A breakdown on how Web 3 will support the DeFi Protocol
Web 3.0 and Democratization of Data
The Web 3.0 protocol will democratize data by creating a decentralized network of computer systems, each with its defined role. This network will ensure data transparency, immutability, and time-stamping.
Better Security and Privacy of Data
The Web 3 protocol addresses privacy concerns by encrypting all data on the network, ensuring that only nodes with accurate keys can access it. Digital identities on Web 3.0 are anonymous and encrypted, promoting data privacy. Ads on Web 3 are consensual, allowing users to accept or decline them.
Governance and Verifiability
Web 3.0 eliminates the need for legal contracts and third parties through its trustless governance model with smart contracts. Smart contracts are executed once both parties meet the specified conditions, making services more straightforward, verifiable, and globally accessible.
Economic Models
Web 3 provides a new global economic model by allowing users to manage and settle transactions without intermediaries. Economic incentives and penalties ensure that every computer on the network functions correctly. DeFi allows users to enjoy lending and staking ecosystems without geographical limitations or traditional banking.
Web 3.0 Based Wallets
Web 3-based wallets, like Metamask, provide a streamlined user experience by allowing users to interact with a broad range of Ethereum DApps without downloading them or running an Ethereum node.
Final Thoughts
The DeFi protocol and Web 3 wallets have revolutionized the internet, changing the way we view it. While it will take decades for Web 3.0 to be absorbed, users can experience its benefits now by starting to use it and will change how websites are created and how users interact with them.
