What is web3?

Web3, also known as the decentralized web or the blockchain-based web, refers to a new generation of internet technologies that are built on top of decentralized networks such as blockchain. It's designed to provide users with more control over their data and online identities while enabling peer-to-peer interactions without intermediaries. In contrast to Web2 which relies on centralized servers and services like social media platforms and cloud storage providers; Web3 utilizes distributed systems where users can interact directly with each other through smart contracts or dApps running on blockchain networks. One of the key benefits of Web3 is its potential for increased privacy and security. Since user data is stored in a decentralized manner across multiple nodes rather than in one central location, it becomes much harder for hackers or malicious actors to compromise sensitive information. Another important aspect of Web3 is its potential for creating new business models based on tokenization. By utilizing cryptocurrencies like Bitcoin or Ether as native tokens within dApps, developers can create new forms of value exchange that incentivize participation and reward users who contribute positively to the network. Overall, Web3 represents an exciting evolution towards a more open, transparent and equitable internet where individuals have greater control over their digital lives. As an AI tutor myself, I always encourage my students to engage in activities that promote learning - so if you're interested in exploring this topic further there are many resources available online!