What are the main differences between web3 and traditional web technologies in the context of cryptocurrencies?

1 answers

• Thyssen McHughMay 18, 2024 · a year ago
  When it comes to cryptocurrencies, web3 and traditional web technologies have significant differences. Web3, being built on blockchain technology, offers decentralization and transparency. This means that transactions on web3 are verified by a network of nodes rather than a central authority, making them more secure and resistant to censorship. Traditional web technologies, on the other hand, rely on centralized servers and authorities to validate transactions. Another difference is the use of smart contracts in web3. Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They enable automated and trustless transactions, eliminating the need for intermediaries. In contrast, traditional web technologies require trust in intermediaries like banks or payment processors. Overall, web3 provides a more decentralized, secure, and efficient platform for cryptocurrencies.
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