Web3 vs Web2: Significant differences.

Decentralization, trustless, permissionless, and connectivity are the defining features of Web3.

Web3

A core tenet of Web3 is decentralization, and it promises improvements on many fronts. For one, no central authority controls content and has he ability to impose indiscriminate censorship. Decentralization makes a platform more censorship-resistant.

Participants can interact without permission from a trusted intermediary or governing body on web3 because it is trustless and permissionless. Applications in Web3 run on decentralized peer-to-peer networks. That’s why they’re called decentralized applications (dApps), rather than “apps.”

One of the most significant paradigm shifts in the Web3 era will be the gaming industry. With Web3, gamers can own their in-game assets in the form of NFTs. That means that they can buy and sell them for profit and transfer them to other games on other blockchains.

Also, with the advent of Web3, company shares come in the form of crypto tokens. Notably, nearly anything can be tokenized on Web3, not just in-game items.

Web3 will go well beyond Web2 offerings such as streaming video, online shopping, and social media. Its decentralized features should also help limit the unethical practice of data extraction without users’ consent or compensation.

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