Why is Web 3 important?
The internet is going through another change. It may not be immediately apparent, given that Tim Berners-Lee’s brainchild is now a vital part of millions of people’s everyday lives.
If you ask a web expert about the state of the web, they’ll tell you that we’re approaching Web 3.0. But what exactly is Web 3.0, and why is it significant?
The most basic version of the internet is Web 1.0. Web documents were networked on the internet and made available to everyone when the internet age began. It’s also known as the read-only web because it permits users to participate in very little interaction. This Web 1 (approximately 1990–2005) was all about decentralized, community-governed open protocols. The network’s edges — users and builders — reaped most of the benefits.
Web 2.0, often known as the read-write web, was born out of the demand for more information contribution and engagement from Internet users. In a short amount of time, Web 2.0 has dramatically altered the trajectory of internet usage. When users were able to connect with one another, a new type of communication was established. Web 2.0, for example, allows for upload and download, whereas Web 1.0 only allowed for consumption and not for edition. This Web 2 (approximately 2005–2020) was all about corporate-run segregated, centralized services. A small number of corporations, such as Google, Apple, Amazon, and Facebook, reaped most of the benefits.
We are currently in the early stages of Web 3.0, which combines Web 1’s decentralized, community-governed ethos with Web 2’s enhanced, modern functionality and transfers ownership of the internet to developers and consumers using blockchain-based tokens. It’s all about decentralization, which, will probably reclaim some of the power held by corporations and return it to the individual. For creators, developers, and businesses alike, this is ushering in a new age.
As we said, Web 3 decentralizes ownership and control. Tokens, both non-fungible (NFTs) and fungible, allow users and builders to own parts of internet services. Tokens grant users property rights, allowing them to claim ownership of a piece of the internet.
NFTs allow users to own assets such as artwork, images, code, music, language, gaming objects, credentials, governance rights, access passes, and whatever else they can think of. NFTs are based on blockchains such as Ethereum. Ethereum is a user-controlled and operated decentralized global computer. Blockchains are unique computers that everybody can use but no one can own. Ethereum is powered by ETH, a fungible token that is used to reward the system’s physical processors. For transactions such as NFT purchases, ETH is also the system’s native currency.
Users can obtain fungible and non-fungible tokens in a variety of methods. They are available for purchase, but there are also ways to earn them.
Uniswap is famous for retrospectively airdropping 15% of its governance tokens to early protocol users. As a strategy to create goodwill and drive adoption, community incentives like this have been widespread in Web 3.
Tokens can also be earned through creative and entrepreneurial endeavors. People are making around $100 million in ETH per day selling NFTs, for example.
Tokens bring network participants together to strive toward a similar goal: the network’s growth and the token’s appreciation. This solves the central problem of centralized networks, in which value is accumulated by a single corporation, which then fights its own users and partners.
Prior to Web 3, users and developers had to pick between Web 1’s restricted functionality and Web 2’s corporate, centralized model.
Web 3 provides a fresh approach that incorporates the best features of earlier periods. This movement is still in its early stages, so now is a fantastic moment to become involved.
About us:
NFT Labs is a web3 company exploring big ideas in community, utility and engagement to push the crypto, NFT and metaverse space forward. To learn how your organization can participate in the web3 revolution, write to us at hello@itsmyne.club.
We’re backed by leading blockchain institutions including Longhash Ventures, Antler, Oracles Investment Group, and Shima Capital among others. NFT Labs is also the issuer of the MYNE token ($MYNE), a BEP-20 utility token for Itsmyne and partner applications. MYNE serves as the gateway between traditional social media and blockchain-based social economies.
