The Internet Is Constantly Evolving
The internet has been around since the 1960s and has come a long way. What used to be a scientific endeavor for the United States of America to best the USSR during the Cold War has now become something we use in our daily lives– from sending emails to our friends to storing our data to online memory banks.
You can think of the evolution of the Internet in three phrases:
- WEB1: Web1 was like reading a magazine– you can’t really change anything you see and everyone sees the same thing. It’s super basic and static.
- WEB2: Social media, influences, memes. Big corporations swooped in to give content but take control of our data and what we see online. Web2 in action is when you feel like your feed is reading your mind.
- WEB3: Buckle up! We, the users of the Internet, are finally having more control, freedom and transparency.
What is Web3?
Web3 is the next evolution of the Internet, powered by blockchain technology. It’s decentralized, meaning no more tech giants owning your data. Instead, you’ll have full control over your digital life. Imagine owning your online identity, your content and your assets, without needing permission from platforms like Instagram and YouTube.
It’s a shift from centralized power (big companies making all the money from your data) to user empowerment (you owning your stuff). Web3 simply means no more middle men.
Core Technologies Behind Web3
To really understand Web3, let’s break down the core technologies that make it possible:
- Blockchain This is the backbone of Web3 and a lot of new technologies. A blockchain is like a public ledger that records transactions in a transparent and secure way. No one controls it, and once something is added onto the blockchain, it’s there forever; no tampering or controlling of data. This core technology is what makes decentralization possible.
- Smart Contracts: These are self-executing contracts with terms directly written into its code. They run on the blockchain and automatically trigger actions when certain conditions are met. An example could be an auto payment release when a task is completed, eliminating the need (and cost!) for a middleman to oversee the transaction.
- Decentralized Applications (dApps): Unlike regular apps on your phone or computer, dApps run on the blockchain and don’t require intermediaries like Google or Facebook. This means there is no company collecting your data and making decisions about what content you see, ensuring your data’s safety and privacy.
Why Does Web3 Matter For Us?
USER OWNED DATA
In Web2, every time you post a photo, like a tweet (sorry, a post) or buy something online, your data is collected and monetized by big tech companies. Data brokers get your data then sell it to these giants, who will then force content they think you’ll like to appear on your feed.
Web3 flips that script. You own your data and only you can decide who can access it and how it’s used. This means a lot more privacy and the ability to monetize your own digital activities more efficiently, rather than just feed algorithms.
Imagine this: Instead of Instagram owning your content, you could control and sell your posts as an NFT (non-fungible token), keeping the value for yourself.
WEALTH CREATION: EARN AS YOU ENGAGE
In Web2, you spend time engaging with platforms, creating content and interacting with others– but you don’t get paid for it. Web3 changes this by creating new ways to earn wealth simply by participating in the ecosystem. From play-to-earn games that allow you to earn Cryptocurrency as you achieve milestones or accomplish missions, to decentralized finance (DeFi) platforms where you can transact without banks.
In Web3, you can:
- Earn crypto rewards for your activity
- Buy and sell digital assets (like NFTs)
- Participate in decentralized finance to grow your wealth
DIRECT ACCESS, NO MIDDLEMEN
Web3 cuts out the middlemen who usually take a chunk of your profits. For example, in traditional banks and payment processors, there are fees for doing your transactions. In Web3, you can interact directly with others using smart contracts, keeping your earnings and transactions more secure and private. Whether you’re selling art, gaming or trading crypto, you get to keep more of what you earn.
The Importance of User-Owned Data
Data is the new ‘oil’ in Web2– It’s how companies like Facebook and Google generate billions. But in Web3, data ownership shifts to the user. This is important for several reasons:
- Privacy: You control who accesses your data and how it’s used. No more of the companies getting their hands on it in exchange for ‘free services’.
- Monetization: In Web3, your data has real value and you can choose to sell, rent or keep it private.
- Freedom: With this control over your data, you’re free of censorship and manipulation by centralised platforms. This is particularly important for content creators and anyone who relies on digital platforms to reach their audience.
How to Get Involved in Web3
- Get a Digital Wallet – Start by getting a crypto wallet to hold your digital assets, including cryptocurrencies and NFTs.
- Explore dApps: Decentralised apps are where Web3 truly shines. You can do everything, from investing in crypto to playing blockchain-based games, or even participating in decentralised social media.
- Start Small with NFTs: Non-Fungible tokens are digital assets that represent ownership of unique items. Whether you’re into music, art or gaming, NFTs allow you to buy, sell or trade unique digital items– and keep the profits.
The Future is Web3-- Don't Miss Out
Web 3 isn’t just a tech trend– it’s the future of the internet, built on values of privacy, freedom, and wealth creation. Millenials and Gen Z are perfectly positioned to lead this revolution as the generations that thrive on digital innovations and personal empowerment.
So, are you ready to take control of your digital life and start building wealth on Web3?
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