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Web3 refers to a proposed new generation of the internet built on blockchain technology, where data and digital ownership aren't controlled by a single company (like Google or Meta) but are distributed across a decentralized network.
Key components:
Blockchain — a transparent digital ledger that can't be unilaterally altered
Cryptocurrency — digital currencies like Bitcoin or Ethereum used for transactions on these networks
Smart contracts — self-executing programs that run automatically when conditions are met, no middleman needed
NFTs — unique tokens representing ownership of digital items (