Web3 and Blockchain are one of the hottest and most trending technologies for the year 2023. Everyone is talking about Blockchain and Web3 and other related issues. In this blog, we will take you through Web3 and Blockchain. We have covered what is Web3, what is blockchain, and what is the relationship between Web3 and Blockchain. Scroll down if you are a web 3.0 and blockchain geek.
So, what really are Web3 and Blockchain?
Web3
Web3 is a concept for a new version of the World Wide Web that incorporates ideas such as decentralization, blockchain technologies, and token-based economics. It is viewed as an extension of cryptocurrency, employing blockchain in innovative ways to achieve novel goals, and focusing power in the hands of folks rather than corporations. Gavin Wood, a computer scientist, and Ethereum co-creator, first suggested it in 2014, and it is built on decentralized blockchains.
Related: Top 5 Web3 Inventions
Blockchain
Blockchain is a digital ledger that has distribution, and decentralization, and is frequently open to the public. It is particularly notable for its application to cryptocurrencies and NFTs, which simplifies the process of managing assets and documenting transactions in a corporate network. Participants can independently and affordably audit and verify transactions using it.
Related: Web3 Advantages
What is the Relationship between Web3 and Blockchain?
Blockchain is the critical technology that enables the World Wide Web and changes a basic dynamic of today’s web, in which companies push customers for as much data as possible. Blockchain is important for 3rd generation of the web since it provides the universal state layer for building the global web, allowing enterprises to decentralize Web2 services like cloud computing and social networking sites. Furthermore, blockchain plays a vital role in increasing network user confidence by providing cryptographic verification of a sequence of transactions.
Related: Web3 Applications you should be aware of!
Furthermore, Web3 adheres to the crypto ethos by being permissionless, trustless, and open to everybody. Blockchain and other digital currency and blockchain-related technologies form the foundation of Web 3.0, but it also depends on other technologies like augmented reality, virtual reality, the internet of things, and others. These technologies have the potential to enhance the shopping experience by allowing customers to interact with items prior to making a purchase.
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