Quite clearly, Internet Evolution is about to enter the Third Era of its development, and that is something that cannot be denied. Web 3.0 promises you ownership of your digital property rights within a protected virtual ecosystem.
Businesses will use virtual worlds to issue NFTs and other digital goods to customers in a Metaverse Space much like companies raced to go online in the early 1990s.
It is imperative to recognize and understand this unique business opportunity to improve your chances of succeeding and taking the pole position for the new rise of the Internet and Metaverse.
What exactly is Web 3.0?
Tech, crypto, and VC enterprises have recently taken an interest in a new concept coined as Web3.
With the popularity of the Metaverse, Web 3.0 has become the new buzzword in the world of the Internet. A third version of the Internet, Web 3.0 is also known as the decentralized web and improves on the current Web 2.0 system.
Today, Web 3 is heard everywhere, and if you don’t include it in your social profiles bio, you obviously don’t mean business.
This is a term that encompasses a variety of ideas that aim to eliminate the middlemen from the Internet.
Moreover, you no longer have to log on to Facebook, Twitter, or Google to browse the internet in this news transdimensional virtual cyberworld.
Let’s put it this way:
The Web 1.0 era in the 1990s was the Inception of the Internet.
Even though the internet was hailed as a tool that democratized access to information, the most effective way to navigate it was to go to your friend’s GeoCities webpage. There was a great deal of unorganized chaos and it was pretty cluttered.
With the turn of the century, at the beginning of the 2000s, Web 2.0 started to take over. Web 2.0 has led to the internet becoming a more social place.
The Internet user community has been encouraged to connect with one another by using social networking services and blogs, which has led to the creation of massive amounts of data and information.
By allowing people to easily connect and transact online on platforms like Amazon, Google, Twitter and Facebook, the Internet evolved into an increasingly structured universe.
Due to this, privacy issues arise and users may feel that their personal, business or financial information has become less secure as they must agree to the terms and conditions in order to use these services.
Moreover, social media platforms have implemented more strict guidelines for which types of content or posts will be allowed on their platforms. This has sparked controversy over free expression.
The critics of those companies have argued that over time, they have accumulated too much power.
A number of billionaires have made their fortunes through Web 2.0, including Mark Zuckerberg, Jack Dorsey, Jeff Bezos, and many more.
As a result of the success of Web 2.0 companies, equity investors have been able to make significant returns.
In the event you missed out on the takeoff of Web 2.0, Web 3.0 may be your chance to catch up.
Web3 is an attempt to reclaim some of the power that has been lost.
Ideally, Web 3.0 will solve this problem as it is expected to be a Decentralized version of the Internet that allows users to manage and control their own data.
With the third version of the internet, there will be a greater degree of transparency and access to vast amounts of content for everyone.
Furthermore, Web 3.0 is expected to be more User-Centric, which will facilitate data security and privacy while reducing Internet hacking risk.
“There’s a small group of companies that own all this stuff, and then there’s us who use it, and despite the fact that we contribute to the success of these platforms, we don’t have anything to show for it,” says Mat Dryhurst, a Berlin-based artist and researcher who teaches classes about the future of the internet at New York University.
In that sense, Web3, as Dryhurst and other Web3 fans see it, is an iteration of the internet featuring new social networks, search engines, and marketplaces with no corporate control.
As opposed to centralized systems, they’re built upon a decentralized framework known as the blockchain, which is already the foundation for Bitcoin.
Blockchain technology is at the heart of Web 3.0. This is a type of electronic ledger, also known as a blockchain.
A distributed ledger maintains a digital record of ownership (such as of assets) without the help of a centralized system. As a distributed consensus protocol, it is considerably faster in closing transactions since there is no need for intermediaries to process and authenticate transactions.
As blockchain relies on distributed consensus, changing data on the system isn’t easy without sending an alert to the whole ecosystem. The system is thus extraordinarily secure.
Blockchain technology is a fundamental component of many major cryptocurrencies, such as Bitcoin, and non-fungible tokens.
Web 3.0 holds the potential to change the Internet we know today.
With this concept, peer-to-peer internet services are provided without a central authority, allowing users to be in control of their data.
Imagine it as a sort of bookkeeping where anyone has access to data on multiple computers at once. The data is searchable by anyone as it resides across many computers simultaneously.
Rather than being controlled by one organization, it is managed by users collectively. In exchange for participating, users receive tokens. As these tokens can be used to vote on decisions, they can also generate financial profit.
By using a single personalized account, users can bounce from social media to email to shopping, recording all their online activities on the blockchain.
“To the average person, it does sound like voodoo,”
explained Olga Mack, professor of blockchain and entrepreneur at UC Berkeley.
“But when you press a button to switch on lights, do you understand how electricity is made? You don’t have to know how electricity works to understand the benefits. Same is true of blockchain.”
Is Web3 a Digital Utopia?
The idea of reinventing the Internet altogether may seem like some remote Digital Utopia at this moment.
However, Web3 has been gaining traction lately and generating a great deal of interest and investment, especially from crypto enthusiasts.
Tech companies are increasingly turning to Web3
A major driver of Web3 is the popularity of NFTs, or non-fungible tokens, which allows the purchase and selling of digital collectibles and other online assets using cryptocurrencies.
In addition to this, there are publicity stunts that are carried out. Several cryptocurrency enthusiasts recently attempted to buy a copy of the United States Constitution with digital currency.
They called themselves ConstitutionDAO. A decentralized autonomous organization (DAO) refers to a collective of crypto supporters who are governed by the blockchain and tokens. (This sounds a lot like Web3.)
Web3 is a term that is loosely defined, taking on a slightly different shape depending on who is talking about it, but that is true for all new technological frontiers as well, Dryhurst noted.
“Every new advent of the web is at first baffling,”
The Web3 concept has remained a theoretical concept for years among technologists and cryptographers.
Yet, in recent months, the blockchain-based future has become a dominant topic at tech conferences and on social media. Major tech companies have even formed Web3 teams.
Web 3.0 is largely being used by startups that are privately owned. A number of these companies are working on developing social media and financial platforms.
While some companies are focusing on the development of payment platforms, others are developing games using Web 3.0 technologies.
In addition, there are a few publicly traded companies that may offer exposure to Web 3.0. If investors want to gain exposure in this space, they should look for companies that are involved in blockchain technology.
Web3 development takes an interesting turn
Fans hope Web3 will allow people to share photos, communicate with friends, and buy things online without having to rely on Big Tech.
As an alternative, it will instead be accomplished by a multitude of small competing services on the blockchain – like earning a token every time you write an article, giving you ownership stakes in the platform and the ability to cash out one day. Theoretically, this would also mean avoiding fees, rules, and the constraints imposed by tech firms.
However, major tech platforms are also getting on board with the WEB3 trend.
According to Esther Crawford, a senior project manager for Twitter, all the value generated by the company will be shared with more people rather than the owners, investors, and employees.
Crawford said Twitter is looking into ways to integrate Web3 concepts into the social network, such as allowing users to tweet from accounts associated with a cryptocurrency, rather than through Twitter.
In her view, Twitter will not be replaced by a crypto-version of Twitter. Instead, Twitter will add Web3 features on top of the standard Twitter application.
“For a long time, Web3 has been very theoretical,” she said. “But now there is a surge of momentum to build.”
Could Web3 be the future of business?
According to experts, Web3 enthusiasts should expect the technology to operate alongside Web 2.0 rather than completely replace it.
The potential for blockchain-based social networks, transactions, and businesses is significant, and will continue to be so in years to come.
Despite this, technology analysts say that eliminating Google, Facebook, or Twitter completely is not likely to happen anytime soon.
“I’m not in a position to say who will win,” Dryhurst said. “But Web2 companies will be folding Web3 ideas into their services to stay relevant.”
Dryhurst believes many people would prefer to be able to take their online interactions and data with them wherever they go on the Internet rather than remain within a “walled garden” of a big tech company.
“This is a fundamentally different experience than what we’re used to today,” Dryhurst said.
Nonetheless, he acknowledges that boundless freedom can lead to troubling consequences in certain cases.
“The Faustian bargain is that the same reasons that it’s exciting that there’s nothing impeding people to build whatever community they want, I can’t stop someone from building something that’s hellacious,” Dryhurst said.
User experience on major social media platforms today will be better with collective voting on engagement rules, he added.
Web3 Metaverse Building Foundation
In a recent rebranding, Facebook renamed itself Meta, describing its priority as building the “Metaverse,” a digital future in which everyone lives and interacts and works together virtually.
One of the Meta’s stated principles is “enhanced interoperability,” which allows users to seamlessly move from one site to another, or from one service to another, without needing to sign in to separate accounts every time they visit a new site.
Web3 also embraces that ideal.
True believers, however, insist that Facebook does not have a place in the Web3, no matter how hard the social network tries to integrate itself.
“Facebook will always be incentivized to enrich Facebook,” Williams said. “And that’s not how cyberspace should be governed.”
Are we just overhyping Web3?
There are plenty of Web3 skeptics around.
Professor James Grimmelmann, a law and technology expert at Cornell University, says he is skeptical about the technology.
“Web3 is vaporware,”
Grimmelmann said in reference to a product that’s promised, then never delivered.
“It’s a promised future internet that fixes all the things people don’t like about the current internet, even when it’s contradictory.”
In his opinion, if part of the idea is to avoid sharing personal information with the tech giants, the blockchain is not the answer since that will result in more data being released to the outside world.
“It doesn’t make any sense,” he said. “The vision says the problem with the internet is too many centralized intermediaries. Instead of having lots of different applications and sites, we’ll put it all on blockchains, which puts it all in one place.”
Grimmelmann sees Web3 as technologists reaching for the idealistic ethos of the dawn of the internet – everyone can use the Information Superhighway freely. A concept that long ago was supplanted by big corporations.
In the history of the Internet, fragmentation and centralization have tugged at each other, he said. Whenever it swings too far in one direction, it is pulled in the other direction by a backlash.
“Blockchains are interesting and solve some difficult problems in new ways,” he said. “They’re probably going to end up in the toolkit that the next internet is built out of, but that doesn’t mean the internet is going to be built around them.”
But many people who became wealthy through cryptocurrency investment are now searching for something else to invest in than NFTs of “bored apes” who are members of a cartoon “yacht club.”
Web3, he said, is the thing right now, regardless of the fact that it is mostly theoretical.
“There are a lot of people who have money to invest,” he said. “And they need some vision to throw money at.”
Polgon is an Ethereum-based token that facilitates faster and cheaper transactions over layer-2 side chains (chains based on the Ethereum blockchain).
As part of its broad initiatives to encourage the adoption of Web 3.0 applications, Polygon has raised nearly $450 million in a funding round led by Sequoia Capital India.
Galaxy Digital, SoftBank Vision Fund 2, Galaxy Interactive, Republic Capital, Tiger Global, etc. also participated in the round.
The funds will also enable Polygon to continue investing in cutting-edge zero-knowledge (ZK) technology critical to bringing the next billion users into Web 3.0.
By building upon the open-source principles of the Early Internet, Web 3.0 will enable users to create value while controlling the network, says Polygon Co-founder Sandeep Nailwal.
Polygon allows developers to create custom solutions similar to those offered by Amazon Web Services (AWS). It provides a scalable solution for every use case.
Low fees and high transaction speeds are offered by Polygon PoS on the Ethereum mainnet, which is readily accessible in Web3.
According to Nailwal, technological disruption didn’t begin with Web 2.0, and it won’t end there either.
Several of the same companies that had funded the previous innovation cycle have stepped forward this time to support the company’s Web 3.0 initiative.
Polygon hosts more than 7,000 decentralized applications (dApps), making it the leading platform for Web 3.0 development.
Thousands of developers use Polygon’s scaling solutions in Ethereum ecosystems across a variety of applications.
Polygon Web 3.0 Blockchain Crypto Gaming
Polygon has also become a prominent destination for projects looking to build Web3 games.
With this purpose in mind, Polygon Studios was launched in July 2020 as a blockchain gaming and NFT arm, bringing Decentraland, DraftKings, Animoca Brand’s The Sandbox, and Decentral Games, Skyweaver by Horizon Games, Aavegotchi, Zed Run, Megacryptopolis, Neon District, Upshot, and Cometh.
Polygon PoS adoption has grown exponentially over the past year, according to the company, with a billion transactions recorded.
Polygon Key Tokenomics
Polygon’s native MATIC token currently has a market capitalization of more than $10 billion.
There are approximately 3 million transactions on the Polygon network every day, which is more than twice as many as on Ethereum.
Polygon currently has 130 million unique addresses and 2.67 million active users every month.
Ethereum has significant advantages over Bitcoin, but it is limited by its high transaction costs, so Polygon (MATIC) aims to address these shortcomings.
Developers and investors favor Polygon because of its high scalability and low gas fees while supporting Ethereum’s high-quality security protocols for the development of decentralized apps and smart contracts.
Due to the above factors, the Polygon (MATIC) value has increased significantly over the last couple of years.
Bloktopia Metaverse and Polygon Web3
As mentioned above, Polygon is also a popular destination for projects looking to develop Web3 Games and Metaverse.
In the Metaverse space, Bloktopia has made its mark as one of the most prominent projects.
The Bloktopia Metaverse runs on the Polygon blockchain.
In order to build its Metaverse platform, Bloktopia adopted Polygon as a layer-2 Ethereum scaling solution that is a leading technology in the crypto industry right now.
In addition, the Bloktopia team intends to use Polygon’s EVM compatibility, as well as its fast and low-cost transactions as well as the general compatibility of the Polygon network with the Bloktopia Metaverse.
You can find out more about Poligon, Web3 and the Bloktopia Metaverse here.
Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party, and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high-risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.
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