The goal of Web3 is to revolutionize how we interact with the internet and digital systems. Its scope is broad and includes many different technologies, concepts, and applications. The following are some crucial elements of the Web3 scope:

Decentralization: By moving away from centralized authority and intermediaries, Web3 encourages the decentralization of digital systems. It makes use of decentralized networks and blockchain technology to promote peer-to-peer interactions, greater transparency, and better security.

Web3 largely relies on blockchain technology to establish a secure environment that cannot be tampered with. Blockchain serves as the basis for decentralized applications (dApps) that run on a distributed network of nodes, secure transactions, and smart contracts.

Cryptocurrencies are native digital assets that may be exchanged directly between users without the necessity of middlemen, according to Web3. Cryptocurrencies enable new economic models and financial systems by facilitating safe and borderless value exchange.


Smart contracts are self-executing contracts with predetermined rules and circumstances that Web3 makes use of. Smart contracts streamline business processes, do away with the need for middlemen, and allow for the creation of decentralized, self-contained apps.

Web3 Protocols and Standards: Web3 is made up of a number of protocols and standards that specify how various parts of the decentralized web interact with one another. This comprises standards like ERC-20 and ERC-721 for tokenization and NFTs, protocols like IPFS (InterPlanetary File System) for distributed storage, and Ethereum Virtual Machine (EVM) for running smart contracts.

Decentralized Identity and Privacy: The Web3 initiative intends to give people ownership and control over their online selves. It examines ideas like self-sovereign identification, allowing users to securely manage their personal data and only share it with those they can trust.

Decentralized Applications (dApps): Web3 makes it possible to create and use dApps that take advantage of the benefits of decentralization. These applications provide improved security, transparency, and user ownership of data since they operate on distributed networks and frequently make use of blockchain technology.


Interoperability: Web3 is focused on making it possible for various decentralised systems and networks to communicate with each other in an easy and seamless manner. As a result, a connected ecosystem can be created by dApps, blockchains, and other Web3 components interacting and sharing data.