The fundamentals of Web3
Web3 refers to the third generation of the World Wide Web, which emphasizes the use of decentralized technologies such as blockchain and peer-to-peer networking. Some of the key features of Web3 include the following:
- Decentralization: In contrast to the centralized nature of Web2, Web3 technologies are decentralized and distributed, meaning that they are not controlled by any single entity.
- Blockchain: A key technology underlying Web3 is the blockchain, which is a decentralized, distributed ledger that records transactions in a secure and transparent manner.
- Smart contracts: Smart contracts are typically used in dApps that run on blockchain networks, such as Ethereum. They are used to automate the execution of complex financial transactions, enforce rules and regulations, and ensure that all parties involved in the contract are held accountable.
- Interoperability: Web3 technologies are designed to be interoperable, meaning that they can...
