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WHAT IS WEB 3

Web3 (or Web 3.0) refers to a vision for the next generation of the internet that is decentralized, user-owned, and often powered by blockchain technology. It aims to give individuals more control over their data, identity, and digital assets.

Here’s a simple breakdown:

1. Web1 (The Static Web)

Era: 1990s–early 2000s

Websites were static and read-only.

Users consumed content but didn’t interact much.

2. Web2 (The Social Web)

Era: 2000s–present

Interactive, user-generated content (social media, blogs, etc.)

Data is controlled by big tech companies (Google, Meta, etc.)

3. Web3 (The Decentralized Web)

Emerging now

Built on blockchain and decentralized networks

Users own their data and digital assets

Involves cryptocurrencies, NFTs, decentralized finance (DeFi), and DAOs (Decentralized Autonomous Organizations)

Key Features of Web3:

Decentralization: No central authority; data is stored on distributed networks

Ownership: Users control digital identities and assets

Smart Contracts: Programs that automatically execute on the blockchain

Token Economy: Use of crypto tokens to incentivize participation and governance