Web3 network is the third generation of the internet built on blockchain technology. It is a decentralized system where all participants have equal access to the network and data stored on it.
Web3 networks facilitate the development of decentralized applications (dApps) that are not controlled by a single entity, making them more secure and trustworthy. Decentralized finance (DeFi) is an example of a dApp that is transforming the traditional financial system, allowing users to access financial services without intermediaries.
Web3 networks also enable the use of cryptocurrencies as a means of exchange, which can be used in web3 networks and exchanged for other cryptocurrencies or traditional fiat currencies.
Overall, web3 networks offer a more democratic, secure, and transparent system that has the potential to transform many industries and applications, from finance to social networks.
The GoodDollar protocol extends over 3 networks:
Ethereum Mainnet, for core contracts such as its reserve.
Celo and Fuse sidechains, for distribution contracts and others.