What is Web3?
Our data is out of our control. Now it’s time to take it back.
What Is Web3?
Web3 or Web 3.0 is the new iteration of the internet that runs on public blockchains, the record-keeping technology best known for facilitating cryptocurrency transactions. Its key characteristics:
- Verifiable
- Self-governing
- Trustless
- Native built-in payments
- Permissionless
- Distributed and robust
- Stateful
The Internet in 2021 is a broken concept. We do not control our data or have a settlement layer which would provide a foundation for the entire ecosystem.
The appeal of Web3 is that it is decentralized, so that instead of users accessing the internet through search engines like Google, the individuals themselves own and control digital real estate.
Web3 does not require “permission,” meaning that central authorities don’t dictate who uses what services. A liberating notion right?
There is also no need for “trust,” — an intermediary does not need to facilitate virtual transactions between two or more parties.
