Who knew the internet gets sequels? If you read about cryptocurrency, NFTs and the metaverse at all, you'll inevitably come across the nebulous term "Web3." A term coined by ethereum's co-founder, Web3 is what crypto enthusiasts call the next phase of the internet.
There are two ways to define Web3. The quick, easy description is a blockchain-integrated internet or an internet where cryptocurrencies and NFTs are built into the platforms you use. The more complicated but more specific way to think about Web3 is an internet owned by users. That's the dream of crypto boosters, who say the integration of blockchain technology will lead to an egalitarian internet.
Here's the argument: The current internet is owned by just a few companies -- Facebook, Amazon and Google chief among them -- which creates e-feudalism, in which internet users toil on the properties owned by a handful of giant corporations. The fix is Web3, which uses decentralized technology to cut out the middleman.
Continue reading: https://www.cnet.com/personal-finance/crypto/what-is-web3-the-confusing-term-explained/
There are two ways to define Web3. The quick, easy description is a blockchain-integrated internet or an internet where cryptocurrencies and NFTs are built into the platforms you use. The more complicated but more specific way to think about Web3 is an internet owned by users. That's the dream of crypto boosters, who say the integration of blockchain technology will lead to an egalitarian internet.
Here's the argument: The current internet is owned by just a few companies -- Facebook, Amazon and Google chief among them -- which creates e-feudalism, in which internet users toil on the properties owned by a handful of giant corporations. The fix is Web3, which uses decentralized technology to cut out the middleman.
Continue reading: https://www.cnet.com/personal-finance/crypto/what-is-web3-the-confusing-term-explained/
