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What is Web3?

Web3 refers to a new layer of products and services for the internet built with decentralized networks, cryptography, tokens, smart contracts, and public ledgers.

With these technologies, Web3 has the potential to create:

  1. an automated rules-based financial system existing entirely on the internet - DeFi (including NFTs);
  2. a way to fully control your identity, data, and privacy online - Sovereign Identity; (see Personas for Radix’s implementation)
  3. novel ways to organize and coordinate online communities and endeavors - Decentralized Autonomous Organizations (DAOs);
  4. ways to enrich Gaming & Metaverse experiences with finance, property rights, and identity; 
  5. the ability to find, connect, communicate and share with others outside of the control of any one party - Decentralized Social

Perhaps Himgajria summed it up best as “where Web 2.0 was read-write, Web 3.0 is read-write-own”.

To learn more about Web3 and these five use cases, definitely check out The 5 use cases of Web3 that will dominate the next market cycle.

Further reading: