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What is web 3.0?

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With the boom of cryptocurrencies, the rise of the investment in the metaverse and NFTs, the term web 3.0 is starting to be used more and more. But what exactly is web 3.0?

Web 3.0. is a possible future version of the Internet based on blockchain technology and decentralization. The charm of accessing the web 3.0. is that it will no longer be necessary to do it through services mediated by Google, Meta or Apple. The users themselves will be the ones who will govern the different sections of the internet.

We have gone from web 1.0. in which the user could only read content without interacting with it through webs designed in HTML, where communication was unidirectional. Now we are in the web 2.0 where the web has been taken over by social networks that are characterized by interactive reading and writing and it is not necessary to be a developer to participate in the process of content creation. Youtube, Facebook, Flickr, Instagram, Twitter and other social networks are just a few examples of Web 2.0. applications that are built on HTML5, CSS3 and Javascript frameworks.

Web 3.0. 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 decentralized network.

Decentralized 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. Then, the user makes points based on how many users upvote or downvote a particular post. (It’s simply a blockchain version of Reddit Karma).

There are several decentralized social networks, however they are not famous. And the fact is that the top fintechs are absolutely not interested in being 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

Decentralized 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.

https://filecoin.io/

Decentralized 5G technology

Helium is a project that aims to decentralize 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 through hotspots or routers and will be rewarded with the corresponding token.

https://www.helium.com/

Metaverses or decentralized gaming platforms

In the same sense we have centralized metaverses such as the gaming platform Roblox, where we have previously covered some advertising actions that Nike has done. See our post related to advertising in the metaverse.

On the other hand, there are decentralized metaverse projects such as Decentraland or The Sandbox.

Our point of view

On a personal level we are not maximalists of decentralization. We believe that it will be the users themselves who will decide if they prefer to pay for intermediaries when consuming certain products or services. However, the reality is that decentralization 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 follow to get started in 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.
  • Join and contribute to a DAO.

Resources to educate yourself about web 3.0.

 

What should I do now?

If you have more questions and want to know how we work, contact us and one of our consultants will contact you for advice.

For further information on this and many other topics you can check out other articles in our blog where you will find references on this, and many more topics.

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