I decided halfway through 2021 that it was time to educate myself about all things cryptocurrency. And while I knew I needed to learn about bitcoin and altcoins, I had no clue I’d be diving into the world of decentralization and web3 at the same time.
So let’s start with definitions and the resources I’m using to educate myself around the topic in case you’re interested in diving into this rabbit hole with me.
What is Web3?
Web3 also known as Web 3.0 or web3 is the world wide web based on blockchain technology according to Wikipedia. If Web 2.0 provided us with internet access through centralized companies Web 3.0 will bring about decentralization, data security and privacy for its users.
Web3 is an internet that is open for all users, built on open protocols and transparent blockchain networks.Mason Nystrom – What Is Web3?
Ok, but what does that really mean? How is it different from the internet that I use today filled with Google searches through my Chrome browser, hosting the million and one photos I take of my children on DropBox or blogging on this website for the past 13 years! Egad!
How Is It Different?
To better understand the concept of Web 3.0 it was helpful for me to understand how I currently don’t really own this website. I bought the URL domain through GoDaddy and host the website through HostGator on a WordPress platform so at the end of the day if I stop paying the bills I lose the website.
The vocabulary around Web3, like that of many early movements, is very idealistic. It’s all about using technology to create trustless systems, wrest power from corporations, and give it back to the people.Packy McCormick – The Value Chain of the Open Metaverse
According to the author Packy McCormick, people passionate about Web3 will tell you what Web3 is against but they don’t always do a great job of explaining what it’s for or how it can be used or how it can help you. He also goes on to explain that at the heart of the concept of Web3 is cutting out the middlemen. That Web3 will bring about change that will empower the financial exchange of value between the consumer and the creator directly. However, we are in a period of transition where the interfaces are often hard to use and somewhat intimidating.
Web3 is very early and many don’t believe it will deliver on its promise. The interfaces of decentralized apps are still hard to decipher for most people, myself included.Packy McCormick – The Value Chain of the Open Metaverse
So How Can We Use Web3 Now?
The first company that crossed my path that opened my eyes to Web3 was Unstoppable Domains. Is this my solution to never having to pay GoDaddy another cent? (Sorry GoDaddy, nothing against you…)
I’ve been paying GoDaddy for years for domains like robynbaldwin.com but I can now purchase an NFT domain with Unstoppable Domains once and own it forever. Never having to pay a fee annually to the URL domain gods. And while Unstoppable Domains outlines 5 reasons why you need an NFT domain, the only thing they still lack is a way for you to use the domain easily for your current website in the Web 2.0 world that we still exist in. So while I’ve purchased an NFT domain for seamless crypto payments I won’t be transitioning my blog over to the domain anytime soon.
I would highly recommend diving further into this article if you’d like to understand the different use cases. It’s an exciting time to know that we’re just at the beginning of the shift from Web2 to Web3 and I’ll be watching how the infrastructure develops for ease of use in the future.
The Value Chain of the Open Metaverse