The Web3 project is a rebranding effort for the crypto industry that aims to get people to see blockchains as the next evolution of the internet. Its supporters say it will eliminate the stigma associated with the crypto industry and convince people that the blockchains are the next phase of computing. Critics of the web3 project have compared it to a dystopian vision of the pay-to-play internet, where every social interaction and activity is monetized. Like most technologies that have recently entered the market, web3 is a cocktail of hype, marketing, and fear of missing out on the next big thing.
The Web3 platform promises to give content creators control over their content’s online distribution and monetization. For example, LBRY will let users set the price of their content and get paid directly for it, or they can choose to share the content for free. On the other hand, DTube will enable users to publish and share content through the blockchain-based community-controlled platform.
However, skeptics argue that Web3 does not make any sense on a technical level. Blockchains are inherently slow and cannot handle large amounts of data. This means that even the most popular blockchains will struggle to keep up with daily data loads. Furthermore, it is difficult to maintain the performance of Web3 services when relying on centralized services. However, that does not mean that web3 should be avoided altogether. In fact, it can help the Web2.0 stack become more decentralized where it is most needed.
Despite Web3’s advantages, it is also vulnerable to the vulnerabilities of cryptocurrencies. The lack of regulatory oversight and anonymity associated with it makes it easier for criminals to hide their identity and sell ill-gotten assets. In fact, billions of dollars in cryptocurrency have already been stolen so far this year, and 97% of all Web3 hacks used DeFi protocols.
The biggest challenge facing a Web3 project is balancing the interests of product teams and users. Providing real value to users can help retain their loyalty, while building network effects will increase the platform’s value. For example, Bitcoin has more than 105 copycat projects. Its founders used Uniswap’s software to lure users away from their competitors.
While a fully decentralized internet still seems like a dream for the future, the technology behind web3 is already being used to run games. A blockchain-based internet, based on web3 platforms, could make it possible for both creators and users to monetize their content. However, it is not yet clear whether Web3 is really a practical solution for the modern world.
To purchase Web3.0 tokens, users must open an account with a crypto exchange or a non-custodial wallet. Zerion Wallet is a great option for this, as it works on 10+ networks and is available for desktops, laptops, and mobile devices. Zerion Wallet will track all decentralized exchanges and allow users to buy and sell Web3 tokens at the best price. In addition, users must use a non-custodial wallet to sign transactions.