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Web3 is the next evolution of the internet and is set to revolutionize the way we interact with the online world. Web3 is a decentralized web that is built on blockchain technology, and it promises to bring greater privacy, security, and control to internet users.
At its core, Web3 is about putting users back in control of their data and information. The current web is built on a centralized model, which means that data is stored on centralized servers controlled by a few large tech companies. This gives these companies enormous power over our data, and it also makes our data vulnerable to hacking and other security threats.
Web3, on the other hand, is built on a decentralized model, which means that data is stored on a network of computers (nodes) that are spread out around the world. This makes it much harder for hackers to steal data, and it also means that users have greater control over their data. Instead of relying on third-party companies to store and manage our data, we can use blockchain technology to store and manage our data ourselves.
One of the key technologies that underpin Web3 is blockchain. Blockchain is a distributed ledger technology that enables secure, transparent, and tamper-proof transactions. It works by creating a chain of blocks that are linked together using cryptography. Each block contains a record of transactions, and once a block is added to the chain, it cannot be altered or deleted.
In addition to blockchain, Web3 also relies on other technologies like decentralized storage, decentralized identity, and smart contracts. Decentralized storage enables users to store their data on a network of nodes, instead of relying on centralized servers. Decentralized identity enables users to control their own digital identity, rather than relying on third-party companies to manage it. And smart contracts enable self-executing contracts that can be used to automate transactions and other processes.
Web3 has the potential to transform many industries, including finance, healthcare, and social media. For example, decentralized finance (DeFi) is an emerging field that is using Web3 to create a new financial system that is open, transparent, and accessible to everyone. Similarly, decentralized healthcare is using Web3 to create a new healthcare system that is patient-centered and focused on wellness and prevention, rather than just treating illness.
Overall, Web3 is an exciting new technology that is set to transform the internet and bring greater privacy, security, and control to users. It is still in its early stages, but it has the potential to revolutionize the way we interact with the online world, and it will be exciting to see how it develops in the years to come.
The Mysten Labs offer comprises $95 million in preferred stock and null million worth of SUI token warrants back From FTX. This offer falls just short of the failed exchange’s $102 million investment. Mysten Labs is the company behind the Move language project Sui.
Immutable announced a strategic partnership with Polygon Labs to create the Immutable zkEVM. According to 0xScope, an address (0xa8...7a49) suspected of insider trading deposited 1.5 million IMX into Binance two hours before the announcement, and may bring more than $750,000 in revenue.
According to Llama Fi, in the past week, Arbitrum DEX trading volume increased by 32% to 4.34 billion US dollars, hitting a new high for two consecutive weeks, surpassing BNBChain to become the public chain second only to Ethereum DEX trading volume.
According to sedaily, there are currently 17 cryptocurrency-related bills in South Korea waiting to be passed. Among them, IEO legislation has been discussed in depth, and the government has expressed its willingness to promote it, because exchanges can properly manage projects and improve transaction stability.
FTX group had a $6.8 billion shortfall in its balance sheet when it filed for bankruptcy last November. In total, the group of companies had debts of about $11.6 billion, the majority of that in customer claims, against $4.8 billion in assets, according to a presentation filed to the bankruptcy court on Friday.
Goldman Sachs issued the latest report on March 16, saying that it decided to raise the China GDP growth forecast for the first quarter and the whole year from 2.7% and 5.5% to 4% and 6%.