Do you think that the technology of cryptocurrency is the result of hype and thus its technology is of no practical importance?
Do you think it’s absurd that a digital image was auctioned for nearly $69 million?
This digital image is actually a piece of NFT (Non-Homogenized Token), which is a use case of blockchain technology and part of the next generation of internet technology, Web3. This can help us achieve uniqueness and irreplaceability of digital assets, thus creating new business models for digital artwork, music, virtual real estate, and other fields. And cryptocurrency provides the currency for these transactions and is part of Web3.
Let’s see what unique and revolutionary attributes Web3 has to offer.
Decentralization: The cornerstone of Web3 is decentralization, which does not depend on any central authority or individual entity for control, but is maintained and managed by the nodes in the network together. The diagram on the left shows the centralized system, which is most of the current system. And the picture on the right shows a decentralized system.
Smart Contracts: Web3 supports smart contract technology, which allows automatic execution of contracts without the need to trust third-party intermediaries.
Now, let’s see what features these attributes bring.
|Open and transparent||All transactions are publicly visible, and anyone can view the transaction records on the blockchain, ensuring transparency and fairness of transactions.|
|Reliability||Web3 supports distributed storage technology, where data is stored on multiple nodes in the network, improving the reliability and availability of data.|
|Borderless||Web3 is global, and anyone can participate in it, regardless of geographic location or nationality.|
|More Trustworthy||Web3 uses cryptography to ensure the trustworthiness of transactions without the need to trust any third-party institutions, improving the efficiency and security of transactions.|
Want to learn more about potential opportunities with Web3?