Blockchain Explained 🔥 What Is Web3 All About? An Easy Explanation!

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Published on July 29, 2023 12:02:06 PM ● Video Link: https://www.youtube.com/watch?v=B8mlbLIboqs

Duration: 8:40

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Blockchain Explained | Smart Contracts Blockchain | Blockchain Technology Explained

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Welcome to our Blockchain Explained Video!

Web3 explained
Web3 is a term used to describe the next stage in the internet's development. One of Ethereum's cofounders introduced the term in 2014 as he shared a vision for a decentralized version of the internet that lessens the influence of the corporations that tended to dominate Web 2.0, namely Meta, Amazon, and Google.

In this version of the internet, users do not need to log in to an account on a platform like Google or Twitter to access information. They also have greater control over their data instead of sharing it with companies that monetize personal information. The result is an interactive internet experience that gives people more ownership and privacy regarding their data.

How does Web3 work?
Web3 works by combining the decentralization of Web 1.0 with the interactiveness of Web 2.0 in a user-friendly interface. Ideally, it gives users more control over their online experience and increased security through blockchain technology. Artificial intelligence, machine learning, and natural language programming also play key roles by mimicking how humans identify patterns and communicate through words and symbols.

Comparing Web3 to Web 2.0 may help you understand how it's different from its predecessor. In Web 2.0, when you scroll through a social media platform or use a search engine, you receive ads related to the types of accounts and websites you were browsing. That's because big tech companies (Meta, Google, etc.) collect data about your online activities. These companies monetize this data by selling ads to companies it thinks offer products and services you're interested in purchasing.

All of this happens through blockchain technology, the decentralized transaction ledger that stores data in blocks that all users can see. Web 2.0 forces you to rely on the technology and security of big tech companies. Web3 puts the control in your hands—and the hands of all other users. Users contributing to Web3 can receive tokens in exchange for participating in the development.

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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.

I hope you found value in our Blockchain Explained video. Make sure to leave a like on the video if you gained value from it!

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⏰Timestamps⏰

00:00 smart contracts blockchain Introduction.
00:19 smart contracts blockchain summary.
08:20 smart contracts blockchain project outro.