Web 3 illustrates a fundamental shift in the way that Internet technology will operate; it is in how it espouses principles of decentralization, transparency, and ownership by users that differs from the earlier model, Web2, which was based on central controls of corporates.
Decentralization is the pillar of Web3. Servers and platforms in Web2 are run by centralized institutions; Web3 utilizes blockchain technology and distributed networks. Here, data and control are not given to a single party but shared with participants, thus rendering many advantages, such as risks of censorship, single points of failure, and monopolistic control.
Transparency will be another key part of Web3. The technology or backbone behind Web3 is the blockchain, which tends to operate as an unchangeable private ledger. Every transaction and piece of information in that ledger becomes visible and accessible to everyone. This feature gives rise to trust and accountability. Such transparency is important to decentralized applications like dApps, government models, and Decentralized Autonomous Organizations. Decisions and actions are publicly and collaboratively made.
User empowerment:
Web3 grants users the power to direct their digital assets, data, and identity. Technologies like cryptocurrencies and Non-Fungible Tokens allow people to own and monetize their own digital creations. Experiences of users on Web2 are widely dissimilar as all platforms other than claim ownership of content generated by their users.
Such types of features thus bring together a new internet that now paints a very different picture of itself, allowing space for user control, equity, and trust, standing for progressive transformation toward a more just global digital future.
~ Regards,
VEIGO (Community Mod)
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