You might not have heard, but there’s a new version of the internet being built, one with much more virtual reality, non-fungible tokens, and highly volatile cryptocurrencies. It’s called Web3, and according to swaths of entrepreneurs and venture capital investors, it could be the next big thing. But what actually is Web3, and what does it consist of?
Web3.0 is focused on building the next iteration of the World Wide Web, but this time on distributed and decentralized systems, with the goal being to create an internet ecosystem not controlled by any one singular entity, such as Facebook or Google.
Due to this, the industry is built on open, decentralized blockchains like Ethereum and Solana, which run on tokens - tradeable digital assets that leverage blockchain technology for additional functionality such as higher speeds or greater security.
Many Web3 startups are often funded through less traditional methods, such as selling their platform’s tokens to users via a token sale, or establishing themselves as a decentralized autonomous organization (DAO). These methods not only allow the startups to fund their operations, but also give everyday users a stake or say in how the business is operated.
Broadly, Web3 is aimed so individuals will have better security, transparency, and privacy, and will be freed from the influence of some of the powerful big tech Web2 companies.
Wait, there’s a Web2?
Yep. The internet as we know it today can broadly be referred to as Web2, which usually refers to the period after the turn of the millennia where major companies, such as Facebook and Google, began to dominate the Web, and users could interact with the internet through the creation of social media accounts and the like. Some of the iconic developments of Web2 include things like blogs, video sharing websites like YouTube, photo sharing and web apps.
Continue reading: https://www.smh.com.au/technology/what-is-web3-20220427-p5agmn.html
Web3.0 is focused on building the next iteration of the World Wide Web, but this time on distributed and decentralized systems, with the goal being to create an internet ecosystem not controlled by any one singular entity, such as Facebook or Google.
Due to this, the industry is built on open, decentralized blockchains like Ethereum and Solana, which run on tokens - tradeable digital assets that leverage blockchain technology for additional functionality such as higher speeds or greater security.
Many Web3 startups are often funded through less traditional methods, such as selling their platform’s tokens to users via a token sale, or establishing themselves as a decentralized autonomous organization (DAO). These methods not only allow the startups to fund their operations, but also give everyday users a stake or say in how the business is operated.
Broadly, Web3 is aimed so individuals will have better security, transparency, and privacy, and will be freed from the influence of some of the powerful big tech Web2 companies.
Wait, there’s a Web2?
Yep. The internet as we know it today can broadly be referred to as Web2, which usually refers to the period after the turn of the millennia where major companies, such as Facebook and Google, began to dominate the Web, and users could interact with the internet through the creation of social media accounts and the like. Some of the iconic developments of Web2 include things like blogs, video sharing websites like YouTube, photo sharing and web apps.
Continue reading: https://www.smh.com.au/technology/what-is-web3-20220427-p5agmn.html
