What is Web 3 and How Does it Work?
Web 3, also known as the decentralized web, is a new type of internet built on distributed ledger technology (DLT). It is a revolutionary step in the evolution of the internet, as it allows for the development of applications and services that are completely decentralized, secure, and resilient.
At its core, Web 3 is based on the concept of decentralization. It uses blockchain technology to create a distributed ledger of transactions and data, which is maintained by a network of computers that are not controlled by a single entity. This means that no single user or organization can control the network or its data.
Decentralized applications, or DApps, are the building blocks of Web 3. DApps are built on distributed ledger technology, allowing developers to create applications that are secure, resilient, and censorship-resistant. Some of the most popular DApps include decentralized exchanges, smart contracts, and digital asset management platforms.
Web 3 also relies on new technologies such as distributed computing, artificial intelligence, and cryptography. These technologies help to create a secure and efficient way to store and transfer data, as well as to build complex applications.
In short , Web 3 is a revolutionary step in the evolution of the internet, allowing for the development of secure, decentralized applications and services that are resilient, censorship-resistant, and efficient. The future of the internet is Web 3, and it’s already here.