Web3

The decentralized web consists of two new technological concepts: decentralized networks, and blockchain to enable “decentralized applications” (or DApps) and “decentralized finance” (or DeFi), as well as cryptocurrencies, cryptoassets, or tokens.

One of the technical hurdles being addressed now is enabling ability of communication between blockchains and dApps. With this in mind, Ethereum founder and innovator Fabian Vogelsteller has procured a collection of libraries that enables developers to interact with ethereum nodes using HTTP, IPC or WebSocket. This new innovation is now known as web3.js.

Coupled with a collection of technologies, web3 is also a philosophy for how the web is managed and how users access it. That is, philosophically, without dependence on centralized authorities like governments, Big Tech, and Wall Street.