What is Web3 and How It Connects to Cryptocurrencies and Non-Fungible Tokens
In recent years, cryptocurrencies and virtual non-fungible tokens have been making headlines across the globe. But what is their connection to the latest iteration of the internet, known as Web3?
Web3 is the third generation of the internet, built on decentralized protocols that enable trustless, secure, and self-sovereign digital interactions.
By leveraging a distributed ledger technology, such as blockchain, Web3 eliminates the need for third-party intermediaries, making transactions faster and more secure. This is the main concept behind cryptocurrencies, which are digital currencies that are based on blockchain technology, and are powered by decentralized networks of computers.
Non-fungible tokens (NFTs) are also built on distributed ledger technology, but they differ from traditional cryptocurrencies in that they are tokenized representations of digital assets that are unique each time. NFTs have been used to tokenize digital art, authentic memorabilia, and in-game items.
By leveraging blockchain technology, Web3 enables users to interact with digital applications in a secure and trustless manner, while also allowing them to own and control their data. This new iteration of the internet, along with its associated technologies, is expected to revolutionize the way we interact with digital applications, and open up new opportunities in many areas.
https://www.lifetechnology.com/blogs/life-technology-technology-news/the-next-phase-of-the-internet-is-coming-heres-what-you-need-to-know-about-web3
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