As promised, we're back with an explanation of Web3, which focuses on Internet decentralization and blockchain technology in order to provide users with more control and security online.
The aim of Web3 is to create a Web where users have control over their data, identities, and transactions, without depending on centralized third parties such as large technology companies.
In the Web3 ecosystem, decentralized applications run on blockchain networks, with smart contracts and decentralized protocols, thus offering security and transparency to users.
Therefore, the main characteristics of Web3 are:
=> Decentralization: Web3 aims to eliminate dependence on centralized entities by using decentralized technologies such as blockchain. Data and applications are not controlled by a few central entities, as is currently the case with Web2, but are rather distributed across many computers around the world.
=> The use of blockchain technology to secure transactions and interactions on the Web, with an integrated economy based on cryptocurrencies.
=> Smart contracts, automatically executed on the blockchain, facilitate decentralized and autonomous interactions between parties. This is what is called interconnectivity between different applications and decentralized protocols. It's another way of approaching the semantic Web, which is dear to Web 3.0.
=> Autonomy for users, who have total control over their personal data and digital identity, thereby reducing dependence on centralized platforms. This improves users’ ownership of their data by giving them the choice to share them selectively.
This is where Veintree comes in by transforming digital identities into authentication tokens, which are decentralized and application-specific.
Our next publication will be dedicated to examples of Web3 applications. Stay tuned for more!