What is Web3 AKA the Semantic Web? AI explains!

Web3 is a term that refers to the third generation of the World Wide Web, which focuses on the decentralized web, also known as the "Semantic Web".

The Semantic Web is a vision for the future of the Web in which data is more easily understood and shared by computers, enabling them to perform more advanced tasks for users. Web3 technologies include blockchain, decentralized storage, and peer-to-peer networking, among others. These technologies are designed to enable more secure, transparent, and efficient online interactions, by allowing users to own and control their own data and digital assets.

Web3 refers to the use of blockchain technology to enable decentralized applications (dApps) on the World Wide Web.

At a high level, a decentralized application or dApp is a software application that is built on top of a decentralized platform like a blockchain. These dApps are designed to be open-source, decentralized, and incentivized, meaning that they are not controlled by any single entity and that users are rewarded for contributing to their functionality and security.

One of the key features of a dApp is that it utilizes smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. When certain conditions are met, the smart contract is automatically executed.

To interact with a dApp, users need to use a web3-enabled browser or application. This allows them to connect to the decentralized platform and interact with the dApp and its smart contracts.

Web3 technologies have the potential to revolutionize the way we interact with the internet and enable a new era of decentralized, peer-to-peer applications.