How does the Web3 work

Understanding the Mechanics and Features of Web3 Technology

Web3 is the third generation of web technology that enables decentralized applications (dapps) and smart contracts to run on a blockchain. It is powered by a decentralized network of nodes that execute transactions on the Ethereum Virtual Machine (EVM).

With Web3, users can interact with dapps and smart contracts without having to go through a centralized intermediary. This allows for greater security and privacy, as well as increased transparency and auditability.

Web3 also makes it possible for developers to build more user-friendly dapps. In particular, it enables dApp developers to use JavaScript – one of the most popular programming languages – to write their code instead of Solidity, which is difficult for many people to learn.

What is dapp?

A dapp is a decentralized application that runs on a distributed ledger, such as a blockchain. dApps are often open source and anyone can contribute to their development. The most well-known dApp is Bitcoin, which enables peer-to-peer transfer of digital currency without the need for an intermediary. Other popular examples include Ethereum, Litecoin, and Monero.

What is Ethereum Virtual Machine?

Ethereum Virtual Machine (EVM) is a Turing complete virtual machine that allows anyone to execute arbitrary EVM bytecode. The EVM makes it possible to create smart contracts on the Ethereum blockchain.

Smart contracts are pieces of code that can be deployed on the Ethereum blockchain and they run exactly as programmed without any possibility of fraud or third-party interference. This means that once a smart contract is deployed, it can not be modified by anyone else other than its creator.

The EVM executes transactions and runs smart contracts in an isolated environment called "EVM Sandbox". This sandbox provides all the necessary resources for execution while preventing any malicious activity from affecting the main Ethereum network.

What is Smart Contract?

A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible. Ethereum is currently the most prominent blockchain platform that supports smart contracts.

The defining feature of a smart contract is that it uses cryptography to control the execution of its terms. This gives rise to two important properties: tamper-proofing and trustlessness. Because they are backed by cryptographic proof, once deployed on a blockchain network, no one can change them—including their creator! And because they don’t require any central authority for validation, we can be sure that they will always execute exactly as programmed (assuming there are no bugs).