The question of what is Web3 is a thorny one. The concept has been around for some time, but the technology is only just now becoming mainstream. Its key innovation is a decentralized digital infrastructure, which allows users to earn crypto for using its services. As an example, Twitter, which started as a corporation, aims to offset the incentives of corporate entities through its @bluesky account. But will this new technology become as popular as many expect?
In 2014, Gavin Wood coined the term “Web3” in order to describe the concept of a future internet, and its importance for liberal democracy. But with all of the VC funding and lobbying campaigns, many are still confused. What is Web3? This article will explain the technology behind the new web and the challenges it poses. Let’s first understand what Web3 is. It’s an emerging internet system that uses decentralised networks to operate.
The underlying technology behind Web3 is blockchain. It uses distributed ledgers to allow users to make decisions on the platform. Because this is a decentralized network, participants will receive tokens for their participation. Unlike today’s Internet, this will allow users to weigh in on platform decisions. In the past, internet platforms have made their own rules and have been accused of censorship. In Web3, the participants are able to vote on these decisions.
In the meantime, Web3 is based on Ethereum technology. The idea is to reward users for maintaining the network by creating a network. The Ethereum coin itself is currently worth $511 billion. In the meantime, the company’s CEO tweeted a screenshot of the future of its platform. Hopefully, this is the first step in incorporating Web3 into its product. And if all goes well, it will make Web3 even more valuable.
To date, there are a few other things to keep in mind before deciding to join Web3. One thing to consider is that Web3 will use the blockchain to help us build the internet. This will prevent any single entity from controlling the entire internet. In fact, this means that no single controller can control the content and privacy of users. In this way, Web3 will be an uncensored platform that is decentralised.
The main advantage of Web3 is that it is decentralized. Instead of being centralized, the new internet will be based on public blockchains. It will be decentralised, which means there will be no intermediary between the user and the website. However, this doesn’t mean that Web3 is a revolutionary concept. But it is worth taking note of its many advantages. Among these are its promise of a better world for the human race.