The Rise of Web3: An overview to Decentralized Web, Blockchain and the future of the internet
Web3 commonly known as the decentralized web, is the transformation of the internet from that of Web2 which is highly controlled by Web2 firms to a user-controlled internet based on blockchain technology. This transitional change has enormous potential for enhancing the capacity and security of the internet, user's privacy, and overall control. Here's an in-depth look at its rise and what it means for the future: #1 What is Web3? Web3 is therefore an improvement of the current Web (Web2) that is highly dependent on principal facilitators such as Google, Facebook and Amazon. Whereas Web3 is centered around decentralization, the control resembles more to the users as compared to Web2. It works on the TL, the distributed ledger technology to get transparency, security, and P2P interactions, free from intermediaries. #2 Key Components of Web3: Blockchain: The building blocks for decentralized data and trading, which can be defined as Web3, as data and transact...