What are the benefits of using Web3 for application development?

The benefits of using Web3 for application development include decentralization, enhanced security, and greater user control. Web3 applications run on blockchain, meaning they do not depend on any form of centralized server, hence minimizing the risk of single points of failure and making them resistant to censorship. Such a decentralized structure further allows for trustless transactions whereby users can interact directly with each other through smart contracts, hence increasing transparency while reducing the need for intermediaries. Web3 also provides users with greater control over their data and digital identities. Since the blockchain transactions are open and immutable, users have a certain level of confidence in the non-manipulation and -commercialization of their data. Besides that, Web3 unlocks completely new monetization options through tokens and DeFi, enabling developers to build innovative self-sustaining ecosystems within their applications. Features that make Web3 ideal for creating secure, transparent, user-centric applications, such as in finance, gaming, and social media, are thus achieved.