# web3

By [btccoin](https://paragraph.com/@metadawn) · 2022-05-08

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Blockchain is a key technology behind Web3. It is most-often associated with the cryptocurrency bitcoin and is the technology that underpins it. The bitcoin blockchain is a public ledger of activity of the bitcoin network. But bitcoin is not owned by a single company or person and it is not issued by a central authority like a central bank. Instead, it is decentralized and the network is maintained by a global group of people running specialized computers.

So blockchain is a key technology and decentralization an important phrase.

Web3 is based on the idea of a “trustless” model. Right now, we have to trust companies to deliver the service they promise. But if Web3 products and services are built on blockchains and are decentralized then you’d only have to trust the underlying algorithm to deliver that product.

That carries its own risks of course.

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*Originally published on [btccoin](https://paragraph.com/@metadawn/web3-2)*