‘Web3’ is an internet service built on decentralized blockchains. It provides users with a way to control their digital identity and take ownership of their digital assets. Unlike the internet as we know it today, the web3 would provide more privacy and autonomy, removing the need for trusted third parties. This would make it more resistant to censorship and more secure. Web3 will also enable users to build metaverses (digital worlds) that are not centralized or controlled by any company.
Web3 platforms will be able to provide users with the tools to monetize their content. This could include the ability to sell digital culture. Users could also be able to buy into video games and other media content by gaining access to non-fungible tokens. These tokens allow users to recoup their original value.
Web3 has gained much attention in recent years. A bipartisan group of senators chaired by Senator Cynthia Lummis, the Financial Innovation Caucus, has been discussing the potential of web3 and cryptocurrencies. The group recently gave a presentation to Congress and plans to submit videos to regulators to educate them on the concepts of cryptography and blockchains. These videos are also intended for general audiences.
Those who support web3 argue that it will usher in a decentralized, middleman-free digital economy, and that it will replace traditional centralized corporate networks with community-run networks. These platforms would allow users to monetize their own data and make decisions about the platform’s future. They would also delegate decisions to users, and would eliminate the need for advertising-based business models.
Web3 supporters say that this new technology will help usher in a digital economy in which users are able to monetize their data and control their digital identity. They argue that the web2 was a “pay-to-play” internet where large companies controlled and distributed user data and activity. They say the web3 will replace centralized corporate networks with open protocols that allow users to build their own web-based metaverses. Unlike web2’s payment infrastructure, web3 will be able to accept payments directly in the browser and will also allow users to monetize their digital identity and take ownership of their digital properties.
Web3 is a young ecosystem. The first real-world applications of web3 are only now coming online. The technology is still in its infancy, and more progress is needed before it is adopted by the mass.
Many web3 start-ups are now racing to fill infrastructure gaps. However, it’s a long process to build a reliable and high-quality infrastructure. These companies may need to change their products and move to another country. It also takes time to build out security features. Some web3 start-ups have already been criticized for security vulnerabilities, and they may be forced to change. The security risks associated with web3 also include the possibility that a web3 social network could be banned by an internet behemoth.
A number of web3 crypto projects are designed to support the transformation of the internet into a decentralized, web3-based one. These projects include the Chainlink project, which was launched in 2017 by a Smart Contract company. Chainlink is included among the 100 largest cryptocurrencies, and it has a market capitalization of almost $7 billion.