Comparing: Web3

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Web3

Web3 is a conceptual framework for a decentralized successor to the current internet, built primarily on blockchain technology to enable peer-to-peer networks where users maintain control over their data, identities, and digital assets through cryptographic protocols and distributed ledgers, rather than relying on centralized corporations. The term was coined in 2014 by Gavin Wood, co-founder of Ethereum, as a vision for "secure social operating systems" that prioritize individual sovereignty and reduce intermediary gatekeepers. Central to Web3 are blockchain-based mechanisms such as smart contracts—self-executing code on platforms like Ethereum—that automate transactions and governance without trusted third parties, alongside tokenomics where native cryptocurrencies incentivize participation and secure networks via proof-of-stake consensus models. This architecture underpins applications including decentralized finance (DeFi) , which has enabled algorithmic lending, yield farming, and derivatives trading handling tens of billions in locked value annually, and non-fungible tokens (NFTs) , which establish provable ownership of unique digital items like art or in-game...