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Web3

Definitions:

  

Web3 is a restructuring of the internet that places ownership and operation into the hands of users themselves, thus changing the structure from organization-centric to user-centric.

Web3 proposes several changes to the existing web architecture:

  • Users own their data and are responsible for their data, data security, and data privacy.
  • Decentralized and distributed systems are used, and users can host and run applications.
  • Applications and organizations request data directly from users.
  • Users can supply applications and organizations with actual data or verifiable credentials/verifiable presentations of their data or choose to deny applications and organizations access to their data.
  • Applications and organizations may offer incentives for users to provide data.
  • Data can be tokenized and transferred directly between users.
  • Application execution and transaction fees are paid for with web-native currencies (e.g., cryptocurrencies).
  • Users who execute application logic and maintain the state of systems can receive payment in web-native currencies (e.g., cryptocurrencies).

Sources:
NIST IR 8475