Web3 represents the third iteration of the internet, shifting from the centralised model of Web2, where control is held by single entities, to a decentralised framework. This transition emphasises user ownership and minimizes reliance on trust, creating a more transparent online experience.
Examples of Web3 Applications:
- Traditional finance like lending borrowing will now be Decentralised finance
- Traditional Social media where data is controlled by single entities will now be Decentralised Social media.
- Traditional Storage where data is stored on server controlled entity can now be Decentralised storage.
Examples can be many some are still in development while some are real world such as Defi platforms.
So, in this blog, we will try to understand,
The core of Web3 which is blockchain, and breaking the term to understand it better.
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