Web3
A term for the user-owned web built on blockchains, smart contracts, and wallets instead of centralized platforms.
Web3 describes applications that use wallets for identity, smart contracts for business logic, and tokens for value transfer, reducing reliance on centralized intermediaries.
"They connected their wallet to a Web3 DApp to swap tokens directly without creating an exchange account."
Related Terms
Decentralized Application (DApp)
→A decentralized application (DApp) is a software application that runs on a distributed computing system, most commonly a blockchain.
Wallet
→A tool that stores private keys and allows users to interact with blockchain networks.
Smart Contract
→Programmatic rules executed by the blockchain to enforce agreements without intermediaries.
All terms and definitions may update as the Cryptionary improves.
