Overview
Web3 aims to shift power from centralized 'Big Tech' companies to individual users. It is often described as the 'Read-Write-Own' web.
Core Technologies
- Blockchain: A distributed ledger for secure, transparent transactions.
- Smart Contracts: Self-executing contracts with the terms directly written into code.
- DAOs: Decentralized Autonomous Organizations governed by community members.
Challenges
- Scalability and high transaction costs (often called gas fees).
- Regulatory uncertainty.
- User experience complexity.