces reliance on single entities and enhances resilience. 2. Blockchain Technology: Web3 often utilizes blockchain as a foundational technology. Blockchain is a decentralized and distributed ledger that records transactions across a network of computers. It brings transparency, security, and immutability to digital interactions. 3. Smart Contracts: These are self-executing contracts with the terms of the agreement directly written into code. Smart contracts run on blockchain platforms, automating and enforcing agreements without the need for intermediaries. 4. Cryptocurrencies: Web3 commonly involves the use of cryptocurrencies as a means of value transfer within the decentralized ecosystem. Examples include Ethereum's Ether (ETH) used for transactions and smart contract execution. 5. User Control: Web3 emphasizes giving users more control over their data and digital identity. Users have ownership of their data and can grant or deny access to it, enhancing privacy and security. 6. Decentralized Applications (DApps): These are applications built on blockchain platforms that operate in a decentralized manner. They often use smart contracts to execute functions, and their data is distributed across the network. 7. Interoperability: Web3 aims to enable interoperability between different blockchains and decentralized systems. This would allow seamless interactions between diverse applications and platforms. The goal of web3 is to address some of the limitations and concerns associated with the current internet, fostering a more open, transparent, and user-centric digital environment. It has the potential to revolutionize various industries, including finance, governance, and social networks. --- *Originally published on [TOBY](https://paragraph.com/@0430pm/what-is-web3)*