What Is Web3 | What is Web3 Explained | What is Web3 and Blockchain
What Is Web3 | What is Web3 Explained | What is Web3 and Blockchain
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Welcome to Our What Is Web3 Video!
Web3, often referred to as the decentralized web, represents the third generation of internet services and applications, which are built on decentralized blockchain technology. Unlike the current web (Web2), which is largely dominated by centralized entities and services, Web3 aims to empower users with greater control over their data, identity, and online interactions through decentralization, transparency, and peer-to-peer networks.
Key Characteristics of Web3
Decentralization:
Web3 applications (dApps) run on decentralized networks of computers rather than centralized servers. These networks are typically based on blockchain technology, where data is distributed across multiple nodes, ensuring that no single entity has complete control.
Trustlessness:
Web3 reduces the need for intermediaries or trusted third parties. Transactions and interactions are verified by the network using consensus mechanisms like proof of work (PoW) or proof of stake (PoS), ensuring trust through code and cryptography.
Ownership and Control:
Users have control over their own data and digital assets. Blockchain technology enables the creation of unique digital tokens (cryptocurrencies and NFTs) that users can own, trade, and manage independently.
Transparency:
Blockchain’s immutable ledger ensures transparency. All transactions and changes are recorded on a public ledger that can be audited and verified by anyone, fostering trust and accountability.
Interoperability:
Web3 promotes interoperability between different platforms and applications. Standards like ERC-20 and ERC-721 on Ethereum enable different dApps to work together seamlessly, allowing assets and data to move across different platforms without friction.
Core Components of Web3
Blockchain:
The foundational technology for Web3. Blockchains like Ethereum, Binance Smart Chain, and Polkadot enable the creation of decentralized applications and smart contracts that execute automatically when certain conditions are met.
Cryptocurrencies:
Digital currencies like Bitcoin, Ethereum, and others serve as both transactional and utility tokens within the Web3 ecosystem. They facilitate peer-to-peer transactions and power various dApps.
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⏰Timestamps⏰
00:00 what is web3 explained Introduction.
00:11 what is web3 explained summary.
04:34 what is web3 explained project outro.
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