What is Web3? The next internet revolution

What is Web3? The next internet revolution

What is Web3? The next internet revolution

Web3 is the next iteration of the internet: permissionless, accessible to everyone, censorship resistant and owned by its users.

The implications here are massive and in this article we’ll give some examples to better illuminate the potential of web3, the next internet revolution.

    What is Web3?

    There are 2 key foundational changes to the internet that Web3 enables:

    1. Digital Ownership:

    The ability to own something digital without the need for a custodian or trusted 3rd party. We understand this already in terms of money with Bitcoin, but thanks to smart contracts this is possible with just about anything on or off the blockchain (ie. identity, equity, certificates, etc.)

    2. Interoperability of you & your digital goods across the internet:

    Interoperability in Web3 means your crypto/web3 wallet becomes your 1 secure account/profile for the internet.

    It moves in and out of applications along with what’s in it. This means no more 100s of accounts and passwords and no friction to move from one platform to another.

    Example: If we buy a shirt in a store in the real world, we don’t have to leave it in that store when we exit. In Web2 however, if we buy something in a game or on Facebook, it stays only in that game or on Facebook. In web3 we can take it to the next location, just like in the physical world.

    But wait, it gets better… Where Web3 takes even the real world experience to a new level is through programmability. We can program anything based on the digital assets/activity from your wallet. Meaning, we can create specific digital experiences, provide access, show specific content, etc. seamlessly based on the user's wallet.

    Web3 is equalizing the playing field.

    Web 3.0 is all being built using decentralized & censorship resistant platforms & apps. Meaning, whatever is programmed into the app, happens. In the next internet revolution, your race, location, beliefs, values, do not matter.

    Need banking services because banks turned you down for living in a poor neighborhood? Web3 fixes this.

    Need funding for an idea across the world but can't because the country you live in has blocked cross border payments? Web3 fixes this.

    Want to share your beliefs on social media without being banned? Web3 fixes this.

    Want to sell your music, a short film or a book but aren’t connected with the big corporate publishers? Web3 fixes this

    Why do we need NFTs and Tokens in Web3?

    Tokens (fungible & non-fungible) act as tools in Web3 that serve many purposes for communities, developers, creators & businesses. Let's break them down first before discussing their purpose:

    Fungible Tokens - Units of account that can be used as currency, equity, governance, reward systems, etc.

    NFTs - A non-fungible token that represents ownership of anything on or off the blockchain. Art, certificates, event tickets, domains, awards, keys, real estate, prescriptions, identity, data. etc.

    These Web3 tools (tokens/NFTs) are a means for creators, communities and entrepreneurs to establish:

    - funding
    - capital distribution
    - governance
    - access
    - IP
    - structure and organization
    - incentives
    - branding

    Web 2.0 vs Web3

    Yes, we can do much of this in the traditional world (Web2). So why is this better in Web3?

    Web3 tools make all of this 100x better because they can be created without permission, with 0 intermediaries, in seconds, and be available on global liquid markets immediately. This is a massive unlock for innovation and capital flow around the world.

    Think about the costs, time and sweat it takes to start a company in the USA, open a bank account, acquire funding globally (oftentimes this isn’t even possible), file your patents/trademarks and hire an international team. We can literally do ALL of this in less than 10 mins with Web3 tools like NFTs and Tokens.

    Remember, Tokens and NFTs are also programmable

    Not only do these tokens have all the capabilities mentioned above, they can also have the utility of replacing most marketing "tools" businesses use.

    What this means is that a token can be a form of equity AND your access into a discord community or a ticket to an in-real-life event. It means that tokens can be a form of governance (think voting) in addition to an appreciating asset that ALSO shows you premium content on Netflix or your favorite blog.

    Web3 is not yet in its full form. It's not completely decentralized or censorship resistant (yet). It's not seamless and interoperable (yet). We don't know the best token structures (yet).  

    Web3 will take time to develop and prove itself. That said, it makes sense to understand and support this technology rather than be against it.

    The utility and opportunities that Web3 provides for every person on the planet are endless. In my opinion it will change the world just as much or more as the internet itself did. Web3 is not an “if”, but a “when”.

    The next internet revolution is inevitable.

    This article is the 1st in our series exploring the future of Web3.
    Part 2: How Web3 is transforming business models as we know them

    If you want to learn more about what Web3 is, or if you’re a creator, entrepreneur or marketer looking to use Web3, check out this free report written by Web3 Academy.

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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