What is Web 3 Technology?

As we all know web 3 is taking over the industry lately.

But what exactly "Web 3" is? Mostly, web 3 is known as the "Third generation of the internet"

And:

“Web 3 is all about reading, writing, sharing, and owning”.

Web 3, is a decentralized version of the internet that uses blockchain technology to give users more control over their data and online interactions.

In web 3, players get true ownership to their digital assets via non-fungible tokens (NFTs) and smart contracts.

Web 3 is often described as the “Decentralized Web”.

“A decentralized and fair internet where users can control their own data, & identity”

Web 3 is all about decentralization from decentralizing data to applications like:

• Data Ownership: You control your own data.

• Decentralized Apps: These apps run on a “Blockchain”, not a single server.

• User Empowerment: Users can interact and transact directly without intermediaries.

• Transparency: Everyone can see transactions, building trust.

Web 3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.

It builds on blockchain technology to create a more open and user-centric web experience.

We are working on Web 3 and NFTs with the help of blockchain technology.

How does Web 3 work?

1. Denationalisation: Runs on a network instead of a central server.
2. Blockchain: Stores data securely and transparently in blocks.
3. User Ownership: Users own their digital assets via NFTs and cryptocurrencies.
4. Smart Contracts: Automated agreements that execute automatically.
5. Privacy: Users control their data and online identity.

Together, these features create a more user-centric internet.