Learn how Web3 is changing the way we use the internet
Discover what web3 is and how it is revolutionizing the internet (web2) and financial system
Web1 was the age of static websites. Content creation was still in its infancy, and users did not interact with applications.
The first version of the internet, is often referred to as the “static web.”
Web1 consisted of read-only websites and offered few interactive features.
Information was difficult to find as search engines were not yet available to the average user. Google went live in 1996.
Web1 was also the beginning of online banking and trading.
Web2 saw interactivity, social connectivity, and user-based content.
Businesses and people created website content.
In 2005 YouTube was launched. YouTube played a large part in the web2 revolution.
With web2, users could now interact with web pages, create content, and communicate with each other.
Web3 made it possible to create, share, and comment on content instantly.
Web3 aims to be a more democratic version of web2.
Web3 is centred around the idea of ownership.
It aims to remove control from the large centralised companies and central authorities and put control back into the hands of the people. This is the definition of decentralised.
Web3 allows users to transact business peer-to-peer. This cuts out middlemen (intermediaries) and removes the power from controlling entities.
Decentralisation focuses on more user privacy, ownership, and transparency.
The combination of cryptocurrencies and blockchain allows information and money to be stored on a ledger outside the traditional system.
Some cryptocurrencies allow owners to help run the blockchain network (nodes) and be part of the governance.
Decentralised Finance (DeFi)
In essence, a peer-to-peer financial system that lives on the blockchain.
The advantages are:
- Reduced fees due to transaction costs being only a few cents. Moving currency around the world becomes less costly.
- Speed. Financial transactions on the blockchain become lightning fast! No waiting time, they are instant.
- Borderless. Cryptocurrency can be moved worldwide without restrictions.
- Transparency. All payments, loans, collateral, and data are available to everyone to view publicly on the blockchain.
- Bank the unbanked. Anyone with access to the internet (even a smartphone) has access to cryptocurrency and a storage facility (digital wallet).
All of this without the need for a third party like a bank.
With DeFi, it is possible to bank deposits, borrow, lend, take out insurance, and trade assets.
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