The role of DeFi and Web 3.0 in democratising access to financial services

What exactly is Web 3.0?

The third wave of the internet comprises Web 3.0 technology which is designed to enable people to interact with each other using decentralised apps (dApps) and blockchain technology, without intermediaries. The active years have been - for Web 1.0, 1989-2005; Web 2.0 from 1999-2012; and Web 3.0 from 2006-ongoing. Simplilearn offers this synopsis: “Web 1.0 helped people find things online better, Web 2.0 enabled people to experience things better, and Web 3.0 helped people create things online better”. So, even though Web 3.0 has been around for a while, it is still in the early stages of use and development and offers the promise to alter the way that many businesses operate, including those in the financial sector. One of the most exciting areas of Web 3.0 growth is DeFi.

Source: beincrypto.com

DeFi, and people in charge of their money

DeFi supporters enthuse that it gives people power over their money without the need to depend on traditional financial instituti…