Web3 Explained
More than a buzzword, Web3 is the next stage of the Internet’s development.
A colloquial term for the next evolution of the Internet, with blockchain technology at its foundation.
Web3 is the next phase of the internet, driven by decentralised technologies like blockchain. Unlike Web2, where data and platforms were controlled by central authorities, Web3 gives users more control over their data and online interactions.
What is Web3?
Whether you know it or not, the world wide web is undergoing a revolution. Powered by emerging technologies such as blockchain, the web is shifting from an environment dominated by a small number of corporate titans to a digital environment where control of almost every aspect of the web – from data to payments – belongs to the users.
- People can interact directly with each other online, without a big company middleman.
- Decentralisation allows ideas like cryptocurrencies to happen.
- Users ultimately have more control in Web3.
- Web 3.0 promises to decentralise the World Wide Web, shifting control of data from powerful hosts to those who created the data in the first place.
- This new paradigm threatens the large companies that have consolidated their power throughout Web2, but provides enormous opportunity to new players willing to embrace decentralisation.
What comes with Web3?
Web3 allows people on the network to interact with each other without going through an intermediary. This lack of permission should open up the ability to participate to more users, while also giving them much greater control over their personal data.
This in turn should limit the practice of data extraction: the collecting of information from web users without their consent or compensation. It should also help to limit the network effects that have enabled the tech giants to become near-monopolies.
Need help getting to grips with blockchain? BSV Association is here.
