Founded in 2014 by Gavin Wood, Web3 is a decentralized internet built on a decentralized computer network. Web3 uses smart contracts and blockchain to allow users to interact directly with other users and with content. Unlike Web 2.0, Web3 uses decentralized computer networks instead of centralized servers to store and manage data. Web3 applications can be built by any organization or individual. Web3 does not aim to replace Web 2.0, but instead aims to provide new ways to empower users.
Web3 aims to provide users with a new form of trust and social control over ecosystems. It promises to create a more democratized Internet that is open to all. By removing centralized databases and corporations, Web3 aims to create a fair Internet. It also encourages the empowerment of individual users.
Web3 is a decentralized network of computer networks and applications built with cryptography and blockchain technology. These systems allow users to create and access a crypto wallet. The user can use this wallet to store and exchange their assets, identities, and experiences. It can also be used as a Web 3.0 passport. This wallet can act as an intermediary for transactions and is a key component of Web3 applications.
Web3 also uses smart contracts to create a decentralized financial system. Decentralized finance is a system that uses tokens to give users access to network infrastructure and payment services. It also allows for a dynamic ecosystem of financial products and instruments that is not controlled by a central authority. The use of smart contracts is more expensive than a centralized backend, but it offers a more decentralized financial system.
Web3 uses a token-based governance structure that allows participants to have a voice in the development of the ecosystem. By using a token, users can be rewarded for participating in the network or for their contribution to the ecosystem. The Web3 protocol is based on a Proof-of-Stake infrastructure, which allows participants to influence the evolution of the system.
DeFi is one of the most visible examples of Web3 applications. It was the first to use smart contracts to implement a decentralized economic system. It is also one of the most successful projects. The community is actively participating in the ecosystem, and some are motivated to help with ecosystem planning.
Among Web3 projects, most have their own tokens. These tokens can be purchased using a crypto exchange account. Most Web3 projects describe how these tokens are available for public purchase in their introductory white papers. Some have also airdropped free tokens to generate interest. These tokens are separate from bonds and equity holdings. These tokens are used as a liquidity mechanism for the economic system.
iExec RLC is an online Web3 marketplace that allows users to trade computing assets globally. Users can buy and sell unlimited computing power and build Web3 applications. This enables users to create applications without any technical knowledge. The company is part of the Enterprise Ethereum Foundation, and aims to make it easy to build Web3 applications.
