The internet is a global network of connected computers and computer networks. It allows users to access and share information, communicate with one another, and access a wide range of online resources and services. The internet has revolutionized how people communicate and access information and has profoundly impacted many aspects of our daily lives. However, Web3 aims to improve on the current iteration of the web. Let's look at the potential benefits. What Is Web3? known as the decentralized web. Web3 is the third iteration of web technology The combination of several technologies, including blockchain and cryptocurrency, enables users to interact with decentralized applications (dapps) and smart contracts more securely and transparently. In addition, web3 allows users to take control of their data and digital assets rather than relying on centralized intermediaries such as banks or tech giants. So, Web3 makes it possible to build a wide range of new applications and services that are impossible with the traditional web. The traditional web, also known as web 2.0, is based on a centralized model, where many large companies control the flow of information and digital assets. Due to this, users must trust these companies to protect their data and assets and provide fair and transparent access to services. In contrast, web3 is based on a decentralized model, where users interact directly with each other and with smart contracts on a blockchain. This means that users have more control over their data and assets and can access a wider range of services without relying on centralized intermediaries. Additionally, web3 technologies such as blockchain and smart contracts enable new types of applications and services that are impossible with the traditional web. For example, web3 enables the creation of decentralized finance (DeFi) applications, allowing users to access financial services directly without banks or other intermediaries. It also enables the creation of decentralized marketplaces, where users can buy and sell goods and services directly without intermediaries such as eBay or Amazon. How Web3 Can Change the Internet Web3 can potentially change the way the internet works by making it more decentralized, transparent, and secure. One of the key ways in which web3 will change the internet is by giving users more control over their data and digital assets. With web3 technologies such as blockchain and smart contracts, users can own and manage their data instead of relying on centralized intermediaries to do it for them. Users will also be able to control who has accessed their data and how it is used, making it more difficult for data to be stolen or misused. Another way web3 will change the internet is by building a wide range of new applications and services that are not possible with the traditional web. For example, web3 enables the creation of decentralized finance (DeFi) applications, allowing users to access financial services directly without banks or other intermediaries. It also enables the creation of decentralized marketplaces, where users can buy and sell goods and services directly without intermediaries such as eBay or Amazon. As a result, web3 can make the internet more open, fair, and secure and enable the creation of a wide range of new applications and services. The Metaverse and Raising Capital in the Web3 Economy Peer is one example of an innovative Web3 platform. is a technology company focused on consumer electronics, software, and services for the augmented reality metaverse. Peer is the first vertically integrated blockchain stack with L1-L4 built from the ground up for a holistic blockchain ecosystem designed to build the metaverse. Its L1 is a patented, multi-blockchain proof of activity implementation. The Layer 1 protocol is expected to reach speeds of millions of transactions per second to support its novel metaverse ecosystem in the near future. Peer Inc. In the future, Peer will enable users to scroll horizontally for time and vertically for space. Essentially, it will have X and Y coordinates. Users will be able to go to a specific point in time and place and post something there. They will always be able to return to it. The platform will write to the blockchain every 24hrs. If changes are made, it will log it, so users have a verifiable cryptographic record of changes. A single source of truth for the world. The platform is developing an Initial Coin Exchange (ICX) to provide a more efficient way for projects to raise capital. The ICX presents an improved initial Coin Offering (ICO) format. In addition, ICX adds substantial vetting and stage requirements to enable investors to identify quality projects. The platform also enables blockchain-based companies to access capital markets and fund the development and growth of their platforms and protocols. The ICX process allows companies with established products to raise money while working to protect against lower quality or riskier early-stage token offerings through a vetting process, a substantial innovation in capital raising. In addition, companies must already have an operable product on a launched blockchain, significant IP, and a token or coin with the existing utility to list and access the ICX market, removing many of the offerings that are lower quality or outright scams. The ICX provides a framework for an evidence-based fundraising standard for established blockchains and decentralized apps that promotes responsible innovation, global participation, regulatory compliance, and rapid validation. As a result, companies win with easier access to capital, and investors win with easier vetting of quality projects. Problems Web3 Can Solve Web3 has the potential to solve a wide range of problems. These problems include many of the issues associated with the traditional web. Some of the key problems that web3 can solve are: With web3, users have more control over their data and digital assets rather than having to trust centralized intermediaries to protect and manage them. This makes it more difficult for data to be stolen or misused and gives users more control over who has access to their data and how it is used. Lack of control over data and digital assets: Web3 technologies, such as blockchain and smart contracts, make it possible to build applications and services that are more transparent and fair than those on the traditional web. For example, decentralized finance (DeFi) applications built on web3 allow users to access financial services directly without the need for intermediaries such as banks. So it will be easier for users to access services transparently and fairly. Lack of transparency and fairness: A small number of large entities dominate the traditional web, making it difficult for new companies and entrepreneurs to enter and compete. Web3, on the other hand, allows users to interact directly with each other and with smart contracts on a blockchain without intermediaries. This makes it easier for new companies and entrepreneurs to enter the market and compete on a level playing field. High barriers to entry: Conclusion Web3 has the potential to solve many of the issues associated with the traditional web by giving users more control over their data and digital assets, making it possible to build more transparent and fair applications and services, and lowering barriers to entry.

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Web3 vs the Traditional Web: A Look at Web3's Benefits

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Gabriel Mangalindan

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Web3 vs the Traditional Web: A Look at Web3's Benefits

Too Long; Didn't Read

Gabriel Mangalindan

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

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