Web3, also known as the decentralized web, refers to the use of blockchain technology to create a more secure and transparent internet. It’s the 3rd Gen. of the World Wide Web. In contrast to the current web (Web2), which is largely centralized and controlled by a few large companies, Web3 is decentralized and operates on a peer-to-peer (P2P) network.
One of the key features of Web3 is the use of smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. These contracts are stored on the blockchain, which allows them to be transparent, and secure.
Another important aspect of Web3 is the use of decentralized applications. Unlike traditional apps, which are hosted on centralized servers, these are hosted on the blockchain and run on a P2P network. This means that they are not controlled by any single entity and are resistant to censorship.
Web3 also has the potential to revolutionize the way we interact with the internet. With the use of decentralized identity systems, users can have more control over their personal data and how it is used. This can lead to a more privacy-centric internet where users are in charge of their own data rather than relying on centralized entities to protect it.
Web3 has the potential to bring about significant changes in a wide range of industries, including Finance, Healthcare, and Supply Chain Management. It has the potential to create more efficient and transparent systems, as well as to empower individuals and communities by giving them greater control over their own data and assets.
While Web3 is still in its early stages, it is clear that it has the potential to disrupt and transform the way we use the internet. As the technology continues to evolve, it is likely that we will see more and more industries adopting it and reaping the benefits of a decentralized web. Although I also recognize that this all could possibly be a fluke.
