Over the past three decades, the Web’s landscape has undergone a profound upheaval. Since Web 1.0’s early years, when the internet primarily served as a channel for the transmission of text-based information, a lot has changed. Rich media content has now been introduced thanks to Web 3.0 and the continuously changing consumer needs.
The technological competition of our time is how technology is used, particularly with the emergence of an open internet of value. This reality is urgently needed since providing even basic services using fixed lines or brick and mortar has reached a threshold of decreasing returns.
What is Web3.0 and why should we care?
Web3 is a fundamentally new approach to corporate governance, value generation, and stakeholder participation with pari passu interests. It is not merely a new core layer of the internet. It offers a chance for people to become creators and owners of digitally distinctive assets rather than only consumers of items or benefactors of business models powered by technology.
Perhaps the frauds and hacks are simply the early-stage growth pains of the sector. They might even bring attention to problems that some people have been dealing with for millennia. The status quo, not cryptocurrency, is the riskiest market for people of color, some of whom are the biggest adopters of cryptocurrency in the United States, according to Cleve Mesidor, executive director of The Blockchain Foundation.
What This Means For Businesses
- Personalization
- Mobile-First Experiences
- Ubiquity
Web3 Or The Decentralized Web
Web3, a concept coined by Gavin Wood, co-creator of Ethereum and founder of Polkadot, is the development of Web 3.0. This concept’s basic notion is a decentralized Web, with a focus on blockchain technology, encryption, and cryptocurrencies. Additionally, it incorporates the use of augmented reality (AR), virtual reality (VR), and now the metaverse.
Already, Web3 is responsible for trillions of dollars’ worth of economic activity. Additionally, Web 3.0 and Web 3.0 will spread the use of decentralized financial concepts. With the advent of VR and AR, social media marketing will experience some fascinating developments as well.
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