Continue with EmailWhat is web3?
Web3 is the name given to the concept of a decentralized internet built on blockchain technology. If web 1.0 was the creation of the internet and web 2.0 saw us move to a social platform-centric internet, web3 signifies a shift into a decentralized, public internet centered on the concept of ownership.
What is a blockchain?
A blockchain is a decentralized record that gets its name from how it stores its data. Once a set of transaction data reaches a certain size, it forms a "block.” This is where every transaction on a blockchain is validated and then permanently stored. The “chain” part of a blockchain is a series of consecutive blocks linked together, forming the immutable ledger.
Web3, in essence, puts control and ownership back in the hands of the people using it, ideally creating a more equal playing field for users with less outside control from third parties. The term web3 has become shorthand for all of the elements that make up this ecosystem, including cryptocurrency, blockchain technology, decentralized finance (known as “DeFi”), NFTs, the metaverse, and decentralized apps (“dApps”).
What is web3?
In 2014, Gavin Wood, co-founder of the Ethereum blockchain and the Web3 Foundation, coined the term in a blog post. He wrote: Web 3.0, or as might be termed the “post-Snowden” web, is a re-imagination of the sorts of things we already use the web for, but with a fundamentally different model for the interactions between parties. Information that we assume to be public, we publish. Information we assume to be agreed upon, we place on a consensus ledger. Information that we assume to be private, we keep secret and never reveal.
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