Web3 Fundamentals
Understanding the foundational principles of decentralized internet technologies.
Core Definitions
Web3 Overview
Web3 represents the next evolution of the internet, emphasizing decentralized ownership, blockchain technologies, and self-sovereign identity.
Why It Matters
It shifts power from centralized entities to users through ownership of data, identity, and digital assets via blockchain.
Key Components
Blockchain
Distributed ledger technology that provides the infrastructure for trustless transactions.
Smart Contracts
Self-executing code that automates agreements and processes without intermediaries.
NFTs
Unique digital assets that represent verifiable ownership of digital or physical items.
Advantages
User Empowerment
Users own their data and digital assets instead of it being controlled by corporations.
Includes topics: data sovereignty, asset control
Transparency
Transactions and agreements are publicly verifiable through blockchain technology.
Includes topics: immutable records, auditing