D-358 Web3 As A Technology

Web3, also known as the "decentralized web," is a term that refers to the use of blockchain technology and decentralized protocols to create a more secure and transparent internet. The goal of Web3 is to create a web that is less reliant on centralized intermediaries and more decentralized, enabling users to have more control over their online experience and data.

Web3 technologies include decentralized applications (dApps), decentralized finance (DeFi), and non-fungible tokens (NFTs), all of which rely on blockchain technology and decentralized protocols to operate.

One key aspect of Web3 is the use of smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Smart contracts allow for the automation of transactions and the creation of trust between parties without the need for a third-party intermediary.
Web3 technologies have the potential to revolutionize many industries, including finance, supply chain management, and voting systems, by offering a more secure and transparent way of conducting transactions and exchanging information.

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