Web 3.0

Web 3.0 was a term Ethereum co-founder Gavin Wood used in 2014 to describe a new wave of applications that would use smart contracts and other features built on the blockchain.

The idea behind this new wave of Internet applications is that they provide users with a whole new set of tools that allow them to interact with each other, share data, and conduct transactions without having to trust a third party like banks or a central authority. This means that your personal data is not stored in a single database (as it is on a website like Google), but in multiple distributed systems that cannot be hacked.

One of the best-known examples of the Web3 is the introduction of cryptocurrencies. They can be used to send money, pay for things online, and even buy goods and services directly. What's unique about this new wave of Internet applications is that they use cryptocurrencies as a medium of exchange rather than a store of value. This means that you can use cryptocurrencies to transfer value between people. It is a peer-to-peer transaction system, so you can use it to pay someone for a service you need. You can even pay for a product directly with cryptocurrencies. This means that no financial institution or government is involved in these transactions. No one has to collect money from you or deposit it into your account, which makes it safer to use.

Another advantage of this new wave of Internet applications is that they do not store your personal data in a central database. That's why they are also called decentralized applications. This means that your personal data is not stored in a single database, but in multiple distributed systems that can't be hacked and stolen. It also means that you don't have to trust any third party when you share information. Your data is only shared with the people you want to share it with. So, when you use this new wave of Internet applications, you don't have to worry about your personal information being stolen or used against you.