We were completely unaware of the distinction between Web3 and blockchain until recently. In fact, we completely disregarded the possibility. Due to Bitcoin's meteoric rise to prominence, we already knew that cryptocurrencies are digital currencies.
The dissimilarities among the 3 are listed below.
Web3
The Web3 principles were developed as a set of guidelines for the future of the decentralized internet. One of the tenets is that users of the internet should be the ones to decide what happens to their information.The current Web2 platform you are using does not provide you complete control over your personal information, including your name, email address, date of birth, and other details. Other people than yourself may know your password. The platform's creators and owners have access to the password.
When we learned JavaScript, a programming language, we recognized the "insecurity" of passwords on Web2 platforms. It is possible for a website's administrator or owner to "hear" your password as you write it while checking in.
The Web3 concept also calls for user participation in internet policymaking. Users of a Web3 platform participate in governance in some capacity. One way to look at Web3 is as a set of guidelines.
Blockchain
Blockchain operates as a distributed ledger. Everything you own on the street is under your complete control. Any funds stored in a blockchain wallet are irretrievably lost if the wallet is lost or stolen. Smart contracts, if you will.Any information you store on a blockchain remains under your control. If you've lost your key and the person who designed the app doesn't have access to your data, they can't assist you.
Places like banks, for instance. The personnel at the bank would be able to see your account transactions and balance. If you forget your banking app password, they may reset it for you.
Metamask is an Ethereum wallet that we may consider now. The creator of Metamask Aaron Davis has no idea how much cash you have on hand. Because of Web3's openness policy, everyone may see how much you've spent.
When appropriately implemented, blockchain has the potential to reduce corruption, particularly in nations like Nigeria, due to the system's inherent openness. Think of a world where politicians are paid exclusively on the blockchain. Crypto is risky! They could shout. They may avoid being compensated in highly speculative cryptocurrencies. An ideal solution would be stablecoins backed by the government.
Blockchain, being a decentralized program, cannot be controlled by a single entity. The confidentiality of your personal information is ensured while the visibility of your online actions is not compromised. A good way to understand blockchain is as a distributed network.
Cryptocurrency
Bitcoin's price surged like a trumpet to herald the arrival of digital cash to the globe. If you already know about it skip the rest and start investing in Bitcoin Billionaire; otherwise, keep reading.Cryptocurrency is a kind of electronic currency. Cryptocurrency refers to digital forms of money that may be stored and transferred via a blockchain-based platform and wallet. They number in the hundreds. One example is the cryptocurrency known as Bitcoin.
Cryptocurrencies may be converted into fiat currency. You'll need to exchange your fiat cash for the corresponding cryptocurrency before you can spend it on a blockchain-based app.
Conclusion
Here's one more method for keeping the distinctions in mind. Blockchain and digital currencies are based on Web3 technologies. Blockchain and cryptocurrencies wouldn't exist if not for these guiding ideas.However, an internet based on Web3 standards may exist even without blockchain and digital currencies.
Web3 is the layer between blockchain and cryptocurrencies, as seen in the above circular figure. As a result, blockchain and subsequent cryptocurrencies like NFTs emerged.
