Web3 is the Internet's next evolution after a decentralized Web2: like the hype cycle of Web2, at some point, reality will come crashing in. Web2 introduced us to dynamic content, social connections, and interactivity, but we have paid with the costs of the power being increasingly centralized by multinational technology companies, with all sorts of data privacy, censorship, and monopoly issues.
This transitioning stage of Web3 is concerned with its promises and products such as blockchain technology, decentralization, and smart contracts. It differs completely because it owns, controls, and monetizes individual data over so many WebUser-personalized messages controlled by the platforms. It is fundamentally decentralized, interoperable, transparent and facilitates peer-to-peer transactions without intermediaries.
Features of Web3 include various properties such as cryptocurrency in some forms to facilitate value exchange, decentralized applications (dApps), and decentralized autonomous organizations (DAOs), among others, which drive the transformation from corporate centrism to that of individuals. Things like a non-fungible token would make the concept of owning digital things part of it, and decentralized finance (DeFi) democratizes financial services' access.
Internally, these reforms open the doors toward a more open and distributed internet, while externally, they usher in problems - especially those regarding scalability, regulation, and barriers to entry. As the journey of Web3 evolves, it gives way to an internet environment that gives treasure not to commercial institutions but to people for driving the new age digitally, by all means, needed.
~ Regards,
VEIGO (Community Mod)