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Volker Hartzsch is a serial entrepreneur who has founded several companies, including Matrix Global Inc and Nano Magic Inc. Mr Hartzsch has extensive experience of both blockchain and software development. Drawing on his business leadership skills, he also provides professional coaching services to entrepreneurs, having helped more than 180 clients to achieve seven-figure annual incomes.

This article will look at Web3, and how cryptocurrencies and blockchain are driving a revolution in Web3, facilitating decentralisation and enhanced security and transparency.

Blockchain is a form of distributed ledger that is used to validate and digitally store transaction records. Distinct from blockchain technologies though closely related, Web3 is the next iteration of the World Wide Web. The attached PDF contains more information about Web3.

Blockchain technology enables organisations to safely store and manage data without intermediaries. Web3 is a decentralised web that enables companies to create decentralised services and apps. Relying heavily on distributed ledger technology and blockchain, the goal of Web3 is to develop an internet that is increasingly transparent and secure.

Cryptocurrencies eliminate the need for middlemen by enabling Web3 users to send and receive money through use of tokens like Ether. Cryptocurrencies also support peer-to-peer payments and can be used as a digital-native remittance method.

Blockchain and cryptocurrencies are the building blocks of Web3. Nevertheless, the decentralised internet also relies on a variety of other technologies unrelated to digital currencies and blockchain – for example big data, machine learning, the internet of things, artificial intelligence, virtual reality and augmented reality – to analyse information in a sophisticated human-like manner via decentralised apps.

Blockchain technology will increase the scope of Web3 accessibility, facilitating features such as decentralised governance, cross-chain interoperability, trustless payments and enabling users to earn digital assets by playing games. While many other technologies have a role to play in development of Web3, blockchain serves as the backbone of Web3, providing a means of storing and arranging data that utilises cryptography to keep information secure, raising the level of trust among network users.

Streamlined and seamless thanks to the improved capabilities of Polkadot and other blockchain interoperability solutions, Web3 will make it easy for consumers to switch between applications and platforms, as well as enabling Web3 gamers to gather and exchange nonfungible tokens across the metaverse thanks to the decentralisation of games.