What is the point of web3?

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. Some visions are based on the concept of decentralized autonomous organizations (DAOs). Web2 refers to the version of the Internet that most of us know today. An Internet dominated by companies that provide services in exchange for your personal data.

Web3, in the context of Ethereum, refers to decentralized applications running on the blockchain. These are applications that allow anyone to participate without monetizing their personal data. At the most basic level, Web3 refers to a decentralized online ecosystem based on the blockchain. The platforms and applications created in Web3 will not be owned by a central gatekeeper, but by users, who will gain their ownership share by helping to develop and maintain those services.

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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