With these technologies, Web3 has the potential to create:
- an automated rules-based financial system existing entirely on the internet - DeFi (including NFTs);
- a way to fully control your identity, data, and privacy online - Sovereign Identity; (see Personas for Radix’s implementation)
- novel ways to organize and coordinate online communities and endeavors - Decentralized Autonomous Organizations (DAOs);
- ways to enrich Gaming & Metaverse experiences with finance, property rights, and identity;
- 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.