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Web 3.0 | The next stage of the internet

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Craig Jackson
Craig Jackson

The Internet has gone through two notable phases and is currently moving into its 3rd iteration. In the beginning, the internet served largely as a free repository of information, serving only a small sector of society. Around 2004, companies found ways to monetize the internet and retailers started using it to sell products. Sites like Google, YouTube, and Facebook leveraged personal data into targeted marketing campaigns, turning the user into the product. As we begin the transition to Web 3.0, the promise of decentralized internet means we may be able to regain ownership of our data.

With the invention of NFTs, we now have a system of verifiable and decentralized digital ownership within the Web 3.0 ecosystem. We can program the smart contract linked to an NFT to process certain functions automatically, like royalty payments or change in ownership. In this way, users keep complete ownership of their work with no need for third-party mediation. For the online gaming community, NFTs make it possible for in-game digital items like swords, armour or even entire characters to be transferable between different titles.

In recent years, the emergence of decentralized autonomous organizations (DAOs) has created an entirely new way to operate a business on the Web 3.0. DAOs provide a system of governance that is incorruptible and democratic, with no need for centralized control. In a similar way, decentralized finance (DeFi) is quickly becoming the financial system of Web 3.0, where the community is essentially its own bank. Moving away from financials, blockchain technology makes it possible to hold a secure, verifiable form of identification on the Web 3.0. Eventually, all citizens could have their identification stored on the blockchain - secure, verifiable and accessible only by themselves.

Welcome to the exciting world of Web 3.0!

In this episode, join Tracey, Blake and Craig as they explore the exciting world of Web 3.0! The Internet has gone through two notable phases and is currently moving into its 3rd iteration. In the beginning, the internet served largely as a free repository of information, serving only a small sector of society.  Then companies found a way to monetise the internet and used it to sell products.

As we begin the transition to Web 3.0, the promise of decentralized internet means we may be able to regain ownership of our data. With the invention of NFTs, we now have a system of verifiable and decentralized digital ownership within the Web 3.0 ecosystem. We can program the smart contract linked to an NFT to process certain functions automatically, like royalty payments or change in ownership. In this way, users keep complete ownership of their work with no need for third-party mediation.

Listen to the latest episode

https://open.spotify.com/episode/0FAbH0Dx6Ocau6mEvqdJ4E?si=41a99e5b100b4564

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