What is web3 in simple terms?

Web3 is currently a work in progress and has not yet been exactly defined. However, the main principle is that it will be decentralized, rather than controlled by governments and corporations, as is the case with today's Internet, and, to some extent, connected to the concept of “metaverse”. 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.

What it also does, and what is more important for the context of Web3, is that it doesn't rely on a centralized server to function. The fact that Web3 applications and DApps use smart contracts means that contract logic can dictate the behavior of applications. Web 3.0, better known as Web3, is what society is doubling in the next iteration of the World Wide Web, with a dash of cryptocurrency. Web3 promises to reduce this concern by putting back control of your data and all your created and owned digital assets in its possession.

Moralis includes many different Web3 features to allow you to build applications for a truly decentralized Internet. Web3 is a way for artists and creators to not only own what they produce on a platform, but the platform itself. Just as cryptocurrency has been used to support criminal activity by providing an anonymous payment method that is not in debt to any government or bank, Web3's tokenized system could also help criminals remain untraceable by government or law enforcement authorities. But, like any promise on this scale, Web3 requires a great deal of scrutiny before we can even rely on its basic concepts, let alone its lofty promises.

The specific views of Web3 differ, and Bloomberg has described the term as confusing, but they revolve around the idea of decentralization and often incorporate blockchain technologies, such as various cryptocurrencies and non-fungible tokens (NFTs). Technologists and journalists have described Web3 as a possible solution to concerns about excessive centralization of the web in some Big Tech companies. Proponents of Web3 claim that their vision of the Internet can eliminate big-tech middlemen by completely decentralizing the web in the same way that cryptocurrency tries to take control of global finance from big financial institutions and governments. Some of the earliest NFT markets quickly realized that their position is simply to act as a market, but to create greater alignment between creators, users, and the platform itself.

However, this will drastically limit the production of new ether coins and might not be directly applicable to Web3 requirements, since it is essentially created from scratch. Dorsey is an avid supporter of Bitcoin, but he simply cannot support non-Bitcoin crypto projects like Web3.

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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