NOTE: This article will be an explanation of what web3 is all about therefore this article will be broken down into various sections. This is solely for the purpose of newbies in the web space so they can have a foundational knowledge of what web3 is like or what exactly Web3 is.

SECTION 1;

WHAT IS WEB3?

Web3 represents the next phase of the internet, characterized by decentralized protocols and applications built on blockchain technology.Unlike Web 2.0, where centralized platforms dominate, Web3 emphasizes decentralization, data ownership, and user sovereignty.

SECTION 2: Key Components of Web3Blockchain Technology: The foundational technology behind Web3, enabling secure and transparent transactions without the need for intermediaries.Decentralized Finance (DeFi): DeFi applications allow users to access financial services such as lending, borrowing, and trading directly, without traditional financial intermediaries.Decentralized Autonomous Organizations (DAOs): DAOs are community-governed organizations that operate without centralized leadership, making decisions through transparent voting mechanisms.Non-Fungible Tokens (NFTs): Unique digital assets represented on the blockchain, which can represent ownership of digital art, collectibles, and other digital assets.

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