What Value does Web3 bring to the Internent

Crypto. Blockchain. Decentralization.

These three words continue to be thrown around in the news and media more and more lately. However, while most folks have heard of, or be somewhat familiar with, Crypto, Blockchain, and Decentralization, most are still in the early stages of understanding what it all means and how we are ushering in a new era of the internet with Web3. So we wrote this article to help you understand the value of Web3 and what is in store for the internet.

By now, we’re sure you’ve heard the Crypto & NFT buzz, and how people are getting rich off jpegs or the latest and greatest unheard-of altcoin that jumped 1,000% overnight. But are you aware of the billion-dollar crypto infrastructures being designed and developed to usher in a new era of consumer use cases and experiences?

This new era of technology and utility is widely known as Web3. So, where did this come from, and what were Webs 1 and 2? Did you even know it was possible to version the Web?

web evolution

So what were Web’s 1 and 2?

Web 1 Value:

Ability to leverage multimedia on the internet.

Web1 was a read-only version of the internet. It incorporated static pages, pages delivered from a server’s file system, pages built leveraging interpreted server-side scripting languages, and for styling leveraged frames & tables to position and align the elements on a page. Well-known examples of Web 1.0 are like online dictionaries, personal web sites, university web sites, and blogs

Web 2 Value:

Ability to run applications in the cloud.

Web2 is a centralized/cloud version of the internet where companies like Facebook, Salesforce, and Amazon reign (early 2000’s to current). Web2 ushered in the ability to interact on a site, transforming them from just static pages to online applications.

This brings us to Web3

Web3 leverages a different technology for it’s cloud. Web3 uses the blockchain. The blockchain is a system in which a record of transactions made using tokens (Bitcoin, Ethereum, Polygon, Tezos etc.) are maintained across several computers that are linked in a peer-to-peer network.

This technology gives businesses a different approach to online applications, how to monetize them, and their consumption by offering interoperability and monetary value to businesses and consumers at a new level not before possible with Web1 and Web2.

Tokens are the fuel that generates value within Web3. There are generically two types of tokens often referred to as fungible or non-fungible. Fungibility means you can replace one unit with another, and it is still worth the same. Non-fungible means individually unique. But this is just the tip of the iceberg for what Web3 will be able to do for businesses and consumers.

Much like the technological revolutions of the past era, Web3 will usher in a new way to think about the value of an application or service. This is already starting to happen as NFTs prove ownership, people earn money just by playing a game or an instant transfer of wealth from anywhere in seconds, and the validators (individual consumers) receive monetary rewards for validating the transaction.

The Value of Web3

Internet ownership for all parties involved
The Token Economy
Transparent operations of applications and services
New monetary rewards for both businesses and consumers

Much of the Web3 space is still unexplored, and new dApps (decentralized apps) appear every day. Level Up Development is here to help you understand and shape your product or service for the next generation of internet users.

We can guide you through big decisions like: