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The Emergence of Web 3 and Its Core Building Blocks: Understanding the Third Iteration of the Internet
Abstract
This chapter delves into the core building blocks of Web3, the transformative phase of the internet characterized by decentralized and user-centric digital ecosystems. It explores the ethos of Web3, emphasizing openness, transparency, trustlessness, and user empowerment. The chapter examines blockchain technology for secure transactions, smart contracts revolutionizing agreements, and cryptocurrencies facilitating peer-to-peer value transfer. It discusses decentralized finance (DeFi) as a transformative building block and explores decentralized applications (DApps) and non-fungible tokens (NFTs) for creating user-centric platforms. The importance of interoperability along with governance mechanisms like decentralized autonomous organizations (DAOs) is highlighted. The chapter concludes by envisioning the interconnectedness between Web3 and the metaverse, where virtual and physical realities merge. Overall, it provides a comprehensive overview of Web3's emergence and its transformative impact on decentralization, transparency, and user empowerment.
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