What is web3 in crypto?

Web3 (also known as Web 3, 0 and sometimes stylized as a web) is an idea for a new iteration of the World Wide Web based on blockchain technology, incorporating concepts such as decentralization and the token-based economy. On Web 3, these shares are called tokens or cryptocurrencies, and represent ownership of decentralized networks known as blockchains. If you have enough of these tokens, you can review the network. Governance token holders can spend their assets to vote on the future of, for example, a decentralized lending protocol.

Web2 refers to the version of the Internet that most of us know today. An internet dominated by companies that provide services in exchange for your personal data. Web3, in the context of Ethereum, refers to decentralized applications that run on the blockchain. These are applications that allow anyone to participate without monetizing their personal data.

Web3 itself doesn't necessarily exist as a new browser. People can access Web3-based websites using the same browsers they use today. Therefore, although websites3 are created using blockchain software, they are accessible just like Web2 websites, in general terms. And cryptocurrency enthusiasts are already accessing aspects of Web3 when transacting through cryptocurrencies and buying NFTs.

Six months ago, he co-founded Station, which he would like to see the Web3 version of LinkedIn, connecting workers from anywhere in the world. Facebook's rebranding as a Meta in October, along with the tech giant's renewed support for cryptocurrency, likely pushed Web3's ideas on blockchain and decentralized technology into the mainstream, said Brian McCullough, host of the Techmeme Ride Home podcast. As big investors in this space, Andreessen Horowitz has a lot of skin in the Web3 game, so a healthy pinch of salt is in order, and critics like Twitter co-founder Jack Dorsey have been more than happy to call Web3 “a centralized entity with a different label”. In a Web3 world, Donald Trump would only be banned from a social network if the users of the social network, who would be the owners of the social network, wanted that to happen.

In late October, a 28-year-old artist posted a meme titled “Love in The Time of Web3,” which features a cartoon couple lying in bed looking at Bitcoin and Ethereum prices. So I've been spending time and trying to adopt a mindset of cautious skepticism, trying to decipher Web3 for myself. In reality, Web3 has a lot of ineptitude, costly mistakes and outright scams, such as intriguing projects that disappear as soon as the organizers collect their money. Web3 is a world-changing opportunity to make a better version of the Internet and take it away from the giants that control it today.

Web3, a name coined by Ethereum co-founder Gavin Wood, will try to evenly distribute power online, taking control away from Big Tech platforms. Ethereum founder and Web3 pioneer Gavin Wood envisions a new economy built around blockchain where people can provide services directly to each other, where no entity owns or has control of the system, and where the ability to exchange items of value inherently exists within of the system. Which means that even the most optimistic version of Web3 can recreate some of the existing problems of Web2 or the rest of the world. For example, Reddit is currently making inroads into Web3 by trying to devise a way to use cryptocurrency tokens to allow users to essentially own parts of the communities in which they participate on the site.

Web2 became a system of “closed environments” that monetize individual people's data and, in turn, advertise to them, manipulate their behavior and try to monetize it in every possible way, but in a way that blocks them out of cash flow, which is what Web3 is trying to rectify now, he said. Last week on Twitter, Jack Dorsey disrupted the bustling technological trend known as Web3, telling consumers to be cautious, and dismissed it as a tool for venture capitalists to promote cryptocurrencies. Web3 will also be accessed through metaverse platforms that companies such as Facebook's parent company, Meta, are building. This is reflected in the mission statement of the Web3 Foundation, to “foster cutting-edge applications for decentralized web software protocols through a “fair and decentralized Internet” where users control their own data, identity and destiny.

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