What is web3?

Web3, often referred to as Web 3.0, represents the next generation of the internet, emphasizing decentralization, blockchain technology, and a shift in control from centralized entities to individuals. Here are its key features:

1. **Decentralization**: Unlike Web 2.0, where data and content are predominantly controlled by centralized entities like Google, Facebook, and Amazon, Web3 leverages blockchain technology to distribute control and decision-making across a network of nodes.

2. **Blockchain Technology**: Web3 uses blockchain as its underlying technology, ensuring transparency, security, and immutability of data. This allows for the creation and management of decentralized applications (dApps) and smart contracts.

3. **Cryptocurrencies and Tokens**: Web3 integrates digital currencies and tokens, enabling new economic models and incentive structures. These digital assets can be used for transactions, governance, and access to various services.

4. **User Empowerment**: Web3 aims to give users more control over their data, identities, and interactions online. Users can manage their own digital identities and assets without relying on intermediaries.

5. **Interoperability**: Web3 strives for seamless interaction between different platforms and services. This is facilitated through protocols and standards that ensure compatibility and data sharing across diverse systems.

Overall, Web3 represents a paradigm shift towards a more user-centric, secure, and transparent internet ecosystem.