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What is web3 and why will it change the internet as we know it?

First of all welcome to the beginning of the new web. You are one of the early adopters of the web3, just by reading this article. To give you an understanding what will be new, we need to understand the history of the web first. So let´s start.

What is web1?

Static content created by developers in the timeframe from 1991 to 2004. The sites mostly had no dynamic content and were created from plain html text and images.

What is web2?

Interactive and social. You do not have to be a developer to participate in the creation process of new content in the web. Most websites are dynamic and apps help users to create incredible new content every day.

What will web3 be?

The decentralization is the core feature. Not a single entity will hold all your data on its servers. Web3 will be stored in global blockchains, decentralized networks or in an combination of both, that communicate with each other and no company will be the owner, instead all users own all the content together. This new form of apps are called DApps (decentralized apps). Web3 is:
  • Verifiable
  • Trustless
  • Self-governing
  • Permissionless
  • Distributed and robust
  • Stateful
Web3 has:
  • Native built-in payments
Web3 is all about cryptocurrency. All DApps have a special token behind it that is used to create, govern, contribute or improve the protocol. Consumers will pay to use the protocols but in Web3 the earnings go directly to the creators without any middle-entity.

Crypto Wallets

Unlike PayPal or other online payment providers, Web3 uses crypto wallets like MetaMask to give you an anonymous, secure and international possibility to send and receive money in a blink of an eye. Brave Browser has already an integrated wallet and is ready to go for the Web3. It is Ad-free and has the possibility to earn the utility-token $BAT (Basic Attention Token). As a content-creator or publisher you are able to earn $BAT through various channels like your own website, tipping on twitter, youtube and many more. The main reward for using Brave is actively clicking on ads from other content providers, by this you can earn up to $5 a month - that alone is a life changing amount of money in some parts of the world.

Identity in Web3

Web3 makes use of these crypto wallets to give you anonymous access to all kinds of DApps. Unlike the authentication process in Web2 you no longer need to hand-over personal information like your email and password.

What is a DAO

A digital decentralized autonomous organization and a form of investor-directed venture capital fund.
A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC),[a] is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government.[1][2][3] A DAO's financial transaction record and program rules are maintained on a blockchain.[4][5][6] The precise legal status of this type of business organization is unclear.[7]

What is a DAO in Crypto? (Decentralized Autonomous Organization) by Whiteboard Crypto

October 29, 2021 by scobiform

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