What is Web3?
Web3 has become a catch-all term for the vision of a new, better internet. At its core, Web3 uses blockchains,
cryptocurrencies, and NFTs to give power back to the users in the form of ownership. A 2020 post on Twitter said it best:
Web1 was read-only, Web2 is read-write, Web3 will be read-write-own.
Core ideas of Web3
Although it's challenging to provide a rigid definition of what Web3 is, a few core principles guide its creation.
- Web3 is decentralized: instead of large swathes of the internet controlled and owned by centralized entities,
ownership gets distributed amongst its builders and users.
- Web3 is permissionless: everyone has equal access to participate in Web3, and no one gets excluded.
- Web3 has native payments: it uses cryptocurrency for spending and sending money online instead of relying on the
outdated infrastructure of banks and payment processors.
- Web3 is trustless: it operates using incentives and economic mechanisms instead of relying on trusted third-parties
What is Blockchain?
A blockchain is a public database that is updated and shared across many computers in a network.
"Block" refers to data and state being stored in consecutive groups known as "blocks". If you send ETH to someone else,
the transaction data needs to be added to a block to be successful.
"Chain" refers to the fact that each block cryptographically references its parent. In other words, blocks get
chained together.
The data in a block cannot change without changing all subsequent blocks, which would require the consensus
of the entire network.
Introduction to the Metaverse
The term metaverse refers to the concept of persistent, online, 3D universe that puts together various virtual spaces.
The Metaverse has special functions that allow the user to socialize, game, meet and work in the 3D spaces.
Neal Stephenson coined the term Metaverse in the science-fiction novel Snow Crash. The term was typically a fiction.
Augmented reality will power the Metaverse, with each user managing a character or what might be known as an avatar.
For instance, you can choose to a meeting reality meeting in your virtual workplace with an Oculus VR headset.