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WEB3 September 2022

Web3 what is it. Define web3, the new frontier of the Internet

Imagine a world where control of your personal and financial data is completely in your hands. Where you can access a variety of services and applications that are not controlled by large corporations, but managed by the community as a whole. This is the world that is emerging thanks to Web3 technology.

Web3, or the third generation of the Internet, is a term that refers to a number of emerging technologies that aim to create a decentralized, unmediated Internet. Instead of relying on large corporations to manage our personal and financial data, Web3 technology allows us to take control of our own data and use it to access online services and applications.

Web3 technology is based on three fundamental pillars: blockchain technology, cryptocurrency and smart contracts. Blockchain technology is the foundation of Web3, and is a technology that enables the secure and decentralized recording of transactions. Cryptocurrency is a form of digital currency that is used as a means of payment in the Web3 ecosystem. And smart contracts are software that enable the automation of processes and the secure execution of transactions.

Companies working with Web3 technology have a different approach than traditional Internet companies. Instead of focusing on collecting data and monetizing user attention, these companies are building applications and services that prioritize user privacy, security and ownership.

For example, some companies are building digital wallets that allow users to store and manage their cryptocurrencies in a secure and decentralized manner. Others are creating non-fungible token (NFT) marketplaces that allow creators to sell their digital artwork directly to buyers, without intermediaries. There are also companies creating decentralized applications (dApps) that allow users to participate in social networks and other online services without having to rely on centralized companies to manage their data.

But Web3 is not just for technology companies. It's also driving a change in the way traditional companies operate. Some companies are using blockchain technology to build more transparent and reliable supply chain systems, while others are exploring ways to use smart contracts to automate business processes and reduce the need for middlemen.

In short, Web3 is an exciting technology that has the potential to fundamentally change the way we interact with the internet. By allowing us to take control of our own data and access services and applications without intermediaries, Web3 offers us the possibility of building a fairer and more equitable internet for all.

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