Gemini: In simple terms what is WEB3
Imagine the internet as a neighborhood. Right now (Web 2.0), it's like renting an apartment from a big company that sets the rules and takes a cut of your rent.
Web3 is kinda like buying your own house in the neighborhood. You have more control over what happens, and things are run by the people who live there, not a single landlord. Here are some key points:
- Decentralized: No single company controls everything. Imagine your neighborhood having its own power plant and water system, instead of relying on one big company.
- Blockchain: This is like the neighborhood ledger, where everyone can see what's happening and agree on the rules. Imagine a community bulletin board where everyone can see and agree on decisions.
- Ownership: You own your data and stuff online, not some big company. Think of owning your house and belongings, not renting them.
It's still early days for Web3, and there are challenges to work out. But it's an idea about a different kind of internet, where users have more control and power.
Here are some additional things to keep in mind:
- Web3 is not just about cryptocurrencies, although they are often used in it.
- It's not clear yet what Web3 will look like in the end, but it could have a big impact on how we use the internet.
- There are also potential risks associated with Web3, such as scams and fraud.
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