What is Web3? Here's what you need to know
One of the biggest debates in the tech community at the minute surrounds Web3. Is Web3 real? If it is, how exactly do we define Web3? As technology is constantly changing and evolving, it can be extremely difficult to define a paradigm shift such as Web3, but it's important we try to so that we can use it effectively.
An attempt to defining Web3
Web3 can be defined in a fairly simple way. Essentially, it refers to anything that is currently disrupting and evolving the way that we perceive the internet today. It’s becoming the new internet - You need to keep up, or you may become irrelevant. Some of the core drivers of these evolutions include:
#1 Continuously advancing technology with Blockchain
The first major driver of Web3 is advancing technology, with Blockchain, in particular, pushing a range of industries forward. Blockchain is an open-source technology helping people around the world to store, create, read and share information without having a central authority – such as a government or software developer – controlling everything.
Blockchain is one of the most highly-implemented technical advances, with cryptography making huge leaps forward and the technology acting as a platform for NFTs and cryptocurrency to build up from. This is leading towards a more decentralised, and (AI) automated internet. The more decentralisation is taking place, the more creative minds have an opportunity to have ownership and push innovation forward in the digital landscape.
#2 Real-time 3D providing powerful possibilities
Building on 3D technology is another factor in the advancement of the digital landscape. Using augmented reality, virtual reality or digital twins.
For example, augmented reality provides us with a digital layer of information on top of our own view of the world. This adds value to the way we learn and work and see what's going on around us. This can help increase our experience, knowledge or inform our decisions.
Companies are increasingly making use of the Metaverse too. Using virtual reality, this kind of platforms allows us to interact with other people in new and exciting ways, so it's hardly surprising that businesses are starting to see the benefits of monetising it.
Web3 companies are among the most innovative. They are building products that transform almost every aspect of how we live.Web3 is already altering how we use the internet, but there is plenty more for creative minds to show us.