Why Web3?

Web3 is the newest buzzword taking over the blockchain space, boasted by enthusiasts as the next evolution of the internet. Web3 is a decentralized web that allows you to transfer your data between internet services without the interference of closed platforms.

The name ‘web3’ originates from web1 (web 1.0), and web2 (web 2.0) which are earlier versions of the internet. The first version of the internet is called web 1.0, hosting the emergence of internet services like Google, Yahoo, and MSN. Web2 is the next progression of the internet, originating from web1. The wild growth of social media programs like Facebook, Twitter, and Instagram has taken place on web2. Web3 is an extension of web2. Web3 is centered around using digital currency and blockchain technology to create a decentralized web.

Decentralized applications (DApps) are at the heart of what makes web3 exciting. These are apps whose back-end code is running on a decentralized network, rather than being controlled by an entity like Facebook or Twitter. That means no single person or company can decide they want to change how it works, charge money for its use, or restrict access to certain people. They are censorship-resistant and trustless. And when rolled out in conjunction with crypto-economic incentive structures, become extensible marketplaces where anyone can monetize their work in ways previously not possible.

There has also been a lot of online discourse around web3 and the metaverse. If the metaverse was to be a collection of different online spaces, users would need to transport their account data and avatar between spaces within the collection.

The decentralization that comes with web3 would ensure no single corporation or entity governs the sites within the metaverse; that way users can go between platforms as they please. Major internet corporations make money selling user data for targeted advertising, thus single entities would not want to share a consumer base with other platforms, because that means fewer users on their platform consuming advertisements.