Why is everyone talking about Web3? What is it and what does it mean for us? Actually, what does it mean for everyone that is currently outside of the Blockchain space and is looking to understand this “craze”, to put the concept of Web3 into something that is easier to understand. Hi, my name is David Villafane and I’m CTO of Ultrix Labs and Baja Technologies, INC. We focus on software development and one of our areas of expertise is Blockchain technology. You may have seen some of the projects we are building mentioned in some news outlets, including one of projects featured in Bloomberg and Yahoo Finance. The reason I’m writing this short article is because over the last few weeks more and more people have come up to me asking about Blockchain and Dapps, hoping to understand Web3 and where it might fit into their lives. Most of these people have seen lots of blockchain related news and might have even bought crypto in the past, but a question I get asked consistently is “What’s so great about NFTs? sure I understand they are digital collectibles, but is that it? Is that all Web3 is about?” The short answer is no, but it’s a great start to a Web3 future for all. Of ownership by all. Let me explain. As many of you know Web1 was the original internet, allowing people to consume websites, basically a magazine, newspaper, directory, etc that was available online, allowing people to read them but not much more. Web2 came around and allowed us to interact online, to create content and to interact with people from around the globe. A simple way to understand Web2 is to think about any social media platform you use and how you create content and chat with friends, all of this is usually done on the platforms of huge companies like Facebook, Google, Twitter and is usually hosted on servers owned by companies like Amazon. They set the rules, profit and decide how to distribute earnings among content creators.
The concept around Web3 is that WE will own the internet and our content, we will profit directly from it. To keep the concept simple I will continue to use social media as an example. Think about Tik-tok, Youtube and Instagram. The future versions or alternatives of these platforms should be Web3 based, on blockchains owned by the community and powered by the community. The community members that power the platforms will receive income for doing so. EVERY creator no matter how small would be able to receive some earnings from the content they create (even if it’s a penny), all earnings would be based on the rules decided by the community as a whole, not just the executives at a company. Every content creator would receive a much fairer income share for the content they create and they would own the rights to that content in an undeniable way. If companies want to run ads on the network they will have to pay each user that consumes that ad directly, we will earn money every time a company tries to sell us something. Web3 is a future that gives us ownership of what we do and allows us to profit directly from what we create and what we consume. Simply put, with Web3 We will own the internet, no more intermediaries like Facebook between the money created from our content and profiting from what companies try to sell us. Now imagine that sort of disruption in every other industry, too.
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