Web3 can disrupt almost everything we know about life online and who controls it. But like any rapidly evolving technology, it can be hard to separate fact from wishful thinking. So, if you’re struggling to make sense of the web3 hype, or are wondering why web3 is important, this article will help you.
First, what is Web 3.0?
Web3 or Web 3.0 is basically the next iteration of the Internet. This represents two evolutionary stages before the Internet: web1 (or web 1.0), the birth of the Internet we all know and love, and the more interactive, user-generated, more interactive web2 (aka web 2.0). The social media-driven web has exploded over the past decade.
Web3 represents the Internet’s next big evolutionary leap. This is a leap forward driven by blockchains, NFTs, and cryptocurrencies.But perhaps the biggest feature of web3 is decentralizationwhich brings us to the first reason why you should care about web3.
In the decentralized web3 era, internet users have more control
Anyway, that’s the idea. This is because web3 represents a decentralized internet, as opposed to today’s highly centralized internet. If you think about it, most of the sites we use today are owned by big companies (Meta, Google, Amazon, etc.) and controlled to some degree by government regulation. Power is centralized.
Web1 and web2 evolved this way because the infrastructure required to build and run the Internet is expensive and someone has to pay for it! By charging for usage, or by collecting and using (often selling) your very valuable personal data, you’re recouping your investment (more than a lot more, let’s be honest). Web3 and the decentralized internet promise to change all this. that’s all Go ahead. How is this possible? Powered primarily by token-based economics and blockchain-based infrastructure, the web3 platform is typically free of central authority and allows users to transact and interact without third-party intervention.
A good example of the decentralized web is Secretum, a messaging app that aims to be the web3 version of WhatsApp or WeChat. Secretum users can connect without an email address or phone number, thus protecting user privacy. Built-in trading functionality allows users to securely trade cryptocurrencies and NFTs without the oversight of banks or other facilitators.
Web3 could initiate a major power shift
Given this vision of a decentralized internet, where control is taken away from intermediaries and authorities and left in the hands of users, it is clear that this represents a major power shift. With web3, we have free access to the internet without forking our personal information, we have full ownership of our data, and centralized authorities that may not always have our best interests in mind. no longer need to rely on It is a rejection of the way things are done now. It’s a rallying cry of sorts.
The question is, will web3 actually reduce the vast amount of control that today’s power players have and make the internet more democratic? , and governments have a vested interest in maintaining some level of oversight. Of course, we all want the Internet to be a safe place and not the new Wild West.
Ultimately, I suspect that organizations like Meta will evolve and new organizations will emerge to facilitate web3 interactions. Obviously, it’s still some form of centralization. But we believe web3 offers us the opportunity to create a fairer internet, with more choice and more autonomy for our users.
Web3 powers much of the metaverse
Web3 technology is inherently related to the development of the Metaverse as it allows you to interact and transact with others in the Metaverse environment. For example, NFTs and blockchains (both web3 technologies) enable ownership and trading of digital assets in the metaverse, such as digital art, digital land, and digital sneakers. Cryptocurrencies will most likely form the basis of the economic and monetary system in the Metaverse. Also, many of the virtual worlds that will eventually form part of the metaverse (places such as the Decentraland virtual world) are built on blockchain.
Fundamentally, the metaverse cannot reach its full potential without web3 technology. If you hear people like me getting excited about the Metaverse, know that web3 is an important part of that future.
NFTs are used in the real world
We’ve all seen crazy price swings and headlines about NFT sales. However, considering NFTs as digital tokens representing ownership of assets, it is clear that NFTs can offer much more value than simply trading his jpegs of cartoon animals.
In fact, many experts believe that “utility” NFTs will be used to represent ownership of real-world items and assets, such as event tickets. Imagine that the Burning Man festival decided to sell lifetime tickets and you bought his one of those tickets. Keeping it as an NFT is much easier and safer than keeping a paper copy or email confirmation in an account you no longer use after 20 years.
Blockchain transforms business operations
So far, we haven’t touched on the business implications of web3, but we believe this next evolution of the Internet will have a profound impact on how businesses operate. The most innovative web3 technology for business is arguably blockchain. In fact, blockchain has already been adopted across a wide range of industries.
As an example, blockchain is ideal for supply chains, where it can be used to facilitate the movement of goods from one party to another and to allow organizations to track the status of goods in real time. In this way, blockchain increases the security and transparency of the supply chain and generally makes the whole process more efficient. That’s why Walmart and the Food Safety Collaboration Center in Beijing are using blockchain to track farm origin details, batch numbers, factory and processing data, expiration dates, storage temperatures, and pork shipment details.
Any industry that needs to track supplies, materials and products can benefit from blockchain. This is just one example of how blockchain will revolutionize the world of business. So if you think web3 is irrelevant for your organization, think again.
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