Web3 is being talked about a lot lately as the third evolution of the internet among blockchain-based technologies. So, why is it such a hot topic in the tech world? Can you explain the logic behind decentralized applications (DApps) and smart contracts? How much do you know about this, fellas?
What is Web3 and how does it work?
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I actually started my Web3 journey back in the summer of 2021. At the time, I was just messing around with Uniswap, which was still a pretty basic DeFi project back then. I remember being blown away when I realized I could swap tokens directly in my wallet without having to send them to an exchange first. While trying to join a liquidity pool on Ethereum, I noticed how smart contracts were automatically handling the token swaps in the background. That was the moment I truly grasped how decentralized systems could cut down hours-long banking transactions to just a few minutes.
Fast forward to today, and I've been working on an open-source project where we tried to integrate a Web2 e-commerce site with Web3. Instead of customers entering their credit card details, they could simply connect their wallets and pay directly in crypto. The biggest challenge? Smart contracts have zero tolerance for errors—once you deploy them, changing the logic becomes impossible. That meant we had to constantly test and formally verify everything before going live.