What is Web3?
Web3, known as the New Internet Era, is a decentralized version of the web, leveraging blockchain to create a fair, transparent, and secure digital ecosystem. It represents a monumental shift from traditional internet systems, emphasizing user control and transparency.
A Brief History of Web3
| Year |
Milestone |
| 1991 |
The World Wide Web was launched by Tim Berners-Lee (Web1) |
| 2004 |
Interactive platforms like Facebook and YouTube initiated Web2 |
| 2008 |
Bitcoin introduced decentralized peer-to-peer methods |
| 2014 |
Ethereum launched, enabling decentralized applications and solidifying Web3’s foundation |
| 2024 |
Web3 protocols continue to evolve and refine |
Key Concepts of Web3
| Concept |
Description |
| Decentralization |
Blockchain-powered networks without central authority |
| Smart Contracts |
Automated contracts that execute transactions without intermediaries |
| DApps |
Applications operating on blockchain networks |
| Privacy & Ownership |
Users control their data and assets |
Why is Web3 the Future of Finance?
| Issue in Traditional Finance |
Web3 Solution |
| High Fees |
Web3 eliminates significant transaction costs |
| Security Risks |
Web3 offers decentralized, secure transactions with no central points of failure |
| Intermediary Dependency |
Web3 removes middlemen, streamlining transactions |
The Benefits of Decentralized Finance (DeFi)
| Benefit |
Description |
| Financial Inclusion |
Access to financial services for the 'unbanked' |
| 24/7 Operations |
DeFi operates with no restrictions on working hours |
| Transparency |
Blockchain ensures traceable and secure transactions |
| Yield Farming & Staking |
Earn passive income by lending assets or staking |
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