What is Web 3?
Web3, also known as Web 3.0, is the next phase of the World Wide Web that emphasizes decentralization of the internet, user control, and token-based economics built on blockchain technology.
Unlike Web2, where centralized organizations like Meta, Google, and others controlled the platform and user data, Web3 aims to give everyone control over the internet and data sharing that was the cash cow for Web2 companies. Despite individuals having control over their own data, the ultimate power in Web3 lies with community governance. This is what makes Web3 special.
This means that the way we interact with information, how money on the Internet is distributed, and how web-based companies function may change in the coming years.
Web3 encompasses all activity on the internet, from finance, to content delivery and interaction, to functions yet to be thought of, expressed in terms such as cryptocurrencies, non-fungible tokens (NFts), virtual reality and augmented reality (VR and AR).
It is important to state that Web3 is still in its early stages, it is an emerging technology and its potential is still unknown, but Web3 has the potential to redistribute wealth and take control of global finance, leading to a more secure, transparent, decentralized and user-oriented Internet.
