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Binance Co-CEO: Crypto Competition Spans Web2 (traditional internet platforms) and Web3 (decentralized applications)

In a January 8 CNBC interview, Richard Teng said rivalry among crypto exchanges (platforms to trade cryptocurrencies) is giving way to a Web2 (traditional internet platforms)–Web3 (decentralized applications) convergence.

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Terms & Concepts
  • Web3: A decentralized internet model built on blockchains, enabling user-owned applications and assets.
  • Web2: The traditional, centralized internet model dominated by large platforms and client-server architecture.
  • Crypto exchange: An online platform where users buy, sell, and trade cryptocurrencies.