What is Web3?

What is Web3?

What is Web3? -https://ift.tt/sMQNuXg –

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Web3 enables peer-to-peer interactions with no reliance on centralized platforms and intermediaries. Users own their own data, identity, content, and algorithms, and can govern the blockchain protocols they use by owning governance tokens.  Users participate as “shareholders” by owning the protocols’ tokens or cryptocurrencies.

Web3 shifts power and money away from centralized Web 2.0 “gatekeepers” such as Google and Facebook. For example, Web3 disrupts gatekeepers’ targeted-advertising businesses by shifting ownership of required consumer data away from gatekeepers and to consumers themselves.

We just published  What is Web3?  to help clients understand Web3 and how it compares to Web 2.0, as shown in table below.

Our research explores Web3 use cases in action today such as DeFi protocols, DAO decision making and NFT markets.
We also begin to outline numerous Web3 risks, most notably a potential drift towards centralized control, the key aspect of Web 2.0 that Web3 is supposed to reverse.
Nonetheless, Web3 innovations will take the internet into new realms and give rise to applications not previously possible. Users will be able to control their own data, privacy, content, and algorithms, and smart contracts will efficiently utilize trustless computing, which eliminates the need to trust and pay intermediaries.

Let’s hope it stays that way

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