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What is Web3?
Web3 is a new generation of web technologies that are revolutionizing the way we interact with the internet. Whether it's blockchain, AI, or other cutting-edge innovations, Web3 allows us to do more powerful things online than ever before. It's a technology that's all about decentralization, privacy, and trust.
Decentralisation
Decentralisation has the potential to revolutionise our current systems of data management, communication, and governance. It can provide a more secure and efficient way to store, share and transfer data, as well as providing users with more control over their personal information. By shifting control away from a single centralised entity, decentralisation can also help to reduce the risk of fraud and cybercrime, as well as providing users with increased privacy and security.
Blockchain-based
Blockchains are used to store data such as transactions, contracts, or any other information that is shared among many parties. The data stored on a blockchain is secured by advanced cryptography, making it nearly impossible to modify without authorization. Additionally, because of the distributed nature of a blockchain, data stored on the ledger is immutable, meaning it cannot be changed or deleted. This makes it an ideal technology for storing sensitive data.
Cryptocurrency Supported
Cryptocurrency supported apps and websites are platforms that enable users to buy, sell, trade, and store digital currencies. These apps and websites often provide a variety of services, such as real-time price tracking, market analysis, wallet services, and more. Some apps and websites also provide additional features such as staking, lending, and margin trading.
Artificially Intelligent & Autonomous
Autonomous and Artificial Intelligence (AI) apps are applications that rely on the use of algorithms, machine learning, and natural language processing to replicate intelligent behavior. These apps can be used to automate tasks, analyze data, undertake basic decision-making, and even mimic human behavior. Autonomous apps are able to learn, develop, and respond to changing environments without human intervention, while artificial intelligence apps are more focused on providing automated responses to specific questions or tasks.
DAOs
A DAO, or Decentralized Autonomous Organization, is a type of organization that is run completely autonomously on a blockchain or other distributed ledger technology. It is essentially an organization that does not have a central governing body, but instead operates through a set of rules and protocols that are coded into the blockchain or other distributed ledger
Cross-chain Bridges
Cross-chain bridges are a type of technology that enables the transfer of digital assets and data between different blockchains. This technology is often referred to as “interoperability” and allows users to move assets from one blockchain to another without having to create an entirely new asset. This is especially useful in cases where two or more different blockchains have been developed that do not have a compatible protocol, such as Bitcoin and Ethereum.
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Web 3.0, 2.0 & 1.0
Web 1.0 was the original version of the World Wide Web and it involved a basic exchange of information.
Web 2.0 was an advancement and focused on creating a user-friendly, collaborative platform allowing for content creation and sharing.
Web 3.0 is a more connected, personalized, and interactive experience.
dApps
A dApp (decentralized application) is a software application that runs on a distributed computing system and is powered by blockchain technology. Unlike traditional applications, a dApp does not rely on a single centralized server, but instead uses a distributed network of computers to store its data and enable its functionality. This distributed network is connected through the use of peer-to-peer protocols and consensus algorithms,
NFTs
Non-fungible tokens (NFTs) are digital assets that are unique, non-interchangeable and indivisible. They are stored on a blockchain and typically represent ownership of digital or physical items, such as artwork, music, video, or other digital assets. NFTs are different from cryptocurrencies like Bitcoin, which are fungible and divisible, meaning they can be exchanged for other cryptocurrencies. NFTs, on the other hand, cannot be exchanged or divided, and each token is unique.
Cryptocurrencies
Cryptocurrencies are digital or virtual currencies that use cryptography for security. They are designed to be secure, anonymous and decentralized, making them virtually impossible to counterfeit or double-spend. Cryptocurrencies are based on distributed ledger technology, such as blockchain, which is a distributed database that records and stores transaction information. Cryptocurrencies are used to facilitate the transfer of value between users, and are not controlled by any central bank or government.
DEFI
DEFI, or decentralized finance, is a financial system built on top of blockchain technology that allows people to transact and interact with financial instruments in a completely trustless and permissionless manner. It allows users to access a wide range of services such as lending, borrowing, trading, and insurance without the need for any intermediaries or middlemen.