Written by Beomsoo Kim
In the Web2 world, most user data were owned by centralized companies. Services were run in such a way that users had to fully trust the services and only big companies could build such a trust. Also, in the case of financial transactions, even large companies could not be fully trusted, so it was operated under the strict regulations of the governments. New York Stock Exchange and Korea Exchange are typical examples.
Blockchain technology, which has been rapidly growing in recent years, has made us question these existing constraints. By using blockchain technology, we can break free from the limitations of Web2 and try various things. The new era called Web3 made the following big changes possible.
For example, Uniswap, one of the world's most used cryptocurrency exchanges, showed that even a very small development team can create an exchange that is used by many users around the world. In addition, Uniswap does not require a separate backend, so it is possible to avoid development and operation cost issues due to scaling. In addition, since the assets traded in Uniswap follow the Ethereum standard called ERC-20, additional functions (loans, leverage, etc.) linked to other Ethereum services are being developed. These Web3 innovations are entirely possible thanks to blockchain technology. Web3 is still considered to be only in its infancy, and we are passionately creating innovative services to become the protagonists of the Web3 era.