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The next generation of the internet is here. It’s called Web3, and it will change the world in more ways than we can imagine. 

Web3 is built on top of blockchains and distributed ledgers on peer-to-peer networks. The applications built on Web3 use smart contracts, which are computer protocols intended to facilitate, verify or enforce the negotiation or performance of a contract. Smart contracts are also protocols through which processes and systems can easily, cost-effectively, and securely be automated. 

Smart contracts are written in conventional programming languages such as javascript, python, and golang and newer ones such as Solidity and Rust. The smart contracts are then deployed and activated on blockchain platforms like Ethereum.

Web3 is a suite of protocols.

A blockchain is a distributed ledger that maintains a continuously growing list of data records secured from tampering and arbitrary revision. Each record contains a timestamp and link to the previous block, creating an immutable blockchain.

Blockchains within the Web3 architecture can be used for applications such as voting systems, supply chain management, identity management applications, healthcare services, and land title registration processes. They’re also good at keeping track of blockchain assets.

Web3 also provides the ideal environment and management of digital art, especially in the form of non-fungible tokens (NFTs).

Web3 is about removing the middle person.

Web3 is more than payments transactions and digital asset management. It’s about making the middleman in the internet experience less important. For example, going through a financial institution should be optional if you want to send money online. The value can move through a peer-to-peer channel, reducing costs and removing other restrictions.

Another example would be when someone wants to rent out their house in an arrangement similar to what happens on Airbnb. In Web3, such a transaction can happen peer-to-peer, where a smart contract handles the processes and secures the payment transaction. 

Even governments are innovating to have their services become relevant in the emerging Web3. For example, over 100 central banks around the world are at different stages of releasing Central Bank Digital Currencies (CBDCs).

Smart contracts facilitate, verify and enforce contracts.

One of the most important aspects of Web3 is that it’s decentralized. This means that applications built on Web3 use smart contracts. Smart contracts were first proposed by Nick Szabo in 1994 and have since become a fundamental component of Web3 technology. 

A smart contract is a computer protocol intended to facilitate, verify and enforce agreements between counterparties. They also automate processes and systems in environments that are not owned or maintained by a centralized authority— blockchains.

The future is here, and it’s revolutionary!

Web3 is the future of the Internet. In this new internet, there will be less consolidation of resources in the control of single entities. This will likely make the internet cheaper to use, but more importantly, it will offer privacy to its users.

Currently, the list of blockchains that support the development and execution of Web3 applications is growing. The most notable blockchains in the list include Ethereum, Cardano, and Polkadot. For a moment, these blockchains operate independently of one another. However, developers of various projects are working on bridge protocols that will lead to the emergence of the internet of blockchains.

We’re living in a world that’s changing faster than ever before. With Web3, we can finally see the future of technology and how it will impact our lives. It’s exciting to think about what could happen next!