Web3 is a concept that is used to describe the evolution of the internet. It is the promise of an interconnected serverless internet, i.e. the decentralized web.
An internet where users are in control of their own data, identity and destiny.This goal for the internet to progress to is an advanced form of value to be built on distributed ledger technology, beyond the initial proven use cases of digital scarce value with Bitcoin, and then programmable money with Ethereum.
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https://medium.com/bandprotocol/understanding-decentralized-data-management-in-web3-ce93a694d074