Is web3 based on ethereum?

Benefits of Web3 Payments are integrated through the native token, ether (ETH). Ethereum is complete, which means you can program pretty much anything. In web3, developers don't typically build and deploy applications that run on a single server or store their data in a single database (usually hosted and managed by a single cloud provider). Many web infrastructure protocols such as Filecoin, Livepeer, Arweave, and The Graph (which is what I work with at Edge %26 Node) have issued utility tokens that govern how the protocol works.

These tokens also reward participants at many levels of the network. Even native blockchain protocols like Ethereum work this way. Like so many other reflections on the evolution of the Internet, web3 is still simply a thought, or perhaps even vaporware, a name for a highly publicized technology that has not yet materialized. As Signal founder Moxie Marlinspike recently wrote in his own exploration of Web3: “The premise of web1 was that everyone on the Internet would be publishers and consumers of content, as well as publishers and consumers of infrastructure.

Welcome to Web3, the successor to Web2, which is what we are in now, where technology giants have majority control of the market. Anyone who has been in the Web3 ecosystem long enough is aware of the design advantages and disadvantages engineers encountered when trying to adhere to decentralized architectures to the fullest, easy-to-use applications, and scalable infrastructure. The initial version of the Web was based on open source protocols such as TCP, IP, SMTP and, of course, HTTP. Technologists and journalists have described Web3 as a possible solution to concerns about excessive centralization of the web in some Big Tech companies.

Bloomberg has described Web3 as an idea that would incorporate financial assets, in the form of tokens, into the inner workings of almost anything you do online. In a Web3 world, people control their own data and bounce from social media to email to shopping using a single personalized account, creating a public record on the blockchain of all that activity. Ownership of Web3 means that the creators, operators, and users of a platform own a part of what they use. And so, the answer, according to Dryhurst and other Web3 fans, is an iteration of the Internet where new social networks, search engines and markets that do not have company owners emerge.

Web3, short for web 3.0, is a vision of the future of the Internet in which people operate on decentralized, near-anonymous platforms, rather than relying on tech giants such as Google, Facebook and Twitter. The web was once seen as a utopia in which anyone could do anything, but Web3 advocates say it is now dominated by large corporations and proprietary algorithms.

Tim Ludecke
Tim Ludecke

Subtly charming webaholic. Lifelong music maven. Total twitter expert. Professional beer maven. Certified bacon geek. Total internet lover.

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