Web3 has been the subject of a lot of chat over digital media lately. The blockchain-based network has been responsible for users creating content individually. Web3 is expected to have a huge impact on society over the next 10 years as it continues to grow. We would like to help you understand its impact so that you can keep up to date with developments surrounding Web3, so read on to find more insight on this topic.
What is Web3?
The term “Web3” as we understand it today was first used by Ethereum co-founder Gavin Wood in 2014. Web3 is a form of blockchain, a system that is responsible for cryptocurrency and Bitcoin transactions. It’s regarded as a third version of the World Wide Web and it is decentralized, meaning it doesn’t work with a financial institution.
The World Wide Web we know today is run with browsers and the mobile web. It’s dominated by large organizations like Google that control and earn money through our use of the web. Web3 is expected to change this by providing more power to individuals and will result in the creation of a new internet that could change how people share content and use technology. Web3 runs through blockchain apps that are open for anyone to use.
What does a decentralized network do?
Today’s websites use a centralized network controlled by government rules and regulations. The reason for this is that network servers charge people an agreed amount to install and use their services. A centralized network requires people to share their personal information and internet servers require them to follow their rules to use their service.
Decentralization today exists in most of the digital world as part of blockchain technology. Web3 blockchain allows users to store and use data for free and with less censorship. The data stored is only available to the individuals involved, meaning that the government cannot access the information.
Decentralized files on Web3 servers can be shared across several servers and are permissionless. Transactions can take place regardless of whether a third party is involved, making it more seamless and faster than financial institutions.
The benefits of Web3
● The Web3 network is an open service to every individual, you cannot be denied access to it.
● You cannot be blocked — for example, Facebook is blocked in certain countries. No censorship is applied.
● Tokens are used as secure payments.
● You don’t have to worry about your data being stolen, Web3 payments and Web3 apps do not require personal data.
● Web3 servers won’t go down, unlike other internet servers.
● Web3 allows artists and creators to own the platform they use and their content, giving them full credit and monetization for their work.
What impact will Web3 have on the world as we know it?
If Web3 continues to grow, so will Bitcoin and other cryptocurrencies. Crypto can therefore become a currency that is used worldwide. Web3 is expected to grow due to the number of people turning to the digital world to complete their transactions and investments.
It’s believed that in time, the digital age of Web3 and crypto will become the new way of transacting and managing our finances. Web3 infrastructure will ensure that crypto is tracked across the globe.
What can we expect from Web3 in the future?
In a Web3-world, the promise is a network where we regain control of our data. Big names such as Google will not be able to exploit, store or use anyone’s data in Web3. Ads that target users will be a thing of the past. You control your digital assets, personal information and exchanges through digital tokens that are unique to you. Everyone will be able to access information and their privacy will be protected.
Web3 seems to offer a form of equality among all internet users, as opposed to being focused on internet giants. It doesn’t replace the old model of Web2 but merely moves away from its authoritative nature, being described as a more liberal approach to the web. For example, social networks often share public work from artists and creators without their permission. Web3 will create platforms where these artists can share their work and they will be able to fully monetize and gain from the use of their platforms.
Reactions to Web3
Notable celebrities and companies have mentioned Web3 on social media and in the press. Popular accounts that have contributed to this discussion include Reddit, CoinDesk, Elon Musk, GameStop, and The Verge. The New York Times reported that $27 billion has been placed on bets that Web3 is “the future of the internet”.
What Web3 Can Do for You
Have you considered creating a decentralized Web3 app? By doing so, you would gain tokens and get to decide on fees involved in the app, and groups or parties involved. For example, if you want to sell tokens to users to unlock a blockchain feature or game, you can. You can form a decentralized autonomous organization (DAO). The transactions you make cannot be reversed and no authority can reverse charges, nor interfere with your activity. There are many Web3 apps, including crypto trading platforms and video games.
The crypto world is continuously changing and growing, and to become successful, you need to change and grow too. As with any investments and change, patience and research are what you need. If you want to become involved in Web3, learn more about cryptocurrency (our blog is a good place to start). In order to become a Web3 developer or user, you need to do your research. Speak to experts and stay up to date with the latest Web3 news and developments.
The digital age is here and shaping your financial future is now easier than ever. What you need are the right tools and knowledge. Your Friendly Crypto Exchange is here to offer you exactly that and so much more. Register on IXFI today to get started.
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