WEB 3.0 BUZZ. WHAT YOU NEED TO KNOW!
Web3 focuses on decentralization and is built, operated, and owned by its users. At its core, Web3 gives power back to its users in the form of ownership by using blockchains, cryptocurrencies, and NFTs. The term “Web3” was coined by Ethereum’s co-founder, Gavin Wood, in 2014.
To add to a basic understanding of Web3, it’s important to understand the terms that make up Web3. Blockchains change how information is stored, shared, and owned. Blockchain is what’s called a “distributed ledger,” which means it is a database that is consensually shared and synchronized across multiple sites, institutions, or geographies.
Cryptocurrencies are a digital currency that are designed to be exchanged through a computer network and do not rely on any central authority, such as the government or banks. Two of the common cryptocurrencies are Bitcoin and Ethereum.
