Web 3.0 or Web3 is a term that refers to the concept of an internet ecosystem that is more open, operates autonomously, and is managed in a decentralized manner. First coined by Gavin Wood, the concept of Web3 is an evolution of the internet that wants to move away from the centralized Web2 system within the big companies that control the internet (Google and Amazon).
The decentralized concept that is central to Web3 is naturally compatible with cryptocurrency and blockchain technologies. Many web3 application developers come from the crypto industry and actively cooperate with various blockchains such as Ethereum. Many crypto communities think that the future of Web3 will use blockchain technology as its foundation. This is because of the trustless, permissionless, and open-source nature of the blockchain.
Essentially, blockchain can facilitate an open system where data and algorithms act as intermediaries that connect all users without corporate or governmental third parties.
Decentralized financial applications built on top of blockchain networks
A decentralized Autonomous Organization or DAO is an organizational model that does not use centralized leadership. A...