Web3 & its ever-evolving landscape
If I have to put in the definition of Web3 in the most simplest of terms, I will sum up Web3 by associating it with three characteristics:
- completely decentralised
- permissionless mechanism
- P2P (Peer-to-Peer)
Just a few examples of Web3 coins: GARI, SOL, AUDIO, GMT, MANA, RUNE, SKALE, UNI, JASMY (all available to trade on CoinDCX)
Web3 has clearly turned out to be the new sensational buzzword of the internet, that has caught the attention 👀 of every ‘Crypto Enthusiast’ lurking in the wild. So does the Web3 hype truly deserve the recognition and fan-fare? Let’s find out 🔍…
So much is the hype around the buzzword, that crypto maximalists have fallen head-over-heels in love with everything that Web3 has to offer. Social media influencers, Celebrities, Public figures, Venture Capitalists are all on absolute fire 🔥
With the dawn of Web3, there has been a tsunami 🌊 of educational content on every social media channel, be it Twitter, FaceBook (Meta), Apple Podcasts, Reddit /r communities, Discord servers, Medium articles or YouTube videos; The very viral existence of Web3 took place in the last 1 year of the crypto bull-run and has only exposed people to use Web3 interchangeably with the term ‘Metaverse’. Retail traders are still ignoring the plethora of offerings that comes under the Web3 umbrella ☂ & they are as far-and-wide as the oceans of the internet, so the Metaverse is just a single drop of water within this vast ocean. Yes, that’s the sheer SIZE we are discussing here.
So what exactly is Web3?
Putting it in layman terms, Web3 is the fully decentralised & permissionless version of the current internet that we call Web2. Currently within the realm of our existing Web2 stage of the internet, there is an end-consumer — which is YOU. Now in the entire data exchange, You end up being the by-product and Your private data becomes THE ULTIMATE product. In the realm of Web3 — the consumer is the rightful owner of their unique data, starting from the beginning to the end of the data exchange process.
Let me explain with examples- Say you are uploading videos on YouTube, now YouTube is a completely free service and the creator just uploads the video and all server requirements for storage is seen by YouTube and they go further beyond with making your content reachable to the audience. Sounds absolutely fantastic? Not really…YouTube has been plagued in the recent times with curbing free-speech of the creators, creators videos being Demonetised ⛔️, flagged as potentially harmful content ⚠️ and some creators have just had their entire channels terminated. The hilarious side of this entire story has to be that fact, that all this atrocities have happened with majority of Crypto channels on the platform, some of them were just creating honest educational content for the space (I agree there would always be the presence of a few bad actors in the space, but I am specifically talking about the majority of creators who put their best foot-forward to educate the masses).
On the other hand, we will take the example of the Chingari app- A project built on the Solana blockchain, it is a truly decentralised social media platform. The entire creator-economy of the platform has been created keeping the content creators best-interest in mind. This is the Web3 way forward. Decentralisation of resources instead of dictatorship and monopoly.
Lets dive into another Social Media platform that hides behind the illusion of free services- Facebookas a service is “FREE”:
- No sign-up costs
- No cloud storage tiers for uploading pictures / video
- No service charge of connecting with friends through messaging services or for the utilisation of its other services
- All the games hosted on the platform are Free-2-Play (FarmVille, Zynga Poker), listing items on the Facebook marketplace, brand page creation etc — All Free…
- plus, there are no micro-transactions for day-to-day use.
Wow! Sounds great right 🥳? Wrong, YOUR DATAis the ULTIMATE product for Facebook! Your personal information, your internet browsing history, your likes and dislikes, are all SALEABLE DATA to Facebook and they do sell these data metrics to advertisers for relevant ad targeting. That is how Facebook makes their Billions of dollar 💸 YoY and keeps every service offering in its kitty behind the veil of “Free-to-Use”. There is a reason why Apple’s recent iOS 15 tracking limiting feature has costed Facebook astronomical losses in share prices as well as investor confidence. More privacy, lesser data to sell.
With the dawn of Web3, we are welcoming the era of cutting out the middleman from the whole equation. DApps running on the blockchain operate within a completely decentralised environment and every information a user puts out there is wholly owned by the user themselves. No prying eyes here. There is not even a fraction of users private- data that could be monetised or be made available for sale to a third-party entity, that’s the beauty of it. The actual ownership of data lies with the users who put that data out there.
The term Web3 was coined by Ethereum co-founder and Polkadot creator Gavin Wood back in 2014.
Web 3: The Enabler of the Metaverse🪐⚡️🌎
As I have previously mentioned in the previous part of this article, Web3 is the ultimate bridge that goes all out in enabling the power of the Metaverse, and truly, the Metaverse will be the next level of how we interact with the internet and interact with the virtualisation it brings to the forefront. The deeper you follow the Web3 rabbit hole 🕳 , the more crazier the subjects & it’s reach gets 🤯
Lets us imagine the Metaverse through an example of a game — In the Metaverse, you are now able to play a FPS (First Person Shooter), but instead of how you just play with a console remote — you can now start feeling the weight of the gun, the moving metal parts, the resistance of the trigger according to the class of the gun, the recoil during shooting and literally feeling your enemies bullets zipping past you. Sounds surreal?
Well it might, but it is not and it will not remain wishful thinking for a very long time. The Metaverse is going to be everyones virtual playground in the very near future and every company worth its salt is jumping on the bandwagon and pouring their Millions, from Adidas to Nike, Sony Interactive Computer to Louis Vuitton, they all want their share of the pie.
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