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Web3 is often discussed alongside Bitcoin, Ethereum, and cryptocurrencies, but at its core, it signifies the integration of blockchain technology into the fabric of the web. Unlike the traditional web (Web2), which is centralized and controlled by a handful of major companies, Web3 aims to create a decentralized internet where data isn't stored on centralized servers but distributed across a network of nodes.
Blockchain is the foundational technology behind this shift—a distributed ledger that records transactions transparently and immutably. It underpins cryptocurrencies and enables the creation of decentralized applications (dApps), NFTs, and autonomous organizations. However, Shapiro warns that the space is fraught with scams, hype, and unproven concepts.