What is Web 3.0?
You’re familiar with the internet (we’re on it right now).
Well, a new and better internet is here. It’s called Web 3.0 or simply, Web3.
Web3 is a new model for the internet centered around giving you (the user) more ownership, access, and agency. Millions of people are already engaging with Web3 to unlock new opportunities that simply weren't possible before.
That's because Web2, the Internet we know and love, is centralized. A handful of giant players own and control the platforms that we use every day to do our most fundamental tasks––the ways we communicate, manage our finances, work, and get around. The incredible reach of these platforms means that the organizations that own them also essentially own much of the internet. They make fortunes collecting data from their users and selling it to advertisers.
That’s why we say Web2 is “centralized” because all this power belongs to just a few large entities. Web3, however, is decentralized, meaning the products and services are owned and governed by those who use them instead of centralized organizations. Web3's model focuses on giving power back to individual people, making it communal rather than corporate.
This dynamic incentivizes and empowers people to come together in new ways, engage with the latest opportunities, and better use their resources. As a result, Web3 hosts immense innovation and creativity.
Web3 accomplishes all this through blockchain technology. The node-based networks behind blockchains provide the foundational infrastructure that developers use to build Web3 tools and services. But these developers aren’t just improving upon Web2 apps and services, they’re also inventing entirely new ones that will (and already are) revolutionizing how we go about daily life.
People use cryptocurrencies to explore these exciting Web3 applications. Cryptocurrency is the key that unlocks this new paradigm of digital services.
Web3 is what we call the new digital environment––or the new era of the internet, if you prefer––made possible by blockchain technology.