- web3 has become a symbol for a new, better internet where payments and money are natively digital, decentralized apps compete with centralized ones, and users have more control over their data and identity.
- Rather than replacing the present system, web3 is trying to build different technologies and make better choices that keep what we like while changing its underlying structure.
- This ranges from financial projects - (crypto), basic communications tech (end-to-end encrypted messaging), mass consumer use-cases (open social networks), etc.
- Unlike using the internet as a portal to the offline, traditional financial system cryptocurrencies are fundamentally digital and do not require interacting with some offline system.
- Digital payments will unlock new business models that were previously impractical. They will radically lower the costs of some transactions (cross-border remittances), enable new use-cases (machine payments), and be available to massive new markets.
- As produced and controlled by major companies most internet-based application today employs people to work on them, decides what features get prioritized, control the servers that host the application’s data, and ultimately determines what code gets pushed to the product.
- web 3 gives higher options where we can build products and services, that aren't controlled by any single company but still have comparable usefulness to their centralized equivalents.
- Users could use any client they choose, and clients can implement different features or offer third-party services as client developers don’t have to ask permission from any central company as user choice increases.
- Web3 gives users more control over their identity and their data thus laying the groundwork for personal control of online identities.
- Infrastructures built for cryptocurrencies can be used for multiple purposes as cryptocurrency requires holding private keys, and people can use apps to manage any kind of blockchain-based data, including personal identity.
