Understanding Web3: A Comprehensive Guide for Finance Professionals
Key Takeaways 1. Web3 is the next evolution of the internet, emphasizing decentralization, user control, and blockchain technology. 2. Decentralized Finance (DeFi) is a crucial component of Web3, offering innovative financial services without traditional intermediaries. 3. Finance professionals must adapt to the changing landscape to leverage new opportunities and mitigate risks associated with Web3 technologies. Introduction As the digital landscape evolves, finance professionals must understand the implications of Web3—a term that encompasses the next generation of the internet built on blockchain technology. This comprehensive guide will explore what Web3 means for finance, its key components, and how professionals can navigate this transformative era. What is Web3? Web3 represents a shift from centralized platforms to decentralized networks. Unlike Web2, where users interact with centralized entities (like social media platforms), Web3 allows users to engage directly wi...