What is web3.

Web3 refers to the decentralized internet built on blockchain technology that aims to give control and ownership back to its users. This represents a significant shift from web 1.0, which created the internet, and web 2.0, which saw the rise of social platforms as the internet's central feature.

The web3 ecosystem encompasses various components, such as blockchain technology, cryptocurrencies, DeFi, NFTs and dApps. Web3 aims to create a more decentralized and user-centric internet. This is achieved through the use of peer-to-peer networks and smart contracts. The development of Web3 is still ongoing, and it is expected to have a significant impact on the way we interact with the internet in the future.

The three core technologies that make up Web3 are:

• Blockchain: A distributed ledger that allows for secure, decentralized transactions and data storage.
• Smart Contracts: Self-executing contracts that run on the blockchain and can automate transactions based on predefined rules.
• Cryptography: The science of secure communication that enables users to encrypt data and transactions.