Is Web3 the Same as Blockchain?
Web3 is not exactly the same as blockchain, but blockchain is one of the core technologies of Web3.
Definition and Role of Blockchain
Blockchain is a type of distributed ledger technology. It organizes data into blocks that are linked together in a chain, forming an immutable structure through cryptographic techniques. Blockchain has characteristics such as decentralization, immutability, and transparency. For example, in the Bitcoin system, blockchain is used to record every Bitcoin transaction. Each transaction is packaged into a block and then securely added to the blockchain through complex cryptographic algorithms. Once recorded, it is very difficult to tamper with.
Definition and Concept of Web3
Web3 is the concept of the next-generation Internet, aiming to create a more decentralized online environment where users have sovereignty over their own data. Unlike Web2, where data is controlled by a few Internet giants, Web3 is designed to allow users to truly own and control their data. In Web3, users can manage their digital assets and identity information through cryptographic wallets. For example, on some Web3 social platforms, users can store and trade their content in the form of non-fungible tokens (NFTs), and the ownership and transaction records of these contents are protected by blockchain technology.
The Role of Blockchain in Web3
-
Decentralized Identity Verification
Blockchain can provide a decentralized identity verification mechanism for Web3. In the Web3 environment, user identity information is not stored on a centralized server but managed through encrypted identity identifiers on the blockchain. For example, Ethereum’s identity verification protocol allows users to prove their identity using a cryptographic wallet, eliminating the need for traditional usernames and passwords and reducing the risk of data breaches. -
Data Storage and Ownership
Blockchain ensures the authenticity and immutability of data. In Web3, the ownership of digital assets (such as NFTs, cryptocurrencies, etc.) can be recorded on the blockchain. For instance, when an artist publishes a digital artwork on a Web3 platform and mints it as an NFT, the blockchain records all transactions and ownership changes of the NFT, ensuring that the ownership of the artwork can be clearly tracked. -
Smart Contract Execution Environment
Smart contracts are self-executing contractual terms written in code and deployed on the blockchain. In Web3, smart contracts are used in various decentralized applications (DApps). For example, in the decentralized finance (DeFi) field, smart contracts can automatically execute financial operations such as lending and trading. When a user initiates a lending transaction on a Web3 DeFi platform, the smart contract automatically checks whether the user’s collateral is sufficient and whether the interest calculation is correct, and then executes the transaction. All of this is enabled by the trustworthy environment provided by blockchain.
Conclusion: Other Technologies Involved in Web3
In addition to blockchain, Web3 also involves many other technologies. For example, distributed storage technologies (such as IPFS – InterPlanetary File System) are used to store large amounts of data on Web3. Unlike traditional Internet storage, data is not stored on centralized servers but is distributed across various nodes on the network. There are also zero-knowledge proof technologies, which can verify user identity or data authenticity without revealing user data. This helps better protect user privacy in Web3.
Web3 is a broader concept, and blockchain is an important foundational technology within it. However, the realization of Web3 also requires the collaboration of multiple other technologies.
