mrsmith30

Ex Investment Banker turned crypto investor. Passionate about Web3 and the Blockchain technology.

At a very basic level, Web3 is the third stage of internet development where individuals will have more control over the web.

To understand exactly what Web3 is, you need to have a basic understanding of the first two stages.

The first stage of the internet, Web1, mostly involved users reading static webpages, although forums and message boards did exist.

The next stage, Web2, marked the arrival of social media like Facebook and Twitter, and sites based around user-generated content like YouTube.

Since Web3 isn’t here yet, we don’t know exactly how it will work. Most concepts of Web3 involve the blockchain, an unchangeable ledger system used by cryptocurrencies to keep track of transactions. Web3 will allow many things such as decentralized sportsbooks, contactless payments and more.

he main issue of the blockchain is the same as its purported benefit. Because nobody can edit the ledger, and anyone can create as many crypto accounts as they want, it's hard to address and protect against fraud. Once something exists on the blockchain, it's impossible to remove.

Some proponents of Web3 have suggested that creators and users could monetize their efforts on the internet through the blockchain, or that users could monetize their own data for targeted advertising purposes the same way Facebook and other companies sell that kind of data today.

Control over decentralized services could also be placed into the hands of users, instead of big companies. Decisions to change rules and regulations, when to ban users, and other choices could be voted on by users of a decentralized service instead of decided unilaterally by the company that owns a website. This would take the power out of the hands of big tech companies and place it in the hands of users.

September 2022