What Is Web3 About?
The term Web3 only became popular last year due to hype from blockchain enthusiasts and technology investors.
Web3 is a concept for the next iteration of the internet based on decentralised blockchain technology. We are talking about the very same technology that is used by cryptocurrencies such as Bitcoin, where data is managed by all of the computer systems that run on the blockchain rather than a centralised server or authority.
Web3’s underlying technologies may enable internet users to earn money, assets, or obtain ownership in exchange for creating content or otherwise contributing to the web. Users who contribute to Web3 may be rewarded with digital currencies, data, or digital assets such as art. They could also be rewarded with the governance and ownership of these digital networks.
Web3 has enormous potential. The tools have the potential to create incredible communities and community dynamics, and these microcosms of innovation and experimentation have the potential to change economies, the way labour and employment work, as well as access, participation, and digital inclusion.