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Understanding Web 3.0 in Detail
Lately, there’s been a lot of debate around Web3, also referred to as Web 3 or Web 3.0.
Web3 is often regarded as the decentralized Internet of tomorrow — powered by blockchain and cryptocurrency technologies.
Some technologists, investors, and entrepreneurs believe that this new tech buzzword has the ability to bring digital ownership over content and art — also triggering an end to Big Tech companies such as Meta, Amazon, Google, and Microsoft. On the other hand, a few individuals believe that this new paradigm is flawed and can hinder the openness of the Internet.
In any case, the true potential of this technology lies somewhere in the gray area. That being said, let’s dive deeper into this next generation of the Internet, its correlation with cryptocurrency and blockchain technologies, and the controversies surrounding it.
What is Web3?
Web3, or the third iteration of the Internet, refers to a blockchain-based decentralized online ecosystem. Instead of being owned by central developers, the platforms and applications built on Web3 will be owned by users who will receive their equity by helping to develop and maintain these services. Apps that run on Web3 are often referred to as dApps or…
