Summary.Web3 is being touted as the future of the internet. The vision for this new, blockchain-based web includes cryptocurrencies, NFTs, DAOs, decentralized finance, and more. It offers a read/write/own version of the web, in which users have a financial stake in and more control over the web communities they belong to. Web3 promises to transform the experience of being online as dramatically as PCs and smartphones did. It is not, however, without risk. Some companies have entered the space only to face a backlash over the environmental impact and financial speculation (and potential for fraud) that comes with Web3 projects. And while blockchain is offered as a solution to privacy, centralization, and financial exclusion concerns, it has created new versions of many of these problems. Companies need to consider both the risks and the benefits before diving in.
Do you remember the first time you heard about Bitcoin? Maybe it was a faint buzz about a new technology that would change everything. Perhaps you felt a tingle of FOMO as the folks who got in early suddenly amassed a small fortune — even if it wasn’t clear what the “money” could legitimately be spent on (really expensive pizza?). Maybe you just wondered whether your company should be working on a crypto strategy in case it did take off in your industry, even if you didn’t really care one way about it or the other.
FAQs
Web3 is a term used to describe the next iteration of the internet, one that is built on blockchain technology and is communally controlled by its users. 3D illustration of a human hand and a digital hand reaching through geometric portals and touching finger tips at the center of the frame. (5 pages)
What is an example of a Web3? ›
With web 3.0 examples, we can create a more open, equitable, and secure internet for everyone. Brave, Orion, and Beaker Browser are all Web3 browsers that are designed to protect user privacy and give users more control over their data.
What will Web3 be used for? ›
Web3 systems are technology protocols controlled by computer code to facilitate direct and secure communications among users, applications, and data.
What is Web3 in real life? ›
Web3 technology offers a promising use case in the form of Decentralized Finance (DeFi), enabling the creation of transparent, secure, and . Another great example of a Web3 project is the Polkadot network. It enables multiple blockchains to seamlessly talk to each other in order to .
What is Web3 for dummies? ›
Web3, or Web 3.0, is often referred to as the future of the internet. But what exactly does it mean? To put it simply, Web3 is the next generation of the internet, where digital information and real-world entities blend seamlessly. It's like a digital upgrade, equipping the internet with a new set of cool features.
What is the main goal of Web3? ›
Web 3 aims to create a more decentralized, transparent, and secure internet that empowers individuals and organizations to take control of their online interactions and data.
What the heck is Web3? ›
Businesses and Ecosystems. Web3 is the next generation of the internet, a decentralized web powered by blockchain technology. Businesses operating in the Web3 space are creating new ways for individuals to interact and transact with each other, bypassing traditional intermediaries.
How to explain Web3 to a child? ›
It uses computer by all the users, altogether. It's like the Internet was in the beginning before anyone made websites. Web3 will be bigger than Web2 because Web2 is all about companies trying to extract value from people, while Web3 is all about communities creating value for their people.
How safe is Web3? ›
The security setup of Web3 relies on spreading out data, using secure codes, and self-executing contracts to protect against common online threats. Despite its advantages, Web3 isn't free from security challenges such as issues in contract code or scams aiming to steal information.
What is your purpose in Web3? ›
Digital Identity and Privacy: Web3 provides individuals with greater control over their personal data and identity. This has proved to be more efficient has it improves security by reducing the risks of data being breached and identity theft.
To get started, you'll need to install a Web3 browser extension like MetaMask. You can find these extensions on your browser's extension store, whether you're using Chrome, Firefox, or another browser. Once installed, you'll see a small icon in your browser's toolbar.
How is Web3 different from the internet? ›
Web2, also known as the current version of the internet, is dominated by companies that offer services in exchange for personal data. In contrast, Web3 refers to decentralized applications (DApps) running on the blockchain, where users can participate without compromising their privacy and ownership of data.
