WEB3.0 and Smart Contracts:

What is Web3.0?

Web 3.0 refers to the next stage in the evolution of the Internet, where users can access more secure and decentralized services. Currently, in Web 2.0, most information, including IDs and passwords, is centrally managed in a centralized service model. Web 3.0 conceptually shifts towards offering users decentralized service options. Blockchain is considered one of the key technologies in realizing Web 3.0.

Basic Concept of Blockchain:

Blockchain is a digital ledger where all participants can have the same information simultaneously, and this information is stored in multiple, decentralized locations. In this ledger, new transactions and digital data, called blocks, are grouped and stored together. Each block is linked to the previous block, forming a chain of connected blocks. The addition of a new block requires a distributed consensus among participants. As a result, once a new block is officially added to the ledger (i.e., chained), it becomes difficult to alter. This mechanism of consensus building ensures decentralization and transparency, simultaneously enhancing the reliability of the information, as all participants can view the same data.

Smart Contracts:

On a blockchain, one can implement a system called smart contracts, which are programmed to automatically execute when certain conditions are met. Simply put, it’s a program that can have rules like ‘If X happens, then do Y automatically.’ For example, you can incorporate conditions that automatically adopt a service with better terms from multiple options. This enables transactions that are reliable, transparent, efficient, and do not require the discretion of an administrator.

xWIN.Finance is a new platform service in Web 3.0, based on these blockchain technologies.”

This text explains Web 3.0, blockchain technology, and smart contracts, and introduces xWIN.Finance as a new platform service utilizing these technologies.