What are the key technologies of Web 3?

Web 3 technologies are a set of decentralized, peer-to-peer technologies that aim to reshape the internet by putting users in control of their data and digital identity. Some key technologies of Web 3 include blockchain, smart contracts, decentralized applications (dApps), and decentralized finance (DeFi). Blockchain technology, in particular, is a fundamental component of Web 3 as it provides a secure and transparent way of recording and verifying transactions without the need for intermediaries. Smart contracts enable programmable, self-executing contracts that automatically enforce terms and conditions, while dApps are decentralized applications that run on blockchain networks, allowing for secure and censorship-resistant services. DeFi, on the other hand, refers to a growing ecosystem of financial applications that operate without traditional financial intermediaries, providing users with greater control over their assets and financial transactions.

This mind map was published on 25 March 2024 and has been viewed 25 times.