What is Web3? - An Introduction to the 4 Tools of Web3 and Why Web3 will Explode in 2023+!

Peter Saddington's video provides an introduction to Web3, contrasting it with the earlier iterations of the internet, Web 1.0 and Web 2.0. He explains how Web3 aims to shift control from centralized entities to users through decentralization, digital ownership, and enhanced data privacy. The discussion covers the evolution of the internet, highlighting Web 1.0's open protocols and Web 2.0's centralization under major corporations like Google and Facebook. Saddington then breaks down the foundational software stack of Web3, which builds upon blockchain technology. He specifically identifies smart contracts, Web3 libraries, nodes, and wallets as the four key components that enable a decentralized user experience. He elucidates the role of smart contracts in ensuring immutability and trust within the blockchain, citing Ethereum and Cardano as examples. Wallets, like Metamask, are presented not as storage containers, but as access keys to blockchain networks and applications.