What is Web3 and why it’s so interesting

There was a lot of chatter about the metaverse at first, but the main concern in Silicon Valley is Web3: it is intended to be a decentralized online environment built on blockchain and governed by users.So What is web3 ?

What is Web3 ?

The Internet is about to enter its third incarnation, and everything will be drastically different this time. The new buzzword is frequently written in lower case as if it were a satirical Twitter comment. The concept: blockchain technology, on which the cryptocurrency Bitcoin is already founded, is intended to pervade the entire Internet and deprive companies and professional investors of authority.

The magic phrase is “decentralization”: the idea is to create an Internet with many small, user-governed units in which everyone can hold shares – tokens. In the future, everyone should be able to buy shares, with ownership rights digitally inscribed on the blockchain, i.e. a decentralized, immutable directory. Anything that reeks of centralization is evil in this world: IT businesses, government agencies, and banks.

The fantastic universe of the metaverse

“We can attract more people from Web 2.0 to Web3 and develop the amazing world of the metaverse together,” says Yingzi Yuan, director of new technologies at Ubisoft. The term “metaverse” refers to how Facebook, Microsoft, and the game industry envision a ubiquitous virtual environment into which people can immerse themselves using virtual reality goggles and digital things may be purchased as if in a large virtual shopping mall.

Yuan and Lange fantasize about their master’s avatars and virtual photos on the Internet. With the correct passcode, only they will be able to access their virtual image. As a result, the network will no longer be made up of imposters and copies of copies. Identity and ownership should be possible to show in the actual world, just as it is with registration with local authorities.

Billions of dollars are poured into web3 projects

Despite widespread skepticism among IT professionals, the crypto preacher subculture has entered the mainstream this year. VCs are pouring billions of dollars into crypto companies that promise Web3. Adidas has just announced a partnership with Coinbase, the largest online cryptocurrency exchange. It sold a piece of virtual land for $2.4 million last week. That’s right: land that only exists on the Internet. Fashion brands are supposed to display clothes there as if on a virtual catwalk. What remains unclear, as with many crypto business models, is how this is supposed to differ from a normal website with digital model figures.

Who is behind web3?

Billionaires Elon Musk and Jack Dorsey made light of the phrase “Web3” and criticized the involvement of venture capital firms such as Andreessen Horowitz in what some refer to as the “new internet.”

Venture capital firms such as a16z, founded by Marc Andreessen and Ben Horowitz, have been vocal supporters of blockchain technology, cryptocurrencies, and Web3. Representatives for Andreessen Horowitz declined to comment.

According to its supporters, Web3 implies giving users a stake in internet platforms and applications, whereas in Web2, the current form of the internet, only a few large tech companies, such as Meta and Alphabet, control the platforms.

What will happen with the Internet?

Web3 proponents claim that their proposal will usher in a bold new future that will take control away from large technology platforms and place it in the hands of ordinary citizens: a decentralized Internet in which the power of people trumps the power of corporations.

Of course, not everyone agrees on everything, with some claiming that a distributed architecture and decentralization are possible and preferable without blockchains.

“Building a distributed architecture on a centralized infrastructure does not suddenly decentralize the infrastructure,” Niels Ten Oever argues. Although the web infrastructure is nominally decentralized, much of the internet runs on servers hosted by a few companies, such as Amazon – and the same is true for Web3, he claims, as people run apps hosted by only a few providers.

As with any new enterprise, there are issues that must be addressed, and new ones emerge along the road. As was the case with Web 2.0, some looking to make a fast buck are already claiming the phrase Web3.

“There will always be individuals wanting to make money,” Scaman admitted, “but there are also extremely creative people producing incredible things.”