Web3 is being hailed as the next major evolution of the internet — a shift from centralized platforms to decentralized, user-owned networks. Built on blockchain technology, Web3 aims to give users more control over their data, digital assets, and online interactions. Instead of relying on tech giants, users can interact directly through decentralized applications (dApps), participate in governance through DAOs, and even earn tokens for their contributions. While still in its early stages and facing challenges like scalability and regulation, Web3 is redefining how we think about ownership, privacy, and trust online.
This means platforms built on Web3 can allow users to own and monetize their own data, participate in governance, and interact directly without centralized intermediaries. Core features of Web3 include decentralized finance (DeFi), NFTs, smart contracts, and decentralized applications (dApps), all enabled by blockchain technology and often powered by cryptocurrencies like Bitcoin.
Bitcoin is a digital currency created to enable peer-to-peer transactions on the internet without relying on traditional banks or payment systems. Using a blockchain—a distributed public ledger—Bitcoin transactions are secured and validated by a network of participants rather than a central authority. As the first and most widely recognized cryptocurrency, Bitcoin plays a foundational role in the broader Web3 ecosystem, serving as both a decentralized payment system and a store of value. Its creation helped spark the development of new blockchain applications that characterize the ambitions of Web3.