So what is Web3?

If you are like me, I have been seeing a lot about the term "Web3" lately. But what is Web3? So I did what a lot of people are doing lately, I asked ChatGPT. Here is what I got. I think it gives a pretty good definition of Web3.

Web3, also known as "Web 3.0" or "decentralized web", refers to the next evolution of the internet that aims to create a more decentralized and open web. Web3 is based on blockchain technology and peer-to-peer (P2P) networks, which enable users to interact and transact directly with each other without relying on centralized intermediaries.

Web3 is designed to address some of the key issues of the current web, such as privacy concerns, censorship, and the dominance of large corporations over the internet. It enables developers to create decentralized applications (dApps) that run on top of blockchain networks, enabling users to maintain control over their data and interact with each other in a secure manner.

Web3 also involves the use of decentralized finance (DeFi) applications, which are financial applications built on blockchain networks that allow users to conduct financial transactions without the need for traditional intermediaries such as banks.

Overall, Web3 represents a new paradigm for the internet, where users have more control and ownership over their data and can participate in a more open and decentralized digital economy.