web 3.O

What is Web 3.0?

In simple words, Web 3.0 is the next upgrade for the internet. Web 3.0 is coming to revolutionize the world once again. This next generation of the internet aims to be fully decentralized. This means that Web 3.0 represents the shifting power from corporations to individuals by decreasing dependency on centralized platforms for different services such as streaming and communication.

While Web 2.0 essentially allows people to read/write on the internet, Web 3.0 also allows people to own on the internet. Although the internet belongs to no one, international corporations have huge control over it. They control what you consume on the internet, and Web3 aims to change that. This evolution of the internet will most likely affect every industry. However, the gaming industry has seen the most advancements to this day. In one way or the other, Web 3.0 is trying to connect the real world with the virtual world more than ever. If this connection results in success, nothing will ever be the same.

Some Web 3.0 characteristics include:

• User-based services

• Decentralization

• Increased Artificial Intelligence (AI) usage

• Trustless

Web3 is yet to be implemented, of course. Since we are still in the preparation phase of the next generation of the internet, researching it is the least we can do. Nevertheless, we know that one of the core elements of the next generation internet is the usage of decentralized wallets such as MetaMask. Such wallets require no third-party involvement. Additionally, your transactions will not need to undergo a bureaucratic verification process. This makes transactions faster, cheaper, and safer.

Web 3.0 & Blockchain

Experts believe that blockchain technology is necessary for creating the next generation of the internet. Blockchain was first conceptualized in 1991, but it became a reality with the launch of Bitcoin in 2009. This technology has some crucial features necessary for the development of Web3. For example, blockchain can maintain maximum transparency in transactions through distributed ledger technology (DLT). Moreover, blockchain is virtually hackproof, subsequently making Web3 safer than the current generation of the internet.

What makes Web 3.0 even more interesting is that it includes payment methods that do not require fiat currency. Web3 can be independent of any government or bank through the use of cryptocurrencies and tokens. This paves the way for the next generation of the internet to be truly decentralized. With such features, Web3 could create a self-sustainable ecosystem free from the influence of any government, corporation, or any other institution. So, Web 3.0 could really make the internet fully community-driven.

Furthermore, cryptocurrencies are seen as programmable money. This comes after the groundbreaking innovation from Ethereum and the debut of smart contracts. Nevertheless, the term programmable money is not limited only to cryptocurrencies that support smart contracts. For example, Bitcoin is also part of the “programmable money” group but does not support smart contracts. In essence, smart contracts just hugely increase the scope of programmability for cryptocurrencies.