web3

“Web3” refers to “a blockchain-based decentralized online ecosystem.” In 2021, the idea of Web3 starts to catch on. The end of 2021 saw a surge in particular interest, mainly due to interest from cryptocurrency enthusiasts and investments from prominent technologists and companies.

1. The core notable feature of Web3 is the decentralization of business models. In this sense, it marks the third phase of the Internetand a reversal of the current status quo for users.
2. Web3 is the next iteration that may upend this power structure, shifting it back to the user. Open standards and protocols can return. The aim is that control is no longer centralized in large platforms and aggregators, but widely distributed through a “permissionless” decentralized blockchain and smart contracts.
3. What does this mean in practice? Essentially, it could mark a paradigm shift in the business model of digital applications by making disintermediation a central element. There may be no need for intermediaries when it comes to data, functionality, and value. Users and creators can have the upper hand, and with open source rather than proprietary applications, there will be an incentive to innovate, test, build, and expand.