This topic makes us think about why we are investing our time and money in it.
Below is my opinion. You can add your thought about what is web3 and why do we need it. Thank you.
Web3, also known as the decentralized web, refers to the next generation of the internet that is being built on top of blockchain technology. The current internet, also known as Web2, is largely centralized, with a few big tech companies controlling vast amounts of user data and dictating the rules of online interactions. Web3 aims to change that by giving more control and ownership of data back to the users.
One of the main reasons why we need Web3 is to address the issue of trust. With Web2, users have to trust that the companies handling their data will keep it secure and use it responsibly. However, numerous data breaches and scandals over the years have shown that this trust is often misplaced. Web3, on the other hand, is designed to be trustless, meaning that users can interact directly with each other without having to rely on intermediaries or third parties.
Web3 is also designed to be more transparent and democratic. Blockchain technology enables the creation of decentralized applications (dApps) that run on a peer-to-peer network, where all users have equal access and can participate in decision-making processes. This can help to create more equitable and inclusive online communities, where users have more control over the content they create and consume.
Another key feature of Web3 is the use of cryptocurrencies, which can be used to power dApps and facilitate peer-to-peer transactions. This can help to create more efficient and cost-effective systems for exchanging value, without the need for traditional financial institutions.
Overall, Web3 represents a significant shift in the way we think about and interact with the internet. By giving users more control over their data, enabling trustless interactions, and creating more transparent and democratic systems, Web3 has the potential to transform the internet into a more equitable and decentralized space.