People in Silicon Valley can be heard talking about Web3. Fast becoming popular, the truth about Web3 is that it doesn’t even exist yet. Despite this, names in the technology industry have been arguing about Web3 in Silicon Valley.
Last year, investors provided nearly $30 billion to startups based on Web3. Engineers have also been leaving their comfortable jobs to get a head start when it comes to Web3.
What Web3 Is
Web3 is the new frontier when it comes to the internet. It stands for Web 3.0. The idea is that Web 1.0 was when the world wide web was first introduced. Web 2.0 came with the success of businesses like Google and Facebook and how they transformed the webspace.
Web3 is usually treated as an umbrella term, encompassing everything that the future of the internet could be. The present vision of the future is one where ownership is widely distributed among users. This idea is based on digital ledgers that are transparent, also known as blockchains. Blockchain is the technology behind cryptocurrency.
The Need for Web3
At present, technologists are of the opinion that a lot of power is controlled by a handful of CEOs in the tech industry. This is not a situation anyone except direct stakeholders are pleased about.
Blockchain technology, as well as cryptocurrencies, provide optimism to those who are hopeful about web3. This is as cryptocurrencies like Bitcoin, Ethereum and others showcase what an online service where no one is in charge, based on the blockchain system, can find success.