Thursday, July 25, 2024

What exactly is web3? It’s the latest identity issue in Silicon Valley.

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.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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