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Understanding the Basics of 'Web3' With Chainlyze

by BSC News

April 9, 2023

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Web3 is the latest iteration of the internet that is decentralized, underpinned by digital assets, smart contracts, and blockchain technology, with the potential to change the world.

What is Web3?

BSC News presents the latest in a new learning series with Chainlyze aimed at crypto enthusiasts who want to expand their knowledge about the world of blockchain technology.

In this edition, we explore Web3, the latest iteration of the internet, which is decentralized and underpinned by digital assets, smart contracts, and blockchain technology.

Web3 is an evolution of the internet that began in the late 1990s with Web1, followed by Web2 in the early 2000s. Web3 emerged from the banking crisis of 2008 and the growing need for a decentralized internet where people had control over their privacy and data.

Web3's key components include semantic web, machine learning and artificial intelligence, internet of things, decentralization, and digital identities. These components are essential in giving back data ownership to users and creating a decentralized internet where users have control over their privacy.

Web3 has the potential to change the world by providing unbiased economic and social inclusion, reimagining e-commerce, creating more innovative economic models, protecting digital identities, and making supply chain and data management more efficient.

While Web3 is actively reshaping the world, it is still young and needs to innovate to be fully realized. There are no promises or limits on how far and how much this technology can grow.

As the world continues to evolve, it's essential to stay informed about the latest technological advancements, especially in the world of crypto. Web3 is an exciting development that has the potential to change the way we interact with the internet, and it's worth keeping an eye on its progress in the coming years.

About Chainlyze:

Chainlyze is a platform that allows you to identify or monitor where the smart money flows, move to identify new trade opportunities and trace historical activity. With an overview of top user wallets, you can map out the activity of leading figures in the industry. Alongside this, the team has outlined its focus on keeping their users informed by providing research on the latest trends in the industry.

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