Web3, a website made by and for creators and users

August 19, 2022
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Every day we come across new terms and digital trends, so many that we lose count, but we must not get lost in one that is gaining strength, the Web3.

According to the New York Times article, What is Web3?: “Web3 is the name that some technologists have given to the idea of a new type of internet service built using decentralized blockchains, i.e., shared ledger systems that use cryptocurrencies like Bitcoin and Ethereum.”

If we want to understand how Web3 works, perhaps the first thing to do is differentiate it from Web 1.0 and Web 2.0.

Version 1.0 was the read-only web used to host static pages on the internet. It was a great time for forums, blogs, and news. People messed around and passively consumed information.

The version 2.0, which we still use today, understands reading and writing, which allows users to interact with services and feed them information, a great example could be Wikipedia. Social Networks have been the main protagonists of this stage, which has been characterized by having content creator users, tending to more active participation in the generation of information.

The Web3 is the evolution, in which users produce content and get an asset for it. The information has value, and the person is digitally rewarded for their time and data.

In short, we could say that the difference lies in:

Web3 development is a very interesting topic for programmers, systems engineers, computing, web designers, apps, and all those related to the world of technology and economics; since it will definitely generate a change in the way we relate and live.

This TEDxCERN video takes a journey through history to better explain the history of the web and better understand the impact of what is happening: Web3, Blockchain, Cryptocurrency: Threat or Opportunity?

What advantages are given to Web3?

Decentralized social networks
“Play to earn” video games that reward players with crypto tokens
NFT platforms that allow buying and selling fragments of digital culture.
A new digital economy without intermediaries.
Identity and privacy will be handled differently. Since the identity will be linked to the user’s digital wallet.
And another very important point for content creators and digital influencers, on Web3 everyone owns the assets (their communities), giving them the freedom to take their audience wherever they want, which currently cannot be done on networks like Instagram, YouTube, or Twitter.

Disadvantages or Negative Points:

The tokens used in Web3 are currently in a regulatory gray area in the United States.

According to the quoted article from the New York Times, “Some critics believe that Web3 is little more than an effort to rebrand everything related to cryptocurrencies, with the aim of shedding some of the industry’s cultural and political baggage and convincing the people that blockchain is the natural next phase of computing.

Others believe that it is a dystopian vision of a “pay-to-play” internet, in which every activity and social interaction becomes a financial instrument to be bought or sold.

If you are looking to better understand this trend and create your own opinion; In addition to learning and earning cryptocurrencies using the best web3 applications, Rabbit Hole can be a very interesting site for you.