The decentralized web's technological framework is called "Web3 infrastructure." It is built on various technologies, including peer-to-peer networks, decentralized identification systems, decentralized storage systems, and blockchain.
These technologies allow for the development of decentralized applications (dApps) and protocols, making possible the trustless and permissionless exchange of value and data. Without relying on centralized intermediaries, users can authenticate themselves for a variety of purposes and preserve control over their personal information by leveraging Web3 infrastructure.
By fostering a more open, transparent, and democratic internet, web3 infrastructure has the potential to revolutionize a variety of industries, from finance and healthcare to education and entertainment.
Web3 technologies are those that support the decentralized web; examples include blockchain, decentralized storage systems, and decentralized identity systems.
Blockchain technology is used to develop safe and transparent record-keeping systems, such as Bitcoin and Ethereum, that enable decentralized financial transactions. Decentralized storage solutions, such as IPFS, allow data to be kept distributed, making it more difficult to hack or censor.
Decentralized identity solutions, such as uPort, allow users to retain control over their personal information while still authenticating themselves for various purposes. These Web3 technologies enable the development of decentralized applications (dApps) and protocols, such as Uniswap and Compound, that allow for the trustless and permissionless exchange of value and data.
No, Web3 isn't just for cryptocurrency. While many of the most well-known Web3 apps and protocols are associated with Bitcoin, Web3 technology can be utilized for a wide range of reasons other than financial.
Web3 technology, for example, can be used to build decentralized social media platforms, secure voting systems, and decentralized markets for buying and selling products and services. Web3 technologies enable the construction of more transparent, secure, and user-centric apps, regardless of their individual use case.
As the decentralized web evolves, we may expect to see Web3 technology deployed in a wide range of businesses and for various purposes.