Overview of Web3
The term Web3 was first coined by Gavin Wood in 2014, who believed that decentralized technologies are the only hope of preserving liberal democracy. Although, there is no specific definition for web3. Why? Because the concept is still developing. However, it can be explained as an idea for a new iteration of the World Wide Web based on blockchain technology.It is a revolutionary shift in the way the web works. According to Tim Berners Lee, The father of the internet, “ The semantic web would be the next big milestone in the evolution of the internet.The web3 applications run on blockchains, decentralized networks of many peer-to-peer nodes, or a combination of the two that forms a crypto-economic protocol. These are referred to as dApps ( decentralized apps).
Overview of Metaverse
Metaverse is the talk of the town. Everyone is talking about the metaverse, be it big tech tycoons or business giants. The hype has forced industry experts to wonder about the potential implementations and disadvantages of the metaverse. But, what exactly is metaverse? In easy words, the metaverse is a three-dimensional version of the internet.According to a venture capitalist, Mattew Ball, “ The metaverse is a massively scaled and interoperable network of real-time rendered 3D virtual worlds which can be experienced synchronously and persistently by an effectively unlimited number of users with an individual sense of presence, and with continuity of data, such as identity, history, entitlements, objects, communications, and payments.”
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