Web3 is a term used to describe a new paradigm in web interaction and the evolution of web usage, incorporating concepts such as decentralization, blockchain technologies, and token-based economics. Unlike the current web (Web 2.0), where data is centralized in a few major companies, Web3 aims to create a decentralized internet where users have control over their own data, identity, and transactions. This vision for a new layer of the internet is built on the backbone of decentralized protocols, like Ethereum, and is often associated with the rise of decentralized applications (DApps), decentralized finance (DeFi), and decentralized autonomous organizations (DAOs).
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7 months ago
Chain Abstraction
Chain abstraction is an initiative that seeks to abstract away the complexity of interacting with blockchains. The idea is for users to have a single interface for all their onchain activity; this would remove the barriers that users face when interacting with blockchain technology.