Emerging Technologies
Web3
Definition
Web3 is a concept for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics. It aims to be a more user-centric, decentralized web where users own and control their own data.
Why It Matters
Web3 represents a potential paradigm shift away from the current web (Web 2.0), which is dominated by a few large corporations that control user data. It envisions a future where users have more ownership and control over their digital identity and assets.
Contextual Example
A Web3 social network might allow users to own their profile and social graph as an NFT. They could then take this data to another compatible social network, rather than being locked into a single platform.
Common Misunderstandings
- Web3 is still a highly conceptual and evolving idea, not a fully realized reality.
- It is often associated with technologies like cryptocurrencies, NFTs, and DAOs.