What is Web3 – level 3
25-07-2024 15:00
Web3 is decentralized Internet. Instead of a few technology companies running the Internet, it will use blockchain technology. Many computers control blockchains instead of one company.
Investors like Web3 and thus are investing in the development of “gaps” also called “dapps” or decentralized apps. The apps run on blockchains instead of servers at one large company. Thus they cannot be shut down, and “dapp” users own their data.
Web3’s critics say Web3 is a buzzword, people will still need servers, and the lack of laws and rules will create problems. Also, blockchains need a lot of power which can negatively impact the environment.
Difficult words: decentralized (in many places; without a government or a large company), server (a powerful computer that helps run a website or store a lot of information), buzzword (a popular idea and something that is temporary).
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What are some concerns raised by critics regarding Web3 and its reliance on blockchain technology?
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