With the boom in cryptocurrencies, the rise of metaverse investments and NFTs, the term web 3.0 is becoming more and more popular. But what exactly is web 3.0?
Web 3.0. is a possible future version of the internet based on blockchain technology and decentralisation. The trick is that in order to access the web 3.0. it will no longer be necessary to do so via services mediated by Google, Meta or Apple. The users themselves will govern the different sections of the internet.
Web 3.0. which is defined by read-write-run, Web 3.0 developers rarely create and deploy applications that run on a single server or store data in a single database (usually hosted and managed by a single cloud provider).
Network participants (developers) are rewarded for providing the highest quality services to establish a stable and secure decentralised network.
Decentralised social networks
Reddit, for example, is attempting to make inroads into Web 3.0 by designing a mechanism to employ cryptocurrency tokens to allow users to essentially control parts of the communities on the site in which they participate. The concept is that users would use “community points”, which they would earn by posting on a specific subreddit. The user then makes points based on how many users vote for or against a particular post (it’s simply a blockchain version of Reddit Karma).
There are several decentralised social networks, but they are not famous. And the top fintechs are not at all interested in making them known. Imagine if instead of earning likes you could earn attention tokens that could be exchanged on an exchange?
Facebook – Minds, Diaspora, MeWe
YouTube – Minds, LBRY, D.Tube, PeerTube
Reddit – Aether
Twitter – Mastodon
Instagram – Karma (Mobile-only app)
WhatsApp – Signal
Decentralised cloud storage
What is web 3.0
Decentralised cloud storage
Filecoin is a project that aims to remunerate users who provide cloud storage via their token. However, if we compare it with Google Drive, which has a much better user experience, as of today it is very difficult for Filecoin to end up dominating the cloud storage market.
Decentralised 5G technology
Helium is a project that aims to decentralise 5G. That is, by making 5G technology available to the network so that devices with IoT technology can connect to the network. Users who want to participate will be able to do so via hotspots or routers and will be rewarded with a corresponding token.
Metaverses or decentralised gaming platforms
In the same vein, we have centralised metaverses such as the Roblox gaming platform, where we have previously covered some of the advertising actions that Nike has carried out. See our related post on examples of advertising in the metaverse.
And on the other hand, decentralised metaverse projects such as Decentraland or The Sandbox.
Our point of view
On a personal level, we are not maximalists of decentralisation, we believe that it will be the users themselves who will decide if they prefer to pay for intermediaries when it comes to consuming certain products or services. The reality is that decentralisation is not all about benefits. There is no customer service number to call, there is no censorship, etc.
How to get started with web 3.0
Here are the steps you need to take to get started on the Web 3.0 adventure.
Create a wallet on Coinbase, Metamask or Rainbow. This article explains everything beginners need to know.
Create an ENS domain. Ethereum Name Service (ENS), the “GoDaddy” of Web3, is a naming system based on the Ethereum blockchain. With open, distributed and extensible features, the job of ENS is to map human-readable names like ‘john. eth’ to machine-readable identifiers, such as Ethereum addresses / cryptocurrencies, content hashes and metadata. Basically, it’s pretty much your email address / Web3 username. Instead of listing my super-long Ethereum address, I can use my ENS, eduardvivar.eth.
Buy cryptocurrencies on any exchange.
Explore, buy and create an NFT on one of the most popular NFT exchanges: OpenSea, Foundation, Rarible.