'Web3 and DeFi: Collaborators OR Competitors?' web3 web3.0
Many people don't know what Web3 and DeFi are hot and trendy topics these days. The distinctions between Web3, DeFi, and ordinary mortal online business sometimes can be blurred. Web3 aims to overcome the disadvantages of today's Internet, i.e., Web2, that creates a plethora of limitations and risks for users. Gavin Woodavwood.com is one of the pioneers and leaders of the Web3.0 movement, explaining this new form of users’ interactions.Web3 and DeFi are hot and trendy topics these days.
This cutting-edge Web aims to overcome the disadvantages of today's Internet, i.e., Web2, that creates a plethora of limitations and risks for users. Web 3.0 is tasked with the mission of getting done with this imbalance of power and breaking users’ dependency on tech giants. Instead, Web3 offers a new environment, where users will be enabled to interact peer-2-peer without the need to follow 3rd party’s rules and remain in total control over their data and identity., one of the pioneers and leaders of the Web 3.
Voting, decision making, distribution of dividends, execution of the agreed-upon decisions, and other business-related matters are regulated by the rules laid down in blockchain-based smart contracts and performed by them automatically. This is done to exclude any risk of human error or manipulation with votes. Neither a sleazy CEO nor pushy shareholders would have any chance to manipulate the entity’s work to their benefit.
In fact, these projects act as intermediaries in what are supposedly peer-to-peer transactions leaving participants with no option but to follow the terms and conditions on offer. Also, the distribution of revenue generated on such platforms among participants quite often doesn’t work for their best interests.
Today the most developed sector of the Web3 sharing economy is decentralized finance or "DeFi" for short. By February 2022, DeFi’sDeFi is a blockchain-based concept of an alternative financial system aimed to replace the traditional. The goal of DeFi is to provide an open, permissionless, and tamper-proof financial infrastructure, which would allow easier access to the same financial services like payments, lending, insurance, borrowing, trading, etc.
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