Web3 is heralded as the next and better iteration of the internet. Here we cut through the hype to explain what it is and look at practical examples, benefits, and concerns.
Encryption means that the data stored on a blockchain can only be accessed by people who have permission to do so – even if the data happens to be stored on a computer belonging to someone else, like a government or a corporation.
Other important concepts that are often used in relation to the technical infrastructure of web3 are that it is open, meaning largely built on open-source software, trustless and permissionless. Similarly,"permissionless" means that neither party in a transaction or interaction have to seek permission from a third party before it can take place.
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