What's the difference between Blockchain and web3 [Steemit Related]

As we all know, steemit is a web3 social media platform and it's Blockchain based. The two keywords stands out in what makes up steemit, web 3 and Blockchain. Could there be more to this? Blockchain and web3 are related concepts that have gained attention due to their potential to transform the internet as a whole as it has with steemit. I has made it possible for steemit to be in existence, where people create contents and get financial incentives. While these two terms are interconnected, they have distinctive characteristics.

Blockchain is a decentralized ledger technology that allows the transparent recording of transactions and operates through a network of computers which makes it a chain or node. As a decentralized ledger, it eliminates the need for a central authority [a individual, bank or government] as does Facebook to record transactions. It is known for its transparency, immutability and decentralization which makes steemit a legit platform that would last for a lifetime as it isn't backed up by any central authority. It's popular because of its application in Bitcoin and Ethereum. These are all blockchains.

Web3 is more like a decentralized internet. It is dominated by centralized platforms that controls user interactions. Web3 creates an atmosphere where users have full or greater control and ownership over their own data and can interact directly with other users without intermediaries. Blockchain technology and other decentralized technologies are used to achieve the above goals. So from what we've seen about web3, we can conclude that steemit is a web3 platform because users have full control over their blog and wallet.

Placing it on a balanced scale coupled with what we've seen in the definition of these two terminologies, Blockchain is a foundational technology of web3 while web3 has a broader set of technology like decentralized storage, smart contracts etc, and not just Blockchain based.

• Based on the objectives, Blockchain provides a transparent framework of recording transactions as well as its validation in a secured way. It reduces fraud, increases efficiency and doesn't have a central authority. That's the reason why steemit cannot be hacked the like Facebook. On the other hand, Web3 has a broader objective of recreating the internet as decentralized. It protect privacy and enable new decentralization applications such as HIVE.

• Blockchain enables interoperability through protocols while Web3 emphasizes this interoperability of decentralized applications called (dApps) across different blockchains and platforms of which one of them is Steemit.

In summary, we can ascertain that Steemit has the features of these two terms, making it legitimate in all ramifications.

Cc,
@waterjoe