The Next Generation of Payments: Web3 Payments
For beginners, the whole concept of Web3 is to integrate the whole of the internet with blockchain. Once it’s completely done, it can take the internet by storm. The idea of ownership is the foundation behind the integration of Web3. The next generation of the worldwide web would be completely decentralized.
When Web3 comes into effect, cryptocurrency payments will take the front seat as the current rate of inflation would make the value of traditional money lower than it currently is.
When blockchain integration is complete, it paves the way for extremely fast and smarter payments that are simple to use.
The concept of Web3 payments has so much potential as it has no known barriers and can support multiple blockchains in the network.
The Evolution
The web has drastically evolved from the days from which they were introduced. This can be categorized into 3
Web 1.0
Web 2.0
Web 3.0
The initial Web 1.0 lasted till 2004 and has been content-focused as developers built websites that showcased text and image formats to the mass media. These were done by delivering static content which was done from a static file system because of which website interactions were minimum.
When it evolved to Web 2.0, it was more interactive and socially sound. But it had its fair share of limitations. They make use of user data by selling them or making use of them for advertisements. Because of which data breaches became common and user data becomes compromised. This is because the user doesn’t have any control over their data. The centralized server enables to seize control over the user data thereby taking away the privacy factor.
The evolution of Web 3.0 can negate all these shortcomings. This is achieved by decentralization. By doing so Web3 is
- Verifiable
- Trustworthy
- Self-governed
- Doesn’t require anyone’s permission
- Robust
- Has the ability to inculcate native built-in payments.
Web3 doesn’t run through a single database, instead, it makes use of blockchain or stable, secure decentralized tech or combines them to form a crypto-economic protocol.
For achieving a secure decentralized network, developers are rewarded to provide the best possible service to any user that requires the use of the web. By decentralization, unnecessary intermediaries are taken out.
Native Payments in Web3
The current system in existence does not enable operations internationally between the participants in the network. They also require the user to hand over sensitive information and they utilize them for their gains.
Crypto wallets in Web3 enable users to have
· Anonymity
· To secure transactions internationally
Transfer identities across multiple networks
Through this way, they can send and receive payments without any hassle whatsoever.
The added benefit of tying the user’s identity to their wallet gives complete anonymity while also performing all the required transactions. When a user connects their wallet across multiple decentralized applications (Dapp), they can transfer their identities across all the connected apps. Thereby eliminating third-party presence.
Web3 can support all the mainstream blockchains and crypto wallets while also seamlessly connecting to multiple networks.
Conclusion
When Web3 is adopted by the entire population, they can have unrestricted, privacy protected, secure and stable connections internationally without any boundaries. The concept of Metaverse, NFT, and DeFi has all started to make sense to the whole world. Get started on the next generation of the world wide web!
