What is Web 3 (Web 3.0) & Why Do We Need It: A blog about what web 3.0 is and why we need it.
Web 3.0 is said to be the "next version" of the internet. We could argue about what that version should be, but for most, it's a newer version of the internet, with the web 2.0 where users can create content, and web 3.0 where users become the creators of the web's content and services.
Web 3.0 is the successor to the internet we know and use today. Right now, today's internet is not a complete web. There are many places where it could be improved upon in order for everyone to have access to all the information that resides on it - but right now, there is no way for everyone to have access because at times, only those with a lot of money or power can gain entrance into this community. Web 3 is not just an upgrade in computers; it's an upgrade in the entire internet infrastructure that will allow everyone equal access and keep them safe from those who would try to control their activities and censor them through governments or corporations. Web 3 will not just remove these barriers. It will expand the internet to its full potential and create a completely connected society.
Web 3 is what most people refer to as "The Internet of Value." This is effectively a new internet, one that doesn't share the same architecture as today's internet, but one that allows people to interact with their money and other valuables in new ways. When we talk about Web 3 , we usually also mean "Blockchain", which is basically a way for us (the users) to keep track, monitor and access our valuable possessions electronically; but this is more than just Bitcoin. Blockchains make up web 3, but the web 3 paradigm also includes new ways to use our money and other valuables in a way that benefits us all and not just corporations, governments or organizations.
If you are new to the crypto-sphere, the terminology of "value" might sound strange. Why would I wanna access my value on the internet? Doesn't it sound like I'm rich if I have value? Nope. The truth is that value creation is more important than the ownership of value. If you own your value, you have to pay a lot of taxes and don't typically enjoy full rights to it.
The internet created a way for anyone to create value and make money from it. However, the internet today will only allow those in power to access their value through the monopoly they have over government-sanctioned currencies and user-developed tokens (such as Bitcoin). The current internet is not decentralized enough, because most people do not own their own tokens; i.e., they are unable to control them or use them as they please because they remain under the umbrella of centralized authorities such as banks or governments or other corporations.
We hope you enjoyed this article about Web 3.0. We will be writing more about the Web 3.0 in the future, so be sure to subscribe to our blog to stay up to date about all of our amazing articles on the subject. Thank you for reading, as always, we’re excited to hear your feedback in the comments below!