In recent times everyone's feed is flooded with the term decentralization of the Internet. But in case you are hearing it for the first time and quite confused then let’s clarify this by explaining Web3.
Integrates the physical environment with the digital, where the real world is overlaid with digital surfaces and objects. In which users with wearable hardware can interact with computer-generated environments, objects, and other users’ avatars for an immersive experience.
Gives digital artists and creators the chance to make money by building and managing their own communities that consume content and buy products. Earlier, in Web2, if users generate massive ad revenue, a chunk of it will be shared by the platform itself. But now Web3 delivers the prospect for financial incentives, art and culture where everyone will be more fairly rewarded based upon their creative’s value in the economy.
Decentralized finance (DeFi), are deployed by smart contracts and cover the entire range of traditional finance, but without banks or market makers.
For example, consider a company like PayPal that helps you trade currencies, take out a loan, or send payments. In each case, you’re relying on a bank or broker or some centralized authority to intermediate these services. with publicly verifiable transparency DeFi helps coordinate between peers.
Wallets have undergone a new makeover with the arrival of web3 as this method for each participant in a network to hold and transfer value in a digitally native format without the need for intermediaries and time-consuming wait time for payouts.web2-vs-web3
From just reading the information on the Web to now owning the information with all the privacy and security constraints away, Web3 improves the distribution of media content. Many industries have started implementing web 3.0 in order to modernize their internal infrastructure, build customer trust and adhere to increasingly stringent data privacy regulations.
To explore more on Web3 technologies and implement innovative solutions related to digital assets, NFTs and the metaverse or to start building the next generation of the internet, Reach us today!