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The new buzzword is frequently written in lower case as if it were a)] TJ ET BT 35.000 350.850 Td /F4 12.0 Tf [(satirical Twitter comment. The concept: blockchain technology, on which the)] TJ ET BT 35.000 332.412 Td /F4 12.0 Tf [(cryptocurrency )] TJ ET 0.000 0.000 0.800 rg BT 129.884 332.412 Td /F4 12.0 Tf [(Bitcoin)] TJ ET 0.000 0.000 0.800 RG 0.528 w 0 J [ ] 0 d 129.884 329.996 m 171.044 329.996 l S 0.000 0.000 0.000 rg BT 171.044 332.412 Td /F4 12.0 Tf [( is already founded, is intended to pervade the entire Internet and)] TJ ET BT 35.000 313.975 Td /F4 12.0 Tf [(deprive companies and professional investors of authority.)] TJ ET BT 35.000 283.537 Td /F4 12.0 Tf [(The magic phrase is decentralization : the idea is to create an Internet with many small,)] TJ ET BT 35.000 265.099 Td /F4 12.0 Tf [(user-governed units in which everyone can hold shares  tokens. 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As a result,)] TJ ET BT 35.000 671.389 Td /F4 12.0 Tf [(the network will no longer be made up of imposters and copies of copies. Identity and)] TJ ET BT 35.000 652.951 Td /F4 12.0 Tf [(ownership should be possible to show in the actual world, just as it is with registration)] TJ ET BT 35.000 634.513 Td /F4 12.0 Tf [(with local authorities.)] TJ ET BT 35.000 593.760 Td /F5 18.0 Tf [(Billionsof dollars are poured into web3 projects)] TJ ET BT 35.000 558.539 Td /F4 12.0 Tf [(Despite widespread skepticism among IT professionals, the crypto preacher subculture)] TJ ET BT 35.000 540.101 Td /F4 12.0 Tf [(has entered the mainstream this year. VCs are pouring billions of dollars into crypto)] TJ ET BT 35.000 521.663 Td /F4 12.0 Tf [(companies that promise Web3. Adidas has just announced a partnership with Coinbase,)] TJ ET BT 35.000 503.226 Td /F4 12.0 Tf [(the largest online cryptocurrency exchange. It sold a piece of virtual land for $2.4 million)] TJ ET BT 35.000 484.788 Td /F4 12.0 Tf [(last week. That s right: land that only exists on the Internet. Fashion brands are supposed)] TJ ET BT 35.000 466.350 Td /F4 12.0 Tf [(to display clothes there as if on a virtual catwalk. What remains unclear, as with many)] TJ ET BT 35.000 447.912 Td /F4 12.0 Tf [(crypto business models, is how this is supposed to differ from a normal website with)] TJ ET BT 35.000 429.475 Td /F4 12.0 Tf [(digital model figures.)] TJ ET BT 35.000 388.722 Td /F5 18.0 Tf [(Who is behind web3?)] TJ ET BT 35.000 353.500 Td /F4 12.0 Tf [(Billionaires Elon Musk and Jack Dorsey made light of the phrase Web3  and criticized the)] TJ ET BT 35.000 335.062 Td /F4 12.0 Tf [(involvement of venture capital firms such as Andreessen Horowitz in what some refer to)] TJ ET BT 35.000 316.625 Td /F4 12.0 Tf [(as the new internet. )] TJ ET BT 95.000 262.187 Td /F4 12.0 Tf [(Has anyone seen web3? I can t find it.)] TJ ET BT 95.000 231.749 Td /F4 12.0 Tf [(  Elon Musk \(@elonmusk\) )] TJ ET 0.000 0.000 0.800 rg BT 258.824 231.749 Td /F4 12.0 Tf [(December 21, 2021)] TJ ET 0.000 0.000 0.800 RG 0.528 w 0 J [ ] 0 d 258.824 229.332 m 378.284 229.332 l S 0.000 0.000 0.000 rg BT 35.000 189.311 Td /F4 12.0 Tf [(Venture capital firms such as )] TJ ET 0.000 0.000 0.800 rg BT 214.316 189.311 Td /F4 12.0 Tf [(a16z)] TJ ET 0.528 w 0 J [ ] 0 d 214.316 186.895 m 243.236 186.895 l S 0.000 0.000 0.000 rg BT 243.236 189.311 Td /F4 12.0 Tf [(, founded by Marc Andreessen and Ben Horowitz, have)] TJ ET BT 35.000 170.874 Td /F4 12.0 Tf [(been vocal supporters of blockchain technology, cryptocurrencies, and Web3.)] TJ ET BT 35.000 152.436 Td /F4 12.0 Tf [(Representatives for Andreessen Horowitz declined to comment.)] TJ ET BT 35.000 121.998 Td /F4 12.0 Tf [(According to its supporters, Web3 implies giving users a stake in internet platforms and)] TJ ET BT 35.000 103.560 Td /F4 12.0 Tf [(applications, whereas in Web2, the current form of the internet, only a few large tech)] TJ ET 0.502 0.502 0.502 rg 0.502 0.502 0.502 RG 35.000 781.220 m 585.280 781.220 l 585.280 782.720 l 35.000 782.720 l f 0.000 0.000 0.000 rg BT 516.500 816.122 Td /F3 10.0 Tf [(SANDBOXLY)] TJ ET BT 512.590 803.912 Td /F2 10.0 Tf [(sandboxly.com)] TJ ET 0.502 0.502 0.502 rg 35.000 52.000 m 585.280 52.000 l 585.280 50.500 l 35.000 50.500 l f 0.000 0.000 0.000 rg BT 44.000 31.732 Td /F2 10.0 Tf [(Page 2)] TJ ET q 44.000 17.080 532.280 12.210 re W n 0.000 0.000 0.000 rg BT 276.795 19.522 Td /F2 10.0 Tf [(sandboxly.com)] TJ ET Q endstream endobj 28 0 obj [26 0 R /Fit] endobj 29 0 obj [26 0 R /Fit] endobj 30 0 obj << /Type /Annot /Subtype /Link /A 31 0 R /Border [0 0 0] /H /I /Rect [ 258.8240 230.3523 378.2840 245.7171 ] >> endobj 31 0 obj << /Type /Action /S /URI /URI (https://twitter.com/elonmusk/status/1473165434518224896?ref_src=twsrc^tfw) >> endobj 32 0 obj << /Type /Annot /Subtype /Link /A 33 0 R /Border [0 0 0] /H /I /Rect [ 214.3160 187.9145 243.2360 203.2793 ] >> endobj 33 0 obj << /Type /Action /S /URI /URI (https://a16z.com/) >> endobj 34 0 obj << /Type /Page /MediaBox [0.000 0.000 595.280 841.890] /Parent 3 0 R /Annots [ 41 0 R ] /Contents 35 0 R >> endobj 35 0 obj << /Length 5060 >> stream0.528 w 0 J [ ] 0 d 0.000 0.000 0.000 rg BT 35.000 757.140 Td /F4 12.0 Tf [(companies, such as Meta and Alphabet, control the platforms.)] TJ ET BT 95.000 702.702 Td /F4 12.0 Tf [(You don t own web3. )] TJ ET BT 95.000 669.864 Td /F4 12.0 Tf [(The VCs and their LPs do. 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It s)] TJ ET BT 95.000 651.427 Td /F4 12.0 Tf [(ultimately a centralized entity with a different label. )] TJ ET BT 95.000 618.589 Td /F4 12.0 Tf [(Know what you re getting into &)] TJ ET BT 95.000 588.151 Td /F4 12.0 Tf [(  jack& \(@jack\) )] TJ ET 0.000 0.000 0.800 rg BT 196.712 588.151 Td /F4 12.0 Tf [(December 21, 2021)] TJ ET 0.000 0.000 0.800 RG 0.528 w 0 J [ ] 0 d 196.712 585.734 m 316.172 585.734 l S 0.000 0.000 0.000 rg BT 35.000 535.398 Td /F5 18.0 Tf [(What will happen with the Internet?)] TJ ET BT 35.000 500.177 Td /F4 12.0 Tf [(Web3 proponents claim that their proposal will usher in a bold new future that will take)] TJ ET BT 35.000 481.739 Td /F4 12.0 Tf [(control away from large technology platforms and place it in the hands of ordinary)] TJ ET BT 35.000 463.301 Td /F4 12.0 Tf [(citizens: a decentralized Internet in which the power of people trumps the power of)] TJ ET BT 35.000 444.863 Td /F4 12.0 Tf [(corporations.)] TJ ET BT 35.000 414.426 Td /F4 12.0 Tf [(Of course, not everyone agrees on everything, with some claiming that a distributed)] TJ ET BT 35.000 395.988 Td /F4 12.0 Tf [(architecture and decentralization are possible and preferable without blockchains.)] TJ ET BT 35.000 365.550 Td /F4 12.0 Tf [( Building a distributed architecture on a centralized infrastructure does not suddenly)] TJ ET BT 35.000 347.112 Td /F4 12.0 Tf [(decentralize the infrastructure,  Niels Ten)] TJ ET BT 291.512 347.112 Td /F7 12.0 Tf [(Oever)] TJ ET BT 327.752 347.112 Td /F4 12.0 Tf [( argues. 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What is Web3 and why it’s so interesting

What Is Web3
What Is Web3

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.”

Web3 Pros

  • Allows you to control your data
  • Essentially decentralized
  • Monetizable in a transparent way
  • Essentially unbreakable
  • Consortium of different technologies merged through blockchain
  • More efficient web browsing
  • Search results that are more appropriate and accurate
  • Simpler to share knowledge

Web3 Cons

  • Less advanced gadgets will not be able to deal with Web 3.0
  • Web 1.0 sites will appear significantly more out of date
  • It can be extremely perplexing for newcomers to comprehend
  • Technology isn't quite ready for it yet
  • It is simple to obtain a user's public/private information
  • People will spend more time on the internet
  • Policies concerning privacy are required
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