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Exploring Web 3 Benefits and Challenges
Abstract
This chapter delved into the multifaceted benefits and challenges characterizing the Web 3 paradigm. Web 3, operating on decentralized networks, fortifies digital ecosystems against cyber threats and unauthorized access, exemplified by the resilience of Bitcoin's decentralized blockchain. Rooted in blockchain technology, web 3 introduces transparency to transactions, fostering trust and eliminating intermediaries. User empowerment takes center stage as Web 3 enables unprecedented control over digital assets through blockchain-based smart contracts. Tokenization stimulates collaboration, fostering a more inclusive digital economy, while interoperability connects diverse blockchain networks seamlessly. The metaverse's integration into Web 3 faces challenges due to a lack of industry standards, exposing users to potential financial security risks. Scalability, regulatory uncertainty, and environmental impact present hurdles, emphasizing the need for innovative solutions.
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