Web3 is a decentralized network where no centralized institution or organization controls the whole network, but many participants manage and maintain the network through consensus mechanisms.

Consensus Mechanisms (CMMs) are a protocol in blockchain technology used to ensure that all nodes in a distributed network agree. It is the key technology that allows participants to reach consensus on a blockchain network without centralized control.


We can consider the contract managers of the traditional way of transaction as participants. In this way, it is similar to the traditional way of trading, but more transparent, reproducible, and fully public making it easier to be trusted.