In the early days of the internet, there was a shared understanding that this new technology would be transformational. It would change the way we communicate, work and even play. This utopian view of the internet has essentially come to fruition. But as we've become increasingly reliant on the web, we've also seen its darker side. From data breaches to election interference, it's clear that the internet is not the safe haven we once thought it was.
But what if there was a way to build a new internet? One that was secure, decentralized, democratized and had the power to transform the way we interact with each other in the digital world. This is the promise of Web3, sometimes known as the Metaverse, a term coined from the famous science–fiction novel Snow Crash, written by Neal Stephenson, which predicted virtual reality worlds as an evolution of the internet.
Web3 is the third generation of the internet, and it's built on the philosophy that the internet should be a decentralized network of computers rather than a centralized one. This means that there is no single point of failure and no central authority controlling the flow of information.
The Metaverse is not to be confused with Web3, which is the third stage of development of the World Wide Web. The Metaverse refers to a virtual reality-based parallel internet world where users can interact with each other and digital objects in a 3D space. It's an extension of the internet into a three-dimensional virtual world. It is an immersive, interactive, and social platform where people can create avatars to represent themselves, buy and sell virtual property, and interact with other users in real-time. Web3 is more about blockchain technology and concepts, including digital identity, smart contracts, and decentralized applications (dApps). According to Statista, the global Metaverse market is worth $47.48B in 2022 and is set to soar to $678.7 billion by 2030.
Continue reading: https://www.forbes.com/sites/markminevich/2022/06/17/the-metaverse-and-web3-creating-value-in-the-future-digital-economy/?sh=3d4eb9c27785
But what if there was a way to build a new internet? One that was secure, decentralized, democratized and had the power to transform the way we interact with each other in the digital world. This is the promise of Web3, sometimes known as the Metaverse, a term coined from the famous science–fiction novel Snow Crash, written by Neal Stephenson, which predicted virtual reality worlds as an evolution of the internet.
Web3 is the third generation of the internet, and it's built on the philosophy that the internet should be a decentralized network of computers rather than a centralized one. This means that there is no single point of failure and no central authority controlling the flow of information.
The Metaverse is not to be confused with Web3, which is the third stage of development of the World Wide Web. The Metaverse refers to a virtual reality-based parallel internet world where users can interact with each other and digital objects in a 3D space. It's an extension of the internet into a three-dimensional virtual world. It is an immersive, interactive, and social platform where people can create avatars to represent themselves, buy and sell virtual property, and interact with other users in real-time. Web3 is more about blockchain technology and concepts, including digital identity, smart contracts, and decentralized applications (dApps). According to Statista, the global Metaverse market is worth $47.48B in 2022 and is set to soar to $678.7 billion by 2030.
Continue reading: https://www.forbes.com/sites/markminevich/2022/06/17/the-metaverse-and-web3-creating-value-in-the-future-digital-economy/?sh=3d4eb9c27785
