Oky Gunawan

Web3 is more than just cryptocurrency and blockchain; it is built on three key pillars: NFTs, DAOs, and DeFi. 1. **NFT (Non-Fungible Token)**: NFTs are unique digital tokens representing ownership of assets like digital art, music, or tickets. Unlike cryptocurrencies, NFTs cannot be exchanged on a one-to-one basis. They empower creators by proving authenticity, enabling automatic royalties, and reducing reliance on centralized platforms. 2. **DAO (Decentralized Autonomous Organization)**: DAOs operate without traditional hierarchies, governed by community voting and smart contracts on the blockchain. They are transparent, open to all, and democratic, allowing collective decision-making. Examples include MakerDAO and MolochDAO. 3. **DeFi (Decentralized Finance)**: DeFi enables financial activities without banks, using open protocols on the blockchain. Users can lend, borrow, and trade digital assets without needing permission from any institution. It offers open access, permissionless participation, and non-custodial asset management. These elements address the limitations of traditional systems, providing verified ownership, self-governing communities, and accessible financial systems. Despite challenges like unclear regulations and fraud risks, Web3 represents a movement towards a more inclusive digital economy.