What does WEB3 mean?

Web3.0 refers to the third generation of the Internet, the protocol Internet. The core is: user creation, user ownership, user control, protocol distribution of benefits, and the use of blockchain protocol creation and automatic execution technology, that is, through Smart contracts, rights and value distribution agreements can be executed efficiently, accurately, and reliably without going through a third party, and the entire process can be audited.

Brief description and understanding of Web3.0

Before we begin, let us first give you a summary of the differences between Web 1.0, Web 2.0, and Web 3.0 conclusion.

1. Web 1.0, the first generation of Internet, static Internet;

   The core of Web 1.0 is: platform creation, platform ownership, platform control, and platform benefit.

2. Web 2.0, the second generation of the Internet, the interactive Internet;

   The core of Web 2.0 is: user creation, platform ownership, platform control, and platform benefit.

3. Web 3.0, the third generation Internet, protocol Internet;

   The core of Web 3.0 is: user creation, user ownership, user control, and protocol distribution of benefits.

Web 3.0

Represents: Blockchain, Metaverse, DAO, NFT, Chain Games Thinking content: User creation, User-owned, user-controlled, and protocol-distributed benefits.

After understanding Web1.0 and Web2.0, it will be clearer to look at Web3.0. In Web 3.0, the digital content created by users has clear ownership rights and clear control and management rights. It is owned by the user, and the value created is distributed according to the agreement signed between the user and others.

Web3.0 utilizes blockchain protocol creation and automatic execution technology, that is, through smart contracts, rights and value distribution agreements can be executed efficiently, accurately, and reliably without going through a third party. And the whole process is auditable. To put it in an easy-to-understand phrase, “there are no middlemen making the difference.” However, blockchain is only a means, and the purpose is to confirm and protect users’ digital asset rights and interests.

Take the recent hot metaverse as an example. Users’ digital asset rights and interests in the metaverse are determined and guaranteed by NFT. NFT will serve as an important token interest on Web3.0, which allows users to freely play in the metaverse. You can add, modify, and edit your own small space, and then rent, exhibit, and sell the small space to benefit from it.

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