Web3 decentralized applications

_By: Akeribo Joshua(JoshGreat)
_
*Basic knowledge on Web3 *

Web3 refers to the third generation of the World Wide Web, which refers to the development of decentralized applications (DApps) that operate on a distributed network, rather than on a central server. Web3 technologies, such as blockchain and smart contracts, enable users to interact with DApps and make decisions that are recorded on a distributed ledger, providing a level of transparency, security, and immutability not possible with traditional web applications.

One of the main features of Web3 is its ability to facilitate peer-to-peer (P2P) transactions without the need for intermediaries. This allows users to directly interact with one another and exchange value without the need for a central authority or third party to facilitate the transaction.

Web3 technologies are built on top of the Internet Protocol (IP) and use decentralized networks, such as blockchain and peer-to-peer networks, to enable secure, transparent, and fast transactions. Some popular Web3 technologies include Ethereum, a decentralized platform that runs smart contracts, and IPFS (InterPlanetary File System), a distributed file system that allows users to store and share data in a decentralized manner.

Web3 has the potential to revolutionize the way we interact and do business online, enabling more secure and efficient transactions and enabling the creation of new types of decentralized applications.

Hope this was helpful, let us know