What is WEB3?

Web3 is a hypothetical, future version of the net based on blockchain technology. Crypto enthusiasts say their vision for the web would decentralize it, pushing it closer to its roots.

Web3 advocates emphasize user privacy and ownership of data.

Centralization has helped onboard billions of people to the World Wide Web and created the stable, robust infrastructure on which it lives. At the same time, a handful of centralized entities have a stronghold on large swathes of the World Wide Web, unilaterally deciding what should and should not be allowed.

Web3 is the answer to this dilemma. Instead of a Web monopolized by large technology companies, Web3 embraces decentralization and is being built, operated, and owned by its users. Web3 puts power in the hands of individuals rather than corporations.

Web3 enhances the internet as we know it today with a few other added characteristics. web3 is:

• Verifiable

• Trustless

• Self-governing

• Permissionless

• Distributed and robust

• Stateful

• Native built-in payments

Although it's challenging to provide a rigid definition of what Web3 is, a few core principles guide its creation.

• Web3 is decentralized: instead of large swathes of the internet controlled and owned by centralized entities, ownership gets distributed amongst its builders and users.

• Web3 is permissionless: everyone has equal access to participate in Web3, and no one gets excluded.

• Web3 has native payments: it uses cryptocurrency for spending and sending money online instead of relying on the outdated infrastructure of banks and payment processors.

• Web3 is trustless: it operates using incentives and economic mechanisms instead of relying on trusted third-parties.

  To be continued…