What Exactly is Web3?

Web3, also known as Web 3.0, is a vision for a new iteration of the World Wide Web that is primarily based on blockchain technology.

Its goal is to create an internet where users have more control and ownership over their data, their identity, and their digital assets, in contrast to Web2, where control is held by large centralized companies.

Key Elements of Web3:

Decentralization: Instead of relying on central servers controlled by a single entity, Web3 uses distributed networks (blockchain) where control and data are spread across multiple participants. This reduces the need for intermediaries and increases resistance to censorship.

Blockchain: It is the fundamental technology. A public and immutable ledger that securely and transparently records transactions.

Smart Contracts: Self-executing agreements programmed on the blockchain. They allow for the automation of transactions and processes without the need for a trusted third party.

Cryptocurrencies and Tokens: They are the native payment systems and incentives to participate in the network. They also enable the "tokenization" of assets, from digital ownership (NFTs) to project governance.

Decentralized Applications (dApps): These are applications built on blockchain networks that operate without a central authority. They offer services in areas such as finance (DeFi), gaming, social networks, etc.

User Ownership: Users own their data and digital identity. They can control who accesses their information and how it is used. This contrasts with Web2, where platforms own users' data.

Semantic Web (AI and Machine Learning): Although less directly related to blockchain, the original vision of Web 3.0 (without the small "3" of web3) includes a "smart" web where machines can understand and process information more similarly to humans, offering more personalized and relevant experiences.