Web3 is a conceptual framework that envisions the next phase of the internet, emphasizing decentralization, blockchain technology, peer-to-peer networks, and user control over data and digital assets. Web3 aims to address the shortcomings of centralized internet infrastructure, such as data privacy concerns, censorship, and reliance on intermediaries. Key principles of Web3 include decentralization, interoperability, transparency, and user sovereignty. Technologies driving Web3 include blockchain, decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized applications (DApps), and decentralized autonomous organizations (DAOs). Web3 seeks to create a more open, transparent, and decentralized internet ecosystem where users have greater control over their data and digital identities, and trustless interactions are facilitated through smart contracts and cryptographic protocols.
