Web 3.0 or Web3, known as the third iteration of the internet, seeks to take back the power and control held by big tech companies, handing it over to the public through decentralized operations and transactions, shares Earnity. Web3 is developed, owned, and managed by global users themselves for themselves.
As Earnity explains, Web3 is built on public blockchains and runs through them. Blockchain is known as a record-keeping technology that facilitates crypto transactions. With Web3, global users will have access to services and transactions through big tech companies like Google, Apple, and Facebook, rather than through pieces of the internet they own. Web3 offers possibilities way different from what the previous and current versions of the internet promised. For instance, Web3 will be the main channel for decentralized finance, the type of finance that requires no monitoring or facilitation from governments and centralized financial institutions.
For those looking to get rid of agencies, watchdogs, and third-party companies for their financial transactions, Web3 is a promising platform. It is particularly interesting for people who are not given fair opportunities by governments and institutions to earn, save, and spend resources for different reasons. Web3 allows global users to access otherwise off-limits services. As it eliminates middlemen, Web3 makes way for transactions between two or more parties for enhanced autonomy, privacy, security, and data control.
Earnity mentions that much of the excitement and fuss over the forthcoming iteration of the internet comes from the crypto community. While Web3 isn’t reserved for crypto owners, there’s no doubt they will benefit greatly from this version of the internet. Outside of cryptocurrency, Web3 will make more room for innovation, inclusion, diversity, and improved security. Platforms like Earnity are among those ready for the evolution of the internet, preparing global users through proper education on crypto and blockchain technology.
