In this edition of the #PollenDictionary, we will delve deeper into what Web3 is, and what this evolution brings to the table.
19 Sep 2023, 14:33
📕In this edition of the #PollenDictionary, we will delve deeper into what Web3 is, and what this evolution brings to the table.
Imagine Web 2.0 as a massive shopping mall where you go to access various services and content. In this mall, everything is centrally controlled. Each shop is owned by a big corporation, and you have to register at the mall's entrance.
Now, envision Web3 as an open-air bazaar in a bustling marketplace. There are countless vendors, each with their unique stalls, and they're not owned by any central authority. You don't need to register at an entrance; instead, you have a digital backpack that contains your identity and assets.
We will understand this better by exploring the key concepts that Web3 revolves around:
Decentralization: Web3 aims to reduce reliance on centralized intermediaries, such as social media platforms and traditional financial institutions. Instead, it leverages blockchain and decentralized technologies to create peer-to-peer networks and applications.
User Control: In the Web3 paradigm, users have greater control over their data, digital identity, and online interactions. They can own, manage, and monetize their digital assets, including cryptocurrencies and NFTs.
Interoperability: Web3 promotes interoperability among various blockchain networks and applications. This allows data and assets to flow seamlessly between different platforms, fostering a more connected and versatile digital ecosystem.
Smart Contracts: Smart contracts, self-executing code on a blockchain, play a central role in Web3 applications. They automate and enforce agreements, reducing the need for traditional legal and financial intermediaries.
Digital Identity: Web3 advocates for self-sovereign digital identities, where users control and verify their online identities without relying on centralized identity providers.
We hope this information was helpful in understanding more about the digital revolution we are currently experiencing.
Learn more about Web3 in the next editions of the Pollen Dictionary!