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What is Web3?
- Author
- CRYPTO PORT Editorial
- Published
- Updated
- Reading time
- 5 min
In short
Web3 is the idea of putting data and rights on a blockchain rather than a provider's servers, so users can carry their account between services.
Key points
- Accounts are tied to a wallet
- Assets move between services
- The definition varies by who is speaking
Definition
A model of the web built on blockchains in which users hold control of their data and assets.
In conventional services, your account and everything in it lives in the provider's database. Web3 ties them to a wallet so they move with you.
The trade-off is that key management becomes yours, with no recovery path. Convenience is exchanged for responsibility.
Watch out for
- · Plenty of projects wear the Web3 label without shipping anything