5 MAIN BENEFITS OF WEB3
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Web3 is a new and rapidly developing technology that will forever change how we use the Internet. It will be a while before its full potential manifests, but we can already see some of Web3’s unique benefits:
- OWNERSHIP: Web3 is powered by blockchain technology and decentralization, democratizing content creation and eliminating the middleman. Web2 relies on social media sites to store, distribute, and benefit from content. Web3, in contrast, allows users to earn tokens for their community participation and activity directly. These tokens have actual monetary value and give users meaningful ownership of their projects.
- PRIVACY: A decentralized identity system allows you to control your online identity and personal information. In Web3 you get more fine-tuned control over what information is available about you online and who can access it. Moreover, you get a cryptographically secure way to prove whether the information is accurate.
- SECURITY: Unlike the current system, where information can easily be copied or stolen without the user knowing, blockchain technology is secure and tamperproof; data cannot be changed or hacked without the interference being detected. However, there might be many unsecured web3 applications, and it is recommended only to use audited web3 applications.
- OPPORTUNITY: Web3 projects are open source, and anyone can build on top of other projects. Web 2.0 worked with limited API access, but Web 3 works like Lego blocks, where every part can be interconnected and reused. This is called “composability” This paves the way for leveraging existing projects to create something new, making it easy to generate innovative new projects with real value.
- COLLABORATION: Web3 runs on a DAO (Decentralized Autonomous Organization), a new management model without boards and executives. DAOs instead operate according to a set of rules written in code, allowing an unlimited number of people to participate in it. It is estimated that many traditional companies will change their operating model to DAOs in the next 10 – 15 years.
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