6/24/23: What exactly is Web3?

Web3 represents the cutting-edge evolution of the internet, characterized by its trustless, permissionless, and decentralized nature, all made possible through the revolutionary blockchain technology.

A fundamental aspect of Web3 is the concept of ownership, empowering users with full control over their content, data, and assets through secure and transparent blockchain systems.

By eliminating the need for intermediaries, Web3 enables direct user-to-user interactions, leading to reduced fees and enhanced revenue sharing opportunities among network participants.

This paradigm shift poses a significant challenge to Web2 companies, heavily reliant on extracting high take rates from their users. These traditional players may find themselves outpaced by disruptive Web3 companies that are reshaping the landscape.

As the world embraces Web3, it is imperative for businesses to grasp the potential impact on their operations and proactively explore strategies to adopt and leverage this groundbreaking technology.

Failure to do so would expose companies to serious threats posed by the multitude of innovative blockchain-powered enterprises already gaining traction and disrupting established industries.

Web3 is a promising investment opportunity for people with a certain level of risk awareness. If you are interested how pre-seed investments work read our following article.