Web3 Wavefronts outlines the functional aspects of Web3 technology, emphasizing its decentralized framework. It describes how blockchain underpins Web3, facilitating peer-to-peer interactions without intermediaries. Smart contracts automate processes and secure transactions. Digital identities in Web3 allow users to control their data. The ecosystem enables decentralized finance (DeFi), providing financial services accessible to anyone. Additionally, it supports creator economies with non-fungible tokens (NFTs) that verify ownership and provenance of digital assets. Web3 enhances transparency and trust by recording all activities on an immutable ledger. The development marks a shift from centralized platforms to user-centric models.
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