CCL 425 Web 3.0 & its relation with cryptocurrency

What is the role of blockchain in Web 3.0?

• To provide security within the network

• To manage businesses

• To establish a decentralized financial system

• To build decentralized applications

What is the purpose of decentralized finance (DeFi)?

• To establish a centralized financial system

• To provide services to users through smart contracts

• To offer some structure and decentralized governance

• To establish a decentralized financial system with no central authority

What are Decentralized Applications (dApps)?

• Applications built on top of the blockchain that use smart contracts to provide services to the users

• Applications built on top of the centralized financial system

• Applications controlled by a central authority

• Applications that cannot be built on blockchain technology

What is the key advantage of Web 3.0?

• It offers a centralized governance system

• It provides a decentralized financial system

• It provides decentralization and security through blockchain technology

• It reduces security within the network

What is the main driving force behind Web 3.0?

• AI

• Blockchain

• Decentralization

• Smart Contracts