What is Web3? Silicon Valley’s favorite new buzzword explained
A new type of internet is what crypto enthusiasts are looking for. It takes the power out of Big Tech and gives it back to users. Are they able to succeed?
Do you remember AOL chatrooms or downloading music through Napster. Internet has advanced a lot.
Today it is dominated today by Meta, GoogleThese are just a few of the tech titans that make it easy for people worldwide to connect and share information online.
However, at what price? “If something is free, you are the product,” so the saying goes — the only reason platforms like Facebook and YouTube can offer their services for free is because they use our personal data to target us with ads.
Bertrand Perez is chief operating officer at the Web3 Foundation. He says, “Right now you have large organizations that are controlling your data, and providing services that use it.”
Web3 refers to a futuristic, blockchain-based version of the web. The visionaries for cryptography believe that the web will be decentralized, bringing it closer to its roots. But big-name detractors — from Jack Dorsey to Elon Musk — aren’t convinced.
Watch the video to learn more about Web3 — what it is, and what its future may be.