Have you seen the term Web3 mentioned, but you were unsure what it means in exact terms? This is a way of interacting with the internet that’s set to change our entertainment options, so let’s see what it is and how we got there, before considering what the future might hold.
What Is Web3?
The simplest description is that Web3 is a decentralized model compared to the current approach that is dominated by huge tech companies. The term has been around for over a decade, but it has recently gained more ground as the blockchain, and cryptocurrencies have changed our perspective of the internet and how it’s used.
Decentralized finance (DeFi) is one of the key elements of Web3, removing third parties such as banks and allowing people to carry out transactions directly with one another. Gaming and iGaming brands are a big part of this revolution, with Web3 giving players more flexibility through the use of NFTs and cryptos. These providers are motivated by the transparency and security that they believe blockchain gaming can offer. PeerGame is one online casino that makes this point clear on its homepage. On this platform, players can connect their crypto wallets to start playing with no registration required. The system provides a range of cryptocurrency options and the same kind of variety found at other online casinos, suggesting the blockchain can offer a wide choice to users.
How We Reached Web3
To better understand Web3 technology, we can see how it evolved from previous iterations of the internet. Web 1.0 was the basic starting point, giving us a static and read-only web, as described here by Techopedia. It lacked interactive elements and user-created content, although at the time it still felt like a huge step forward.
Web 2.0 introduced a more interactive platform where users could create their own content. This second generation of internet technology introduced many of the most common features we now enjoy, such as social media sites and forums. This made the internet far more interesting to use, but among the pros and cons listed by TechTarget is the fact that this has introduced a series of issues, such as the amount of misinformation posted online and rising security threats.
Some of the Possible Future Areas of Change
It’s hoped that further advances in Web3 give us the most secure and transparent way of going online yet. By using the blockchain and related technology, we can get the best of the Web 2.0 experience with additional benefits that help us to make the most of going online.
The possibility of owning digital assets adds an intriguing new aspect that encourages users to participate in the success of the platforms they use. By owning part of the assets in the form of NFTs and crypto tokens, users can look to gain profits as their value increases over time.
For the moment, most of the things we do online are using the Web 2.0 version. However, it’s becoming easier to find Web3 elements that introduce the innovations we’ve been looking at. Some experts believe the Web3 name is simply a marketing term and that we won’t all fully move to a new iteration of the web, although it’s clear that new opportunities will arise for those who look for them.
