The Easiest Web3 Explanation You’ll Ever Read
Can you imagine an online world where you own your data and nobody is trying to tell you what to do with it?! Welcome the next generation of the internet! In this article, we’ll break down the easiest Web3 explanation you’ll ever read. No techno-babble, no complex jargon – just pure, simple Web3 goodness! So grab a snack, put on your learning cap, and let’s dive in.
What is Web3, Anyway?
In the simplest terms, Web3 is the next version of the internet, also known as the decentralized web. Think of it as a shift from the centralized power and control that big tech companies and governments currently have, to a more user-driven internet. And the kicker is that Web3 is built on blockchain technology, the same tech that powers your favorite cryptocurrencies. Pretty awesome, right?
A Brief History Lesson: What Do Web 1.0 And Web 2.0 Look Like?
Web1, or the first generation of the internet, was like a digital library – read-only static websites without a ton of interaction. Web 2.0, on the other hand, took things a step further with interaction, file sharing, the rise of social media and chat rooms like AOL and MySpace, then Facebook, forums, and chat-based apps.
While all that sounds great, the issue is that corporations started collecting user data for not-so-great reasons. Web3 has a simple value proposition: it could give people back control of their data and how they interact with the internet. This could mean that a more decentralized internet that puts you in the driver’s seat is here.
Who Can Use Web3, And What Is It Used For?
From the average tech enthusiast to artists, Web3 is for everyone. Here are some examples of what you can use Web3 for…
1. Decentralized Finance (DeFi)
The awesome thing about decentralized finance is that it’s based around all the key concepts already found in traditional finance. For example, lending, borrowing, savings, and trading already happen every day. But with Web3, there’s no need for traditional banks or intermediaries. Platforms like Aave make this possible.
2. NFTs and Digital Art
Artists can create and sell their unique art without relying on galleries, auction houses, or curators. It has become as simple as putting yourself out there and finding a community that enjoys your work and wants to own a piece of it. There have been several successful NFT collections so far, like Bored Apes.
3. Gaming and the Metaverse
The play-to-earn model, in which people play games and earn real money, has become more popular with Web3. Imagine being able to unwind and get paid by playing your favorite game. That’s what’s currently happening with gaming metaverses like Axie Infinity. Web3 allows developers to build immersive virtual worlds, complete with in-game currencies that can be exchanged with traditional currencies like the dollar.
How To Jump Into Web3: A Crash Course
Feeling pumped and ready to dive into Web3? Let’s start with a quick and easy Web3 tutorial to help you get started.
- Get a crypto wallet: First, you’ll need a digital wallet (think of it like your snazzy new purse) to store your cryptocurrencies and interact with Web3 applications. Some popular wallets are MetaMask, Trust Wallet, and Coinbase Wallet. Once you’ve got your wallet set up, you’re ready to explore the vast world of Web3!
- Buy some cryptocurrency: You’ll need some cryptocurrency, like Ether (ETH) or another token, to use in Web3 applications. You can buy some from an exchange like Coinbase or Binance, and then transfer it to your wallet.
- Explore dApps: With your wallet set up and some cryptocurrency in hand, you can start exploring the world of Web3 applications. Find dApps on platforms like DappRadar or explore Web3 metaverse platforms like Decentraland or The Sandbox.
- Engage with Web3 communities: Web3 is built on collaboration and community, so look for Telegram groups, Discord servers, forums, and social media platforms related to Web3 topics. This way, you can monitor what’s going on in the space.
Next, you can buy and trade digital assets like NFTs, invest in decentralized finance (DeFi) platforms, or even snag a piece of virtual real estate in the Web3 metaverse.
Types of Web3 Platforms: Where to Start
Now, let’s talk about some really cool Web3 platforms you can start exploring ASAP.
- Blockchain platforms: If you’re looking for a ground-zero to build from, Ethereum is a great choice. It’s a blockchain platform that allows developers to build decentralized applications (dApps) and smart contracts. Ethereum has played a huge role in the growth of the Web3 ecosystem and is where many popular DeFi platforms and NFT marketplaces started out.
- NFT platforms: Speaking of NFTs, they’ve been all the rage lately, haven’t they? Platforms like OpenSea, Rarible, and Foundation are where you can dive into the world of digital art and collectibles. You can buy, sell, or trade NFTs, and who knows – you might just find the next big thing in digital art!
- DeFi platforms: When it comes to decentralized finance, platforms like Uniswap, Aave, and Compound are where the action is. You can trade, lend, and borrow cryptocurrencies, all without needing traditional banks or intermediaries to control the process. It’s like having your own personal financial playground.
- Metaverse platforms: Virtual worlds like Decentraland, The Sandbox, and Cryptovoxels are redefining what it means to socialize, create, and experience online. You can buy land, build your dream virtual home (the totally impractical one that just won’t work in the real world), and interact with others.
The Future Of Web3: Are You Ready To Make Your Mark?
Web3 could potentially change not just the internet, but also industries like finance, real estate, and gaming. This could in turn open up new opportunities and a whole new way of experiencing the online world.
Now that you know what Web3 is, how it came about, and how it’s changing the game, it’s time to dive in and start finding your place in this new online environment.
Featured image by GuerrillaBuzz on Unsplash
