The Semantic Web, or Web 3.0, is a concept that aims to make the Internet more machine-readable. Coined by Tim Berners-Lee, this concept focuses on the development of new languages that are tailored to data. While Web3 focuses on making the Internet more machine-readable, it is far from machine-readable itself.
For one thing, Web3 allows users to take their reputation with them when they leave a platform. This is different than Web 2.0, which requires users to trust the platforms in which they post content. Additionally, web3 platforms are a lot more resistant to censorship. In addition, web3 platforms can be owned collectively by users through decentralized ownership and coordination. With this method, users can make decisions about the future of the platform through DAOs.
The Web3 protocol allows developers to access public blockchain data, as long as it is accessible to them. For example, a web3 developer can access data from public blockchains through IPFS or The Graph. Moreover, Web3 developers can use LINK tokens, which are tokens issued by the Web3 platform and paid to node operators.
In order to participate in Web3.0 projects, users should use a crypto exchange account or a non-custodial wallet to purchase tokens. Tokens from the Web3 projects can be traded on exchanges and used to access application services or vote on proposals. Some Web3 tokens can even be leveraged to earn passive income through staking. Before purchasing tokens, make sure to read the white paper provided by each project.
Web3 is a decentralized internet that allows users to take ownership of their digital identity and control the flow of data across platforms. It also uses an Ethereum address, or ENS profile, to provide censorship and identity-resistant privacy. Unlike Web2’s payment infrastructure, which relies on banks and trustful third-parties, Web3 uses tokens, like ETH, to send and receive money.
In addition to decentralizing internet applications, Web3 also incorporates smart contracts and blockchain. These are the main features of most cryptocurrencies. Using smart contracts and blockchain networks, Web3 applications have the ability to bypass the centralized power of big tech companies. This means that more users can control their data and access.
Web3 was created in 2015 after Ethereum introduced smart contracts and other blockchain technology. The Ethereum network protocol pioneered the development of a new open financial system. While Web3 is not exactly the same as the Ethereum network protocol, it is a fundamental building block of the emerging decentralized financial system. In this way, we have seen the first steps in the evolution of blockchain technology.
In addition to the API3, Web3 also has its own token, the API3 token. This token serves as the governance token of the API3 DAO community, which aims to build a decentralized version of APIs. The API3 token also serves as the voting token for the community and allows holders to participate in discussions about project development.