GET IN TOUCH WITH PAKKO, CREATIVE DIRECTOR ALIGNED FOR THE FUTURE OF CREATIVITY.
PAKKO@PAKKO.ORG

LA | DUBAI | NY | CDMX

PLAY PC GAMES? ADD ME AS A FRIEND ON STEAM

 


Back to Top

Pakko De La Torre // Creative Director

The better internet: What is Web3? - BitOasis Blog

The better internet: What is Web3? – BitOasis Blog

You must have heard the term Web3, or Web 3, or Web 3.0,  hundreds of times last year, whether when reading news about the investments made by different companies, or hearing talks about the various applications of cryptocurrencies and blockchain technology. 

But this term is often used generically without a clear definition of what it means. The term “Web3” started with Gavin Wood, co-founder of Ethereum, who proposed the idea to describe the change that can be achieved through blockchain technology. Web3 is introduced as a third stage that would solve the problems of the previous two stages.

The Better internet

Supporters of Web3 promise that this stage will improve the nature of the Internet as we use it today, by adopting decentralization and giving the power back to the users instead of the few companies that control most of the data and platforms we use for publishing and consuming content. According to the Ethereum Foundation description of Web3, this is to be achieved through several characteristics and components:

Companies’ and individuals’ interest in blockchain- and Web3-based solutions is on the rise every day. And despite the frequent stumbles of cryptocurrencies as investment assets, their hardships don’t seem to push back investments in its sister technology, as the volume of investments in Web3 companies has amounted to $7.1 billion in 2022, an increase of $4.5 billion over 2021, despite the drop of most cryptocurrencies’ value by more than 50% during the same year.

The term Web3 is still a loose term, and it is often linked to any blockchain-based service or product, without necessarily fulfilling the conditions provided by the Ethereum Foundation. However, the popularity of the term indicates a great desire to find an alternative to the current structure of the internet, which is very likely to be found with Web3 and the overall blockchain technology.

This content was originally published here.