25/12/2021
What is Web3 and why it’s so interesting ?
There was a lot of chatter about the metaverse at first, but the main concern in Silicon Valley is Web3: it is intended to be a decentralized online environment built on blockchain and governed by users.So What is web3 ?
The Internet is about to enter its third incarnation, and everything will be drastically different this time. The new buzzword is frequently written in lower case as if it were a satirical Twitter comment. The concept: blockchain technology, on which the cryptocurrency Bitcoin is already founded, is intended to pervade the entire Internet and deprive companies and professional investors of authority.
The magic phrase is “decentralization”: the idea is to create an Internet with many small, user-governed units in which everyone can hold shares – tokens. In the future, everyone should be able to buy shares, with ownership rights digitally inscribed on the blockchain, i.e. a decentralized, immutable directory. Anything that reeks of centralization is evil in this world: IT businesses, government agencies, and banks.
Billions of dollars are poured into web3 projects
Despite widespread skepticism among IT professionals, the crypto preacher subculture has entered the mainstream this year. VCs are pouring billions of dollars into crypto companies that promise Web3. Adidas has just announced a partnership with Coinbase, the largest online cryptocurrency exchange. It sold a piece of virtual land for $2.4 million last week. That’s right: land that only exists on the Internet. Fashion brands are supposed to display clothes there as if on a virtual catwalk. What remains unclear, as with many crypto business models, is how this is supposed to differ from a normal website with digital model figures.
Who is behind web3?
Billionaires Elon Musk and Jack Dorsey made light of the phrase “Web3” and criticized the involvement of venture capital firms such as Andreessen Horowitz in what some refer to as the “new internet.”
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