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Web3 what is it and how does it work? The new phenomenon!
Web3 what is it and how does it work? Web3 is about decentralization: it aims to give users more control over their own data. The Web was run by real people who created their own sites. These sites were read-only, so data flowed from the site to the user-this was Web1.
Large technology companies like Facebook and Google created a new iteration of the Web. Their clickable, shareable, and highly interactive platforms shaped the Internet as we know it today-that is, Web2.
Proponents envision the Web3 taking many forms, including decentralized social networks, video games
“play-to-earn” that reward players with cryptographic tokens and NFT platforms that allow people to buy and sell snippets of digital culture. Most idealists claim that web3 will transform the Internet as we know it, overturning traditional gatekeepers and ushering in a new digital economy without intermediaries.
Web3 what is it and how does it work? Blockchain comes into play
In a Web3 world, information is stored in virtual digital wallets, not in data centers. Individuals use these wallets to tap into Web3 applications, which run on blockchain technology. When a user wants to log out of an application, they simply log off, disconnect their wallet, and take their data with them.
Blockchain is a key technology behind Web3. It is most often associated with the bitcoin cryptocurrency and is the underlying technology. The bitcoin blockchain is a public ledger of bitcoin network activity. But bitcoin is not owned by a single company or person and is not issued by a central authority such as a central bank. Instead, it is decentralized and the network is managed by a global group of people running specialized computers.
In web3, apps will be managed by decentralized autonomous organizations (DAOs). This means that instead of a central administration making all decisions, decisions are made by users who own governance tokens, which can be obtained by participating in the maintenance of these decentralized apps or by purchasing them.
In a traditional company, shareholders vote on changes in the business, which is up to the CEO to implement. In a DAO, token holders can vote on any proposed changes that are implemented in the DAO code instantly through a smart contract if the changes are approved. Because DAOs are democratized, everyone has access to the DAO source code.
Web3 what is it and how does it work? Why is it referred to as the metaverse?
The metaverse, if you’ve been following along, is the term we’re using these days for immersive digital worlds where users can socialize, play games, attend meetings, and do other activities together. It’s the vision that Mark Zuckerberg outlined when he announced that Facebook was changing its name to Meta. And some cryptocurrency advocates believe that web3 is an essential part of the metaverse because it would enable the creation of metaverses that are not controlled by a single company or governed by a single set of rules.
But of course there are also criticisms on the web3
One of the main criticisms of web3, and the main criticism that former Twitter CEO Jack Dorsey raised in December 2021, is that aspect ownership will be more one-sided than web3 proponents are letting on.
Since governance tokens can be sold and bought, there is nothing to prevent an entity from buying the available tokens of a given platform, giving them a majority of the decision-making power of a given platform.
Another problem Web3 poses is that DAO source codes are publicly available, making them susceptible to cyber attacks if hackers can exploit weaknesses in the code.
Web3 and crypto? Why are they connected?
Supporters of Web3 suggest that cryptocurrencies will play a key role in the future of the Internet. One example would be a Web3 application running on a particular blockchain that uses a specific digital currency.
Bitcoin itself has never been regulated because it is very difficult to do since it is not owned by a single entity. However, companies that touch cryptocurrency in some way, such as exchanges, often find themselves under some sort of regulation.
For now, countries around the world are still trying to figure out how best to regulate cryptocurrencies and related technologies. Web3 is part of that conversation.
To make a long story short, a 3.0 app is the very popular
OpenSea, a marketplace for buying and selling NFTs, itself built on the Ethereum blockchain.
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