What is Web3? ๐ ๐
Web3 refers to the next generation of the internet where users have control over their data, identity, and digital assetsโenabled by blockchain technology.
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How It Works: ๐จ
1. User Owns the Data and Assets โ You control your identity, wallet, and information.
2. Smart Contracts Enable Trusted Transactions โ Code automates agreements and ensures fairness without middlemen.
3. Blockchain Is Used โ Ensures transparency, security, and immutability.
4. Decentralized Network of Nodes โ No central authority; multiple computers maintain the network.
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Key Features: ๐
Decentralized โ No single entity controls the platform.
Trustless โ You donโt need to trust a third party; the system runs on transparent code.
Permissionless โ Anyone can access and participate without needing approval.
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Popular Web3 Applications:
IPFS โ A decentralized storage system.
Ethereum โ A smart contract and dApp platform.
OpenSea โ A marketplace for NFTs and digital collectibles. ๐
