Originally called the Semantic Web, Web3 is the next evolution of the Internet. Using decentralized technologies such as blockchain, Web3 aims to rebuild the web in a more user-friendly and secure way. It gives individuals more control over their data, allowing them to control how they interact with the internet. Web3 also allows users to access the internet without being dependent on an intermediary. It’s important to understand how Web3 is different from Web 2.0. In Web 2.0, users often had to rely on third-party applications to access the Internet. Web3 eliminates the middleman, and makes the Internet accessible to everyone at any time.
Web3 is based on public blockchains, which allow users to conduct transactions without a third-party intermediary. It also provides a decentralized means of storing and verifying user data. The information shared on the public record can be tracked and preserved in perpetuity. This is a benefit to consumers, because they can track and recall changes that have been made in the past.
Web3 is built with redundancy, which is a feature that helps prevent data from being compromised. The infrastructure is designed to be scalable and to be able to handle large amounts of data. Web3 allows users to build applications that use decentralized technologies to create a new type of web experience.
Web3 is also based on cryptography, which gives users control over their data. Users have the option to buy Web3 crypto coins with their crypto exchange account, or purchase Web3 tokens with a non-custodial crypto wallet. The latter option allows users to keep their identity and assets safe, since the wallet holds all of the identities, assets, and transactions related to a user’s accounts.
Web3 cryptos combine the benefits of both blockchain technology and smart contracts. These protocols are designed to help people gain greater control over their data, and improve their privacy. They are also designed to make transactions between two parties easier and more secure.
Decentralized Autonomous Organizations are another example of Web3. These are apps that use tokens to give the user an alternative form of identity, allowing them to vote on the decisions of other Web 3.0 applications. Some apps may allow users to monetize their own data, as well. These applications may also run AI systems to help users. They are not meant to replace Web 2.0 applications, but rather provide a new way to organize people.
There are a number of early-stage Web 3.0 applications in use today. A popular example is DeFi, a decentralized financial system. Another example is Filecoin, a decentralized file storage and storage incentive layer for IPFS. This application is Web3’s version of Google Drive, and has a market cap of over $12 billion at its peak.
Web3 is not meant to replace Web 2.0; rather, it is intended to replace centralized servers and databases with decentralized alternatives. While there are a number of early-stage Web3.0 apps, the true potential of the new internet has not been fully realized yet.