Why Web 3.0 Decentralized Financial Products have Become a Rage

Web 3.0 is a hypothetical future internet version built on public blockchains, a record-keeping technology best known for facilitating cryptocurrency transactions. Web 3.0 is appealing because it is decentralized, which means that instead of customers accessing the internet through services mediated by firms like Google, Apple, or Facebook, individuals own and regulate areas of the internet themselves. Web 3.0 does not require “permission,” which implies that central authorities do not have the authority to select who has access to what services, nor does it require “trust,” which means that virtual transactions between two or more parties do not require the use of an intermediary. Web 3.0 technically preserves user privacy better because these agencies and intermediaries are conducting the majority of the data collection. Decentralized finance, or DeFi, is a Web 3.0 component that’s gaining traction. It comprises using the blockchain to conduct real-world financial transactions without the involvement of banks or the government. Meanwhile, many significant corporations and venture capital firms are pouring money into Web 3.0, and it’s difficult to imagine that their involvement won’t lead to concentrated authority. We will look into why DeFi will be key to Web 3.0 and what projects are making a wave. Non Fungible tokens (NFTs), digital currencies, and other blockchain entities will al...