Why is it called Web3? Why is it called Web 3.0?
Web 3.0 or Web3 refers to a decentralized ecosystem based on Blockchain. Some of the features that define Web 3 are -
1. Decentralized
2. Immutable
3. Free of intermediaries
4. Cryptographic verifiability
Picture it as the internet where data [ content, images, videos] are registered on Blockchain. All of the data can then be tokenized [ as we see NFTs] and could be accessed via peer-to-peer distributed networks.
In short, you can say Web 3 is an advanced form of current internet that users would own. Web 3 could solve problems that customers are facing like data sharing, centralized power intellectual items as assets, and ownership/rights.
This is an exciting video by HBR explaining What is Web 3? Do check out here
Why is it called Web 3.0?
As with every software cycle, we release an updated version. Similarly, for the web with the decentralized ecosystem, we call it Web 3.0.
These short question answers posts are related to future trends [specifically Web3, Blockchain, NFT, DAO, Dapps] and Digital Transformation. If you have any specific questions, feel free to put them in the comments and I will try to respond :-) Thanks for Reading :-)
Originally published at https://www.linkedin.com.
