Web3 is the business model of a decentralized new virtual world

News: Practical examples of Web 3.0 proved that it is like going back to early human settlements, with all transactions happening peer-to-peer with easy mutual trust and locally minted currency.

Blockchains provide the decentralized foundation of trust for this new old world, and Web 3.0 is the business model driving it.

What is Web 3.0?

Web 3.0 is decentralized, owned by the user community, uses blockchain technology, and is powered by cryptocurrency.

What makes Web 3.0 unique?

Some other unique characteristics include,

Permissionless: Since one does not need the consent of a controlling entity like Facebook or Google to engage.

Ubiquitous: With the internet is available everywhere to everyone, even to machines.

Leader-free: As users participate as equals in a project’s governance and ownership through crypto-tokens as proof-of-stake.

It is also Trustless: As transactions and interactions can happen without the need of a central authority.

What are the real-world examples of Web 3.0?

Helium is a decentralized wi-fi network, owned by everyone and powered by cryptocurrency.

Arcade City is a decentralised taxi service, owned by a cooperative of drivers.

Israeli startup La Zooz’ is a self-managed ride-sharing platform, that connects drivers with empty seats and riders.

Axie Infinity is a video game popular in Asia, especially in the Philippines.

How does web 3.0 evolve?

Web 1.0 was about reading static content pages on MSN, Yahoo or AOL in 1990s.

Web 2.0 burst forth in 2005 with Facebook, Twitter, YouTube, etc. This facilitated people with creating and posting their own content. This is a highly centralized model.

Web 3.0 goes beyond active participation by letting persons own and build pieces of it through ownership tokens and blockchain enablers.

Overall, If the pre-internet/web1 era favoured publishers, and the web2 era favoured the platforms, Web 3.0 favours the next generation of innovations. Further, it is all about tilting the scales of power and ownership back toward creators assessed users.

Must read: Web 3.0: The future of internet? – Explained, pointwise

Source: The post is based on the article “Web3 is the business model of a decentralized new virtual world” published in the “Livemint” on 10th June 2022.

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