Web3 has become a revolutionary term for a new and improved internet. At its core, web3 uses blockchains, cryptocurrencies and NFTs to empower users in the form of ownership. Evolutionary speaking, we have:
Web1: Simple web pages that only provided the user access to content in read-only mode.
Web2: Web applications that allowed the user to interact by providing read-write operations.
Web3: Similar to Web2 leveraging the distributivity and security of blockchain networks. Web3 uses tokens (cryptocurrencies and NFTs) to allow the user to own content and transact in a free and decentralised way. The user in web3 has read-write-own power over the content.
Why is web3 important?
The benefits that web3 has brought to the world of the internet and content sharing are countless. Among the main advantages we can find:
Ownership. Web3 gives you ownership of your digital assets in an unprecedented way.
Censorship resistance. Due to blockchain technology, the operating policies of web3 applications cannot change without the consent of the entire community. At the same time the application code running on the blockchain is publicly accessible to everyone. This raises the reliability of web3 applications to a level that was not possible with traditional web2 applications.
Decentralized autonomous organizations (DAOs). Just as you can own tokens and content in a web3 platform, you can also own part of the platform as a collective. This process is done with tokens that work as shares in a company. The token owners can vote on decisions implemented in the blockchain. The winning decision is automatically executed through the smart contract code. This eliminates the centralized power of a traditional company and gives full control to the investors of the project.
Identity. With web3 technology it is possible to make a single valid login on all platforms that implement this technology. Currently, with an Ethereum address and an ENS profile, it is possible to login in a secure, censorship-resistant, and anonymous way.
Native payments. Web2’s payment infrastructure relies on banks and payment processors. There may be technical failures or system errors that prevent the transaction from being processed successfully. Web3 on the other hand, supports native cryptocurrency payments in a secure way, with no third party involved.
