Web3 promises a decentralized internet built on the blockchain. It is important to understand all the buzzwords surrounding this technology.
Cyber Gear has compiled the most comprehensive (252 pages) and updated glossary. Download your free copy at https://www.cyber-gear.io
According to Sharad Agarwal, Chief Metaverse Officer of Cyber Gear, “In my opinion, Web3 is not so much about technology – Web3 is a mindset. A mindset of collaboration, not competition. Leaders need to think out-of-the-box and collaborate, even with competition, to bake a bigger pie and get a larger slice!”
Web3 promotes a creator-driven economy while at the same time rewarding consumers for their participation, thus ushering in a new era of social networks. Unlike the Web2 paradigm controlled by Big Tech, Web3 envisions an ecosystem of social and interoperable networks where all users can finally own a slice of the financial pie.
Web3 is an umbrella term that encompasses several ideas and futuristic visions of decentralization where community-powered, advertising-free, and self-monetized content will reign supreme. Although Web3 will disrupt many existing Web2-based business models, the creator economy is positioned as the biggest benefactor of this ongoing revolution vis-à-vis a reinvented social media paradigm.
Web3 solves this dilemma, giving back content creators full control and ownership over their content. Harnessing the power of blockchain and cryptocurrencies, Web3 allows creators to tap into numerous monetization opportunities while simultaneously rewarding users for their continued participation and loyalty. This creates a circular economy, free from the restraints of centralized platforms and intermediaries.
For instance, in the existing version of the internet, content creators are often subject to the whims and fancies of the platforms they use to share their content. This leads to several problems like unwarranted content censorship, content demonetization, and even possible deplatforming.
Driven by decentralization, Web3 social networks will transfer power back to the community by giving content creators full ownership of their content. In tandem with other Web3 services, these social networks will facilitate censorship-resistant, ad-free, and creative-centric ecosystems, thus offering equal opportunities for all.
Be it the rise of community-driven global social networks, the increasing acceptance of community-focused DAOs (decentralized autonomous organizations), or the emergence of AR and VR-powered immersive experiences, Web3 social networks are sparking a transformation focused on the community instead of gatekeeper’s interests alone.