How does Web3 relate

Web3 is an idea for a new iteration of the Internet, powered by decentralized technologies and token-based economics. While it hasn’t yet made a big splash, Web3 could be the foundation for future digital experiences that are more secure and user-friendly than today’s.

It would combine old-school web tools with artificial intelligence and blockchain technologies, enabling computers and people to understand information both conceptually and contextually. It could also enable users to own and monetize their data on the blockchain. The cornerstones of Web3 are semantic web technology and blockchain.

Many self-described Web3 champions envision restructuring the Internet from corporate-owned to user-controlled networks using blockchain technology. However, the reality is much more complicated. Despite the best efforts of some Web3 proponents, most dapps (decentralized applications) are more centralized than their advocates make them out to be. Their user experiences are also often clunky compared to established internet giants that have had decades to fine-tune their products.

How does Web3 relate to the broader concept of a decentralized internet?

While some dapps are user-controlled, the vast majority are controlled by developers and venture capital funds. As a result, these platforms can sometimes promote questionable content or allow unauthorized material to slip through the cracks.

In contrast, Web3 uses a blockchain to allow individuals to own and monetize their own data in a transparent way. It can also offer censorship resistance, which is important in the wake of regulations like GDPR that give individuals the right to have their personal data erased. Blockchain technology offers immutability, so it’s nearly impossible for data to be taken down or edited once it has been posted on a platform.

Several blockchain-based networks have been launched to power Web3. They use cryptocurrency tokens to incentivize users and to govern the network. Some of these have gained traction, including social media network MetaMask, decentralized video platform KodakONE, and crypto gaming communities such as NBA Top Shot and Dapper Labs.

Another popular project is Ethereum, a blockchain-based platform that is both a cryptocurrency and a programming language. This open source platform has a number of uses and is a key component of the Web3 ecosystem.

For entrepreneurs, learning more about the technologies behind Web3 can help them determine whether this is a space they want to invest in. If they are intrigued by the potential of this technology, it might be worth exploring careers in Web development, blockchain, and cryptocurrency. Coding bootcamps, online courses, and universities all offer ways to learn these skills. These educational opportunities can help entrepreneurs develop the necessary technical expertise to create new applications that will shape the future of the Web3.