The Web3 Foundation was formed by Gavin Wood to support Web3 projects through education and funding. It has since supported more than 300 projects in more than 50 countries. These projects aim to empower individual users and provide a new means to fund and exchange value. Most projects describe in an introductory white paper how they plan to issue tokens for public purchase. Some even airdrop their tokens free of charge in an effort to generate interest.
Web3 also gives users more autonomy over their data. By avoiding centralized agencies, Web3 provides decentralized platforms that enable users to choose which tools they want to use. The decentralization of Web3’s infrastructure also means that it allows users to rent out hard drive space and access data on multiple storage providers.
While the Web3 concept is still in its infancy, it is starting to take shape. The goal is to introduce decentralization, blockchain, smart contracts, and other features to the web. Web3 crypto projects are typically those that use decentralized, blockchain, or smart contract technologies. These projects can make use of decentralization for a more transparent and secure system.
Web3 applications can be developed by organizations or individuals, with some volunteers contributing their time for free. However, most of the funding for large Web3 projects comes from ICOs, where the developers sell crypto tokens that can become worth a lot later. The Web3 market is growing rapidly, with over EUR10 billion invested in the first three months of 2018.
The Web3 project’s success is dependent on the participation of user members. Those projects with active user-members have motivated contributors and willing feedback providers. This is an essential aspect of Web3 empowerment. It can make all the difference in the success of a Web3 project. The more user-members, the more powerful and successful it will be.
The Web3 project has a variety of goals and is slowly moving from Web 2.0 to Web3. Although the current applications look similar to their 2.0 counterparts, they differ in their back-end. The goal of Web3.0 is to allow users to have their own content and control their own data, and to provide privacy and decentralization. Blockchain technology and distributed ledgers will help facilitate this.