A Web3 company is a business that uses the internet to connect people, distribute information and provide services. But it’s so much more than that. It’s more than you and me and it’s more than Bitcoin and Ethereum. At least, that’s what the believers want you to think.
If you’re interested in knowing more about Web3 and the innovative companies pushing the limits of what modern technology can do, then you do not want to miss this post.
We’re going to cover all of the bases to help you understand what this tech and the businesses associated with it can do and how it can potentially change the world as we know it. Let’s get started.
What is Web3 Exactly?
Web3 is the newest generation of the internet. It’s a decentralized web that runs on blockchain technology and enables applications to run without censorship, fraud, or third-party interference.
I mean, it sounds great in theory. But the internet is run by governments and corporations on a level most of us can’t even fathom. Is all of this really possible? If so, when?
I don’t know. And neither does anyone else.
But here’s what we do know. This new form of the internet is still in its early stages and it’s already gained traction due to its many advantages over the traditional web.
At Urban Monks, we think some of the most notable benefits of Web3 include:
- improved security due to the decentralized nature of the network
- censorship resistance as there is no central authority that can censor content
- fraud resistance as all data is on a public blockchain
The History of Web3
Web 3.0 is the third generation of the World Wide Web, shifting from static webpages to dynamic, interactive applications.
Does anyone here remember making pages on Geocities?
The history of Web 3.0 can be traced back to the early 2000s, when the first web applications began to appear. These early apps were mostly simple games and utilities, but they showed the potential of the web as a platform for more complex applications.
The Tech Behind Web3
A number of new technologies power Web3, including blockchain, peer-to-peer networking, and decentralized storage.
Blockchain is the most important technology behind Web 3.0. A blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. Bitcoin was the first application to use blockchain technology.
Since Bitcoin and later Ethereum popped onto the scene, tons of new chains, decentralized applications, and thousands of new ideas have sprung up, eager to use this new tech.
Even if you aren’t interested in crypto as a whole, not paying attention to what’s going on in this space is doing yourself a disservice.
Peer-to-peer networking is another key to Web 3.0. This allows users to connect directly with each other without needing a central server. Decentralized storage is a related technology that enables users to store data in a distributed network.
These technologies are still new, but they have the potential to revolutionize the way we use the internet.
Blockchain: A decentralized database that allows for safe, transparent, and tamper-proof transactions.
DApp: A decentralized application (DApp) is an app that runs on a decentralized network.
Bitcoin: It’s a virtual currency that exists only as data on computers all over the world. Blockchain is the underlying technology for Bitcoin and other cryptocurrencies. The first decentralized application to blockchain technology. The grandaddy. The OG.
Web 2.0: The second generation of the internet, characterized by the rise of social networking and other user-generated content.
Web 1.0: The first generation of the internet, characterized by static web pages and limited interactivity.
Gas: The fee required to execute a transaction or contract on the Ethereum blockchain is known as gas.
Cold Wallet: A storage device for digital assets that keeps them offline, making them difficult to steal.
Hot Wallet: A digital wallet that acts as a storage device for digital assets that are easily accessible and transportable but also more prone to attacks.
So many attacks.
If you crypto guys out there aren’t using a cold wallet to protect your funds, it’s only a matter of time before your crypto is stolen.
Decentralized finance ( DEFI): A blockchain-based financial software that allows multiple parties to conduct transactions digitally.
NFT – non-fungible token: It’s a digital asset with distinct characteristics no one can recreate.
Augmented reality (AR): A computer-generated simulation superimposed on the physical world. Augmented reality, also known as AR, is a technology that brings virtual reality and actuality together.
Metaverse: A persistent online world with a digital economy, usually accessed via virtual reality (VR) or augmented reality (AR) technology. At the moment, the metaverse is more of a collection of linked concepts than a fully realized idea.
Smart Contract: An automated program that activates when specific criteria are fulfilled. For example, a smart contract may trigger when a token sells, is sent to a wallet, or simply because it is a certain time or date. Smart contracts are an important feature of the Ethereum blockchain and enable the creation of decentralized finance (DeFi) and other applications.
Stablecoin: A cryptocurrency with a price fixed to a reserve asset, such as the US dollar or gold. Stablecoins are less volatile than other cryptocurrencies.
Unless you’re stable coin is UST. Rip…
USD Coin is always worth one U.S. dollar, and real-world assets back all existing USDC in circulation.
Virtual reality (VR): A simulated experience that pairs with virtual reality goggles. Virtual reality, or VR, is presently primarily for gaming. But, most positive views of a metaverse imagine it would be accessible for a more realistic immersion.
Interesting Web3 Concepts
The term “Web3” describes a set of technologies and applications that aim to decentralize the internet.
At its core, Web3 is about empowering users and giving them more control over their data. Rather than relying on central authorities, users can connect with each other directly using decentralized technologies.
Blockchain technology makes this shift from centralization possible, enabling trustless interactions between parties.
Blockchain-based applications, or dapps, are at the forefront of the Web3 movement. These applications are often open source and decentralized, giving users more control over their data and privacy.
Many Web3 applications are active, ranging from social media platforms to decentralized finance (DeFi) protocols.
Web3: The Particulars
Blockchain is the underlying technology that enables trustless interactions between parties. Users can transact with each other without the need for a third-party intermediary, like a bank or government.
Decentralized storage is another key component of Web3. This is because it allows users to store their data on a decentralized network rather than on centralized servers owned by corporations like Google or Amazon.
That being said, many validators of blockchains use AWS servers. No matter how we want to spin this, massive corporations will likely still make money off us. The largest ones already have a solid footing in the space.
Peer-to-peer networking is also essential for Web3. It enables users to connect directly without needing a central server.
These technologies are often combined to create decentralized applications or dapps. Dapps are open source and often decentralized, giving users more control over their data and privacy.
There are a wide range of dapps being built on Web3, ranging from social media platforms to decentralized finance (DeFi) protocols, further enhancing the goal of creating a more user-centric internet.
Decentralization – The True Power Behind Web3
One of the core principles of Web3 is decentralization.
Instead of relying on central authorities, like governments or corporations, users can connect directly using decentralized technologies.
Blockchain technology is at the forefront of the decentralization movement. It enables trustless interactions between parties without needing a third-party intermediary.
What Is the Semantic Web
The Semantic Web is an extension of the current web that enables machines to understand the meaning of data. It’s achieved using various technologies, including natural language processing and ontologies.
The Semantic Web can potentially transform how we interact with data online. It could enable users to search for information more naturally, making it easier for machines to process and understand data.
The Semantic Web is still in its early stages of development. However, several companies are working on building products that utilize this technology, including:
- IBM: A leading tech company working on a range of Semantic Web projects, including the development of an open-source platform called Watson.
- Google: They’re working on a range of Semantic Web projects, including the development of Knowledge Graph.
- Microsoft: Always with their hands on something, they are working on a range of Semantic Web projects, including the development of the Bing search engine.
The Metaverse is a virtual world built on top of the existing internet. It is a decentralized, open-source platform that enables users to create and share virtual experiences.
The Metaverse is often described as the “spatial layer” of the internet, as it has the potential to connect the physical world with the digital world.
Many companies are working on building the Metaverse, including:
- High Fidelity: A virtual reality platform that enables users to create and share virtual experiences.
- Meta – formerly known as Facebook. Reportedly have already spent $10 billion on their projects.
- Amazon – They offer an AR shopping tool and a VR game that helps build cloud computing skills. They aren’t the only company doing this and it’s already changing the way people shop online.
Despite the many potential benefits of Web3, there are also a number of criticisms of this new technology. Some people think that Web2 doesn’t need fixing. Other people think crypto and blockchain are clever scams. Depending on the day, Web3 gets more criticism than it does support.
Despite these challenges, there is a lot of excitement about the potential of Web3 and the possibilities that it could bring.
Web3 isn’t perfect. There is a lot of room for improvement. Here are some notable concerns that we need to address:
Lack of Scalability: One of the biggest challenges facing Web3 is scalability. The current infrastructure is not able to support a large number of users, which could limit its adoption.
Lack of Interoperability: Another challenge facing Web3 is interoperability. The current ecosystem is made up of a number of different platforms and technologies that are not compatible with each other. This could make it difficult for users to access all the needed features and applications.
Fragmented Ecosystem: The current Web3 ecosystem is fragmented, and no clear leader exists. This could make it difficult for users to find the necessary information and applications.
Lack of User-Friendly Applications: Many of the applications that are currently available on Web3 are not user-friendly. It might be difficult for mainstream users to adopt this new technology.
Is Web3 the New Normal?
It is still too early to say whether or not Web3 will be the new norm. We here at Urban Monks think there is some serious potential, and we’re rooting for it. The tech and the possibilities can change the world as we know it.
However, it isn’t going to happen today or even tomorrow. Several changes need to happen in both the internet and the real world before Web3 becomes a true reality.
Is Web3 a Fantasy?
The chance that Web3 is just an overhyped fantasy is certainly possible. The way things are going, it won’t be a fantasy for much longer. More and more people are flocking to crypto, buying up Oculus headsets, and shopping with AR.
The biggest corporations in the world are working on it and spending billions to make it happen.
However, there is a lot of excitement and interest in this new technology, which suggests it could have a bright future. Only time will tell whether or not Web3 will be able to live up to the hype.
Web3 VS. The Metaverse
The metaverse is an online virtual world populated by avatars, or digital representations of real people. It’s a bit like the internet, but instead of being made up of websites, it’s made up of virtual worlds. And just like the internet, the metaverse will be accessible to anyone with an internet connection.
So what’s the difference between Web3 and the metaverse? Well, for one thing, the metaverse will be much more immersive than Web3.
In the metaverse, you’ll be able to interact with other people in a way that feels very natural, and you’ll be able to explore virtual worlds that are incredibly realistic. Additionally, the metaverse will allow for a much greater degree of social interaction than Web3. In the metaverse, you’ll be able to make new friends, join groups, and participate in activities with people worldwide.
Web3 is all about decentralization. Instead of having a central server that controls everything, Web3 relies on a network of computers to store and distribute information. This decentralized approach has some advantages, including improved security and privacy.
Additionally, Web3 design is overall more user-friendly than the current internet. The goal is to make it easier for people to find the information and applications they need and to make it simpler to use them. In all honesty, comparing Web3 to the metaverse is kind of like comparing apples to oranges.
Web3 Companies to Know
Binance – Binance is a cryptocurrency exchange that offers a platform for trading various cryptocurrencies. Binance was founded in 2017 and has headquarters in Malta. Binance is one of the most popular cryptocurrency exchanges and allows users to trade a variety of digital assets.
Crypto.com – A cryptocurrency wallet and exchange that offers a platform for buying, selling, and storing cryptocurrencies. Crypto.com was founded in 2016, and its headquarters is in Hong Kong.
Chainlink – Chainlink is a decentralized Oracle network that provides data and information to smart contracts. Chainlink was founded in 2014. The company aims to provide a secure and reliable way for smart contracts to access off-chain data.
Ethereum – A blockchain platform that enables the development of decentralized applications. It is currently the most popular blockchain, and many other companies have created other chains based on its tech. These other chains run on the Ethereum Virtual Machine, and are known as “EVM compatible” platforms.
A decentralized internet can connect more people without corporations collecting so much data on our personal lives. We can do and be more.
As we say in Latin, alterius non sit qui suus esse potest, meaning let no man be another’s who can be his own.