What is Web3 Blockchain?

• The Evolution of the Web: Web3 aims to build upon previous iterations of the internet:
  • Web1: Read-only (static web pages)
  • Web2: Read-write (blogs, social media – dominated by tech giants)
  • Web3: Read-write-own (decentralized, greater user control)
• Core Principles:
  • Decentralization: Reducing reliance on centralized intermediaries.
  • Trustlessness: Interactions that don’t require trust in third parties.
  • User Ownership: Users have true ownership and control over their data and digital assets.

How Blockchain Powers Web3

• The Foundation: Blockchain, a distributed and immutable ledger, provides the technology backbone for Web3’s core principles.
• Decentralized Applications (dApps): Blockchain-based apps run on decentralized networks, resistant to censorship or control by a single entity.
• Smart Contracts: These self-executing agreements on the blockchain enable transparent and automated transactions.
• Tokenization: Tokens represent ownership of digital assets (art, music via NFTs) or act as a form of currency within Web3 ecosystems.

Key Areas Transformed by Web3 & Blockchain

• Finance: Decentralized Finance (DeFi) offers alternatives to traditional banking, like lending, borrowing, and trading.
• Art and Collectibles: NFTs revolutionize ownership and authenticity verification for digital creations.
• Gaming: Play-to-earn models and true asset ownership are reshaping the gaming landscape.
• Identity: Decentralized identity solutions give users control over personal data.
• Governance: Decentralized Autonomous Organizations (DAOs) enable community-driven decision-making.