What is Web3?
Is Web 3.0 the future of the internet or is it all hype? This is the idea of a blockchain-based internet that includes cryptocurrencies, DAOs, NFTs, and decentralized finance. It offers a version of the internet, in which users have control over the web communities they participate in. Some companies face criticism over the environmental impact and financial speculation that comes with Web3 projects. While blockchain is offered as a solution to privacy, and centralization, it has created new versions of many of these problems. Companies need to consider both the risks and rewards before diving in.
What are the Benefits of Web 3?
Web3 is a new and ever-changing tech that may change how we use the Internet. There is a lot of information regarding the subject. Here we will just aim to cover some of the overall benefits and drawbacks.
Powered by blockchain tech, democratizing content creation and eliminating the middleman. Web2.0 relied on tech giants to store, distribute, and benefit from the content. Web3 allows its users to earn tokens for their community participation. These tokens have monetary value and give its users meaningful ownership.
- A Web 3.0 system allows you to control your online presence and personal info. More control over what information is collected and who can access it. This is a secure way to prove whether the information is accurate or not.
Thriving Eco System
This is all due to a DAO (Decentralized Autonomous Organization). DAOs instead operate according to a set of rules created in the code, allowing an unlimited amount of people to participate. Many old-school companies may have to change their operating model to DAOs.
Drawbacks of Web 3.0
What issues may Web 3 face?
Like any new tech, there is ultimately countless issues it may have to face before universal adoption. Here I will mention some of the main concerns surrounding the topic
No Central Authority
This may sound like a contradiction due to it being a benefit as well, ut this does not come without its drawbacks. Due to the nature of how web 3 is set up, it would be extremely chaotic and hard to get things done with no regulation. Scams are among the main concerns and how to deal without a central autoneitry
While this concept of a free to use and develop internet may sound great. Without the infrastructure and support that a lot of these tech giants provide it will be difficult to develop. Not a lot of people are willing to work and provide a service without financial compensation. Personally, our team believes in it and will continue to help develop.
So What is the verdict on web 3?
This is an extremely fascinating and possibly revolutionary idea. We are also very early in its creation, therefor is it hard to say what will happen in the future
NFTs or Non-fungible tokens have risen in popularity drastically this year. Some selling for millions of dollars. The question remains are they valuable or is it all hype? Some say we are in a bubble, similar to the dot-com bubble. While others believe NFTs are here...