The Semantic web, or the internet of ownership. Web3 is defined as the next iteration of the internet in which everyday people can own their data and participate in the platforms making the ecosystem go round. How would you feel if you could own a piece of Meta?
There sure is a lot of talk about web3 on the internet these days, mentions of tokens and decentralization, and a whole lot of jargon with abstract meaning.
But what is all that hype really about? Is there really that much to the third web? We’re here to help you get the core concept without over-complicating it.
In simple terms, web3 is all about data: Ownership of data, specifically. After seeing how FAANG platforms have learned to exploit the information the collect from you on all corners of the web, a few visionaries decided enough is enough, and built an internet where you can own every aspect of your online experience, letting you rent it or sell it as you please, while still keeping your online identity within your grasp.
It’s not like the previous versions of the internet are a thing of the past. Even Web 1.0 platforms are still around and stronger than ever. Instead of looking at them as obsolete pieces of history, it’s best to think of the different stages of the web as a continuous experiment, ever-evolving and building on top of what already works.
Simply put, it gives you the power to shape the internet around you. You could post content on social media all day, but we all know where the real revenue is going to (Zuckerberg). Thanks to web3, the content you create, and the way you decide to monetize it, are all yours to take wherever you go.
On top of this, you can use each platform’s native token to vote on which features you’d like to see in the future, where their investments go towards, and even which people you choose to put in charge of keeping the lights on.