Since the beginning of the Internet, many advances have contributed to improving the overall quality of this innovation. There was a time when Internet users did not participate in the interactions that took place on the Internet.

We currently live in a time where users can interact with each other on the Internet, but they have no control over it.

Blockchain and cryptocurrency technology will form the basis of Web3, an improved version of the Internet that will return control to its users. The core principles of Web3 will be based on these technologies. Here are the basics of Web3, including the technologies it’s built on and why all Internet users should care about it.

What is Web3

Definition of Web3

Gavin Wood, one of the co-founders of Ethereum, came up with the term Web3 to refer to an updated and improved version of the Internet. The main goal of the Web3 initiative is to return control of the Internet to its users instead of private companies.

To achieve this goal, Web 3 uses blockchain technology and cryptocurrencies to produce a type of property. The best way to explain the difference Web3 will make is to look at the past and present eras of the Internet.

Web1 only allowed users to browse the content; They could not contribute or communicate with each other. In Web2, which is what we currently use, users can talk to each other and contribute to the Internet through reading and writing.

With Web3, a read-write-own type of Internet, users can read, communicate with each other, and feel like they own a part of the Internet.

Blockchain and the Web3

Blockchain is a key technology for the development of Web3, the next evolution of the Internet. The decentralized nature of blockchain enables the creation of a new type of Internet that is more secure, transparent and decentralized. The foundation of Web3 is user control, privacy, and decentralization—all made possible by blockchain technology.

In Web3, blockchain is used to create decentralized applications (dApps) that run on a distributed network of computers. These dApps work independently of any central authority and provide secure and transparent services to users.

Blockchain technology also makes it possible to create decentralized financial systems where users can transact directly with each other, borrow and lend funds, trade assets, and earn interest.

Additionally, blockchain technology can facilitate more efficient and transparent supply chain management, enable digital ownership and intellectual property rights, and provide greater control over personal data and privacy. Web3 is not only about technological advances, but also about creating new, more open and equitable economic and social structures.

Metaverse and Web3

The metaverse is a virtual universe created through the convergence of multiple virtual and augmented reality environments. It is an immersive and interactive world where users can create and explore content, interact with others and participate in various activities. The metaverse is a fundamental concept of Web3, which aims to create a more decentralized and user-centered internet.

Web3 and the metaverse share many features, such as user control, privacy, and decentralization. The metaverse can be considered an extension of Web3, where users can interact with decentralized applications and services in a virtual environment.

The use of blockchain technology is also essential in the metaverse as it provides a secure and transparent way to manage virtual assets and transactions.

Our interactions with one another and the environment around us could undergo a radical change thanks to the metaverse. It can enable new forms of entertainment, education and social interaction and create new economic and social opportunities.

As Web3 continues to evolve, we expect the metaverse to become an integral part of the decentralized Internet, offering new possibilities for innovation and creativity.

Why is Web3 important?

Web3 represents a new way of using the Internet, more secure, transparent and decentralized. Unlike Web2, dominated by large centralized platforms, Web3 is based on the principles of decentralization, privacy and user control.

Web3 is important because it gives power back to users. With Web3, users can have more control over their data and privacy and access decentralized applications and services that work without intermediaries. Web3 also allows for the creation of new, more equitable and community-led economic and social structures.

Additionally, Web3 has the potential to foster innovation and creativity by providing a more open and accessible platform for developers and entrepreneurs.

With the rise of decentralized finance, for example, Web3 can disrupt traditional financial systems and offer citizens around the world more opportunities to participate in the global economy.

What can you do on Web3?

It’s still in its early stages of development, but here are some possible use cases for Web3:

Decentralized applications (dApps)

Web3 allows the development of decentralized applications that run on blockchain networks. These dApps can provide secure, tamper-proof and transparent services to users without depending on a central authority.

Decentralized Finance (DeFi)

Web3 can facilitate the development of decentralized financial systems that operate without intermediaries such as banks. DeFi platforms allow users to transact directly with each other, borrow and lend funds, trade assets, and earn interest.

Identity and privacy

More control over user data and privacy may result from it. With decentralized identity systems, users can grant or revoke access as necessary and manage their identities, data, and permissions.

Digital and intellectual property

It can offer an approach to managing digital assets and intellectual property that is more transparent and safe. With blockchain-based systems, users can prove ownership of their digital assets, prevent unauthorized use, and receive fair compensation for their work.

Social networks

Web3 can enable the development of decentralized social networks that prioritize user privacy and control. These networks can be designed to avoid data collection, surveillance and censorship.

Supply chain management

Web3 can facilitate more efficient and transparent supply chain management by using blockchain technology to track products from production to distribution. This can help prevent fraud, reduce waste and improve sustainability.