What is Web3?

In the year 2008, a group of anonymous technologists, philosophers, and visionaries started a revolution for a more open Internet.

Amidst the global financial crisis, they set out to build a new digital economic system of their own that utilized peer-to-peer networks that no single person or entity controlled, yet anyone could use.

Little did they know this novel payment project would be worth trillions of dollars in merely a decade, rival gold as an asset, and explode into many different use cases that today we call Web3.

Web3 is an umbrella term for the vision of a better internet; an internet with an added identity, money, and social layer. An internet built upon open protocols that value transparency and innovation. An internet that siphons power away from big corporations, and instead places you at the helm of your data.

Web3 takes away the need for intermediaries or third parties and gives you direct ownership over your digital identity and assets in a way like never before. It is the shift from an internet of information, to an internet of value.

Let’s face it, we all love the internet. It keeps us connected with people from all over the world, enables us to learn almost anything in an efficient way, and has a never ending supply of funny cat videos. No really, we don’t want any of that to go away. We do think that the relationship between platform and user must change to serve us better. To serve you better.

And that’s what this is about. We’re in the early stages of Web3 where programmable networks like Ethereum allow innovation and creativity to rapidly sprout.

Web3 themes include:

01 Digital payments through cryptocurrency.

02 Direct ownership over your identity, content, and assets.

03 Digital freedom from intermediaries like banks and big tech.

04 Open, transparent applications built on public blockchains.

05 Distribution of power and agency to everyday people building, maintaining, and governing online platforms.

06 The ability to build on top of other applications to make the whole ecosystem more valuable, like stacking lego blocks.

In Web2 (mainstream internet today), if you want to move to a new platform, you can’t bring your history with you in a way that retains its legitimacy.

You have to start all over since the platform owns your data and profits from it. Whereas with Web3, you can choose to take your data and money to another platform whenever you want as you aren’t anchored down. The database and platform become the equivalent of a global utility, accessible and open to anyone for any purpose.

In this new web, regular websites or applications are referred to as dapps (decentralized apps), typically with a “Connect Wallet” button that acts as a sign-in. These are usually open and free for all to use, regardless of where you are located or what industry you hail from.

So the question becomes, “What do you care about?”Art

Creators can interact directly with their fans, bake fair compensation into their digitized artwork, and earn more without giving big tech a cut.

Finance

Web3 gives millions of unbanked people easy, free financial access.

Identity

You control your identity online and reveal parts of that identity only when you decide to.

Ownership

Web3 technology enables provably scarce digital items, whether that be digital trading cards, tickets to an event, in-game items, digital music, or art.

Community

Online social clubs provide perks to members, online residency programs, and are even used to collectively bid on rare items.

There’s a place for you somewhere. And if you don’t manage to find it, you can create one yourself. The movement behind Web3 represents a fundamental change in our world, freeing information and identity from borders, censorship, and single-source control.