Glossary - ChicksX

Web3 is the decentralized internet, leveraging blockchain technology for user ownership, privacy, and direct peer-to-peer interactions.

Web3 is the next generation of the internet that emphasizes decentralization and user control. Unlike Web2, which relies on centralized platforms, Web3 uses blockchain technology to create a more transparent and secure online environment. Users have direct ownership and control over their data and digital assets. This shift enables peer-to-peer interactions without intermediaries, enhancing privacy and reducing reliance on centralized entities. Web3 encompasses technologies like cryptocurrencies, decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized applications (dApps). By promoting a user-centric internet, Web3 aims to democratize digital interactions and empower individuals in the digital economy.