Last Updated on February 5, 2022
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.
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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.