Q. With reference to ‘‘Web3 technology’’ consider the following statements:
1.It uses blockchains to give power back to the users in the form of ownership.
2.It is a highly centralized technology as ownership is controlled by centralized entities.
3.It uses cryptocurrency for spending and sending money online instead of bank payment infrastructure.
Which of the statements given above are correct?

[A] 1 and 2 only

[B] 1 and 3 only

[C] 2 and 3 only

[D] 1, 2 and 3

Answer: B
Notes:

Statement 1: Web3 technology uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership. It is based on Read-Write-Own.

Statement 2: The statement is incorrect. It is decentralized as ownership gets distributed amongst its builders and users.

Statement 3: It uses cryptocurrency for spending and sending money online instead of bank payment infrastructure.

Source: The Hindu