EXPLAINED BY YOUNG PEOPLE FOR YOUNG PEOPLE šØāšš©āš
What exactly is Web3?
Nowadays we hear the buzzword 'Web3'...but what does it mean? There isn't actually an official definition yet - as it is still a concept. To understand what this concept involves, let's break it down .
Web1 (1999-2004):
This was the initial stage of the Internet, where users were essentially just able to view information.
Most content was 'read-only' material.
Web2 (2004-Present):
Where users consume content and give data to companies like Google & Facebook.
In exchange, users get tailored services, thereby increasing engagement.
As a result, there is targeted advertising and a lack of privacy & control.
Web3 (Potential Next Step):
Will be decentralised, there'll be no central government or company authority to control our data.
Thereby disrupting our existing ways of working and way we connect
Why Does It Matter?
That can be summarised in four parts (each four is explained further below);
Web3 will be permission less
Create a Token Economy
Will be self governing
Provide anonymity
What will Web3 Look Like?
Web3 will have many different uses over time, here are some use cases we can foresee;
Peer-To-Peer Monetisation With No Companies Stealing Profits
Non-Fungible Tokens (NFTs): Will Be The New Asset Class With Built-In Benefits
Decentralised Finance (DeFi)
Decentralised Social Media (DeSo)
Crowdfunding Using Creator Coins, NFTs and Cryptocurrency
Cryptocurrencies, Bitcoin, Ethereum, Cardano, Solano etc.
Key Takeaways For Young People
1. Web3 is a concept based on decentralisation (self-governance), data is transparent and individuals own what they create.
2. Access to Web3 will be permissionless and anonymous, users access Web3 via their wallet(s)
3. Should you wish, your participation on a network can be tokenised - you can earn tokens in the form of a cryptocurrency
4. Young people didn't have mass market opportunities when Web2 was introduced, but they will with the various Web3 use cases such as; cryptocurrencies, NFTs, Decentralised Finance (DeFi), Decentralised Social Media (DeSo), Peer-to-Peer Monetisation etc.
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