What is Web3?

‍Definition of Web3

Web3, or the "decentralised" Web, is the vision of a new Internet that seeks to solve some of the problems inherent in Web2, as we know it today.

Web2 is characterised by a centralisation of power and control in the hands of large technology companies, such as Google, Meta or Amazon.

In exchange for numerous services, often free of charge, these companies collect our personal data, control our online interactions and influence our digital behaviour in significant ways.

In contrast, Web3 relies on a range of decentralised technologies, including blockchain, to create an Internet where users have greater control over their data and online interactions. At the heart of Web3 is the belief that the Internet should be an open, transparent and democratic space.

The blockchain is an essential element of Web3. It is a distributed ledger technology that enables information to be stored securely and transparently.

Data is stored in blocks linked together chronologically, forming an immutable chain. This transparency and immutability make the data stored on the blockchain extremely reliable, while guaranteeing a high degree of security thanks to cryptography.

Why Web3 is important

👉 Control of the data

In the current Web2 model, our personal data is often collected, stored and used without our explicit consent. This raises issues of privacy and security.

Web3 aims to give users greater control over their personal data by using encryption and blockchain technologies to guarantee security and confidentiality. Users decide what data they share and with whom, restoring a balance of power in the digital world.

👉 Decentralisation

Web3 aims to reduce dependency on central entities, such as technology giants like Google or Meta, by promoting the decentralisation of applications and services.

Instead of relying on centralised servers, Web3 applications run on distributed networks of nodes, making them more resistant to censorship and failure. This decentralisation also enhances trust in digital transactions, as they are no longer dependent on a trusted third party.

👉 Digital Property

One of the most exciting advances of Web3 is the ability to own and transfer unique and valuable digital assets, such as NFTs (Non-Fungible Tokens).

NFTs are unique tokens based on the blockchain that represent the ownership and authenticity of digital objects such as works of art, videos, games and even virtual real estate or financial assets.

This technology allows content creators (journalists, for example) and artists to sell their digital works directly to collectors, creating new economic opportunities and transforming the notion of digital ownership.

The Key Concepts of Web3

To better understand Web3, it is essential to master certain key concepts that underpin it:

👉 Blockchain

The blockchain is THE pillar of Web3. It is a distributed ledger technology that securely and transparently records transactions and data. It consists of blocks of data linked together chronologically, forming an immutable chain.

Each block contains a set of transactions and is sealed using complex cryptography, guaranteeing the security and transparency of the data stored. Blockchains are decentralised (not all of them either, we'll explain it all here), which means they are hosted on a network of nodes (computers) managed by individuals or organisations, eliminating the need for a trusted third party.

👉 Cryptocurrencies

Cryptocurrencies are forms of digital currency built on blockchains.

The best known are Bitcoin (BTC) and Ether (ETH), but there are thousands more. Cryptocurrencies enable fast, secure financial transactions without intermediaries. They are based on cryptographic principles that guarantee the integrity and security of transactions. Cryptocurrencies are used for a variety of purposes, including international money transfers, investments (particularly in Europe), and increasingly for purchasing goods and services online.

👉 NFTs (Non-Fungible Tokens)

NFTs are unique, non-interchangeable digital tokens that represent ownership of specific digital assets.

Unlike cryptocurrencies such as Bitcoin, which are interchangeable, each NFT has a unique value and identity. NFTs are used to certify the authenticity and ownership of digital objects, such as digital art, videos, collectibles, games and much more. Thanks to the blockchain, ownership of an NFT can be transparently verified, opening up new opportunities for content creators, artists and collectors.