What is Web3?

Summary. Web3 is being touted as the future of the internet. The vision for this new, blockchain-based web includes cryptocurrencies, NFTs, DAOs, decentralized finance, and more. It offers a read/write/own version of the web, in which users have a financial stake in and more control over the web communities they belong to.

Is Web3 a headache?

It sounds like a headache. Some people are sceptical about the Web3 utopia. “Web3 is introducing friction, without solving any real problem,” says Ten Oever. A lot of the claims behind Web3 – such as distributed architecture and decentralisation – are better achieved without blockchains, sceptics reckon.

Will Web3 transform the Internet?

The more idealistic ones say that web3 will transform the internet as we know it, upending traditional gatekeepers and ushering in a new, middleman-free digital economy.

What happens if you leave a Web3 platform?

On Web3, your data lives on the blockchain. When you decide to leave a platform, you can take your reputation with you, plugging it into another interface that more clearly aligns with your values. Web 2.0 requires content creators to trust platforms not to change the rules, but censorship resistance is a native feature of a Web3 platform.