The term ‘Web3’ was initiated by the co-founder of Ethereum soon after it was launched. The term defines an idea of an advanced version of the World Wide Web. The concept of Web3 aims to identify the limitations of Web 2.0.
Web3 incorporates blockchain technology, decentralisation of data, and token-based economics (cryptocurrency). The main goal of Web3 is to provide users with complete ownership of their content, overpowering big tech giants.
Apple’s Siri and Wolfram Alpha are two examples of Web3 applications.
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