Today many people wonder what Web3 is and what it is for. How much do you know about it? 

If you are interested in everything related to blockchain and cryptocurrencies, you may have an idea of ​​​​the subject. However, this technology advances and brings news every day. Therefore, it is better to always be updated on the subject. 

In this article we will tell you everything about Web3: what it is, what it is for and what its main features are, as well as other interesting information. Will you accompany us to learn about this technology that is characterized by its decentralization? Come on!

What is Web3 and what is it for? 

Web3 is a concept that describes a new stage in the history of the Internet. The term was popularized by Gavin Wood, co-founder of Ethereum.

According to the Ethereum website, “Web3 uses blockchain, cryptocurrency, and NFTs to return power to users in the form of ownership. A 2020 Twitter post said it best: Web1 was read-only, Web2 is read-write, Web3 will be self-read-write.”

Another example from Twitter but from 2021 (@RyanSAdams), differentiates Web3 in this way:  “Web 1: Links, Web 2: Likes, Web 3: Tokens”. Clearer, impossible.

Thus, the main objective of Web3 is to achieve the decentralization of the Internet, through the creation of a more equitable network, thus subtracting the power of the “internet giants”.

Web3 Features

Although it is very complex to make a formal and structured definition of what Web3 is, it is possible to highlight some of its main qualities:

  • Web3 is decentralized. Instead of large portions of the Internet controlled by centralized entities, on the Web3 ownership is distributed between creators and users.
  • Everyone has the same access to participate in Web3, this means that no one is excluded.
  • Web3 uses native payments. That is, it uses cryptocurrencies to send money online instead of relying on payment processes that depend on banks and financial institutions. 
  • It operates using economic incentives and mechanisms, rather than relying on trusted third parties.
  • Web3 allows direct ownership via non-fungible tokens (NFTs). 

Web3 Limitations

While there are numerous advantages to using Web3 (more on that later), this technology also has certain limitations. For example: 

  • Decentralization makes supervision and regulation difficult, so it could lead to certain problems such as cybercrime.
  • It is complex to understand for beginners in Software development or people who do not have much knowledge about the technological world. 
  • There are no privacy policies.
  • It is increasingly necessary to have faster and more modern equipment. 

Web2.0 vs. Web3

To finish understanding what Web3 is, it is important to differentiate it from Web 2.0. Let’s look at the main points of comparison:

  • Trust model: In Web 2.0, there are centralized services, servers, and software, while Web3 is a decentralized model.
  • Administration: in Web 2.0 power is in the hands of internet giants, while in Web3 there are Decentralized Autonomous Organizations (DAOs), and power is distributed among stakeholders. 
  • Content: in Web 2.0 the content is dynamic and generated by users. For its part, on Web3 the content is owned by the user.

What can Web3 be Used for?

According to the Gartner company website, “tokens and cryptocurrencies underpin Web3 business models and economics, which opens up new opportunities related, for example, to the monetization of non-fungible tokens (NFTs). in the new applications of the metaverse”.

Let’s look at some examples from web3, according to Forbes

  • Bitcoin – The original cryptocurrency has been around for over ten years and the protocol itself is decentralized, although not its entire ecosystem is.  
  • Diaspora – Non-profit decentralized social network.
  • Steemit – Blockchain-based blogging and social platform.
  • Augur – Decentralized exchange market.
  • OpenSea – A marketplace for buying and selling NFTs, built on the Ethereum blockchain.
  • Sapien – Another decentralized social network, built on the Ethereum blockchain.
  • Uniswap: Decentralized cryptocurrency exchange.
  • Everledger – Blockchain-based supply chain, provenance and authenticity platform.

What are the Benefits of Web3?

Since we started to define what Web3 is, we have been mentioning its benefits and advantages for users. Basically, it is a democratic, open, transparent, decentralized web and in which anyone can be an owner. Here, the blockchain data is open and public: everyone can know what is going on.

 “Web3 innovations will open new horizons on the Internet and will give rise to applications that were not possible until now,” they say from Gartner. 

Knowing what Web3 is, what benefits it brings and what it is for, without a doubt, makes you a candidate that stands out from the rest. So, if you are looking for a job or want to launch your career, it is important that, in addition to strengthening your knowledge in  programming languages ​​and techniques in general, you are up-to-date on the issues that affect the tech industry. 

At Talently we can help you with these aspects and many more. If you have more than 2 years of work experience and want to find your ideal remote job, apply to our program today!

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