Web3 Cryptocurrencies coins are some of the most popular cryptocurrencies in the space, often giving back profitable returns to investors. The 3 qualities that are focused on it are privacy, transparency, and ownership.
Besides the claims of decentralization made by some crypto projects, the token holders can govern the token. A widely held criticism of Web3 is that control is concentrated among venture capitalists and early adopters.
Why is it Called the Internet of the Future?
Web3 Cryptocurrencies permit the creation and exchange of digital assets, smart contracts in the blockchain, and also decentralized applications. With Web3 you have greater control over your data. It basically refers to the next phase of the internet.
Web1 was in the early days. During these days you have to build your own website and make your own content. This period was dominated by large and big companies. Managing the team was practically impossible for a single person.
Then comes Web2. This is the present phase of the internet in which we are working. Everything is online on various platforms like youtube, Twitter, and Facebook. In a way we see the problem is that these platforms are handled by some private companies. The platforms are free but the personal data is not safe. They are shared as well as can be misused. Hackers can steal data. So in a sense, the free advertising data is not safe.
To overcome all these problems Web3 is made with technology where your data will remain safe. It will have the qualities of bitcoin which permit users to do much more than exchange of digital cash. Here, I would like to mention that Ethereum will be the blockchain that governs all the varied platforms. These platforms will be decentralized, ownerless, and secure.
Developing Web3 will make the Internet more secure, authentic, decentralized, and ownerless. It will become more user-centric. Do you even remember the first time you heard of Web3? It must have sounded like a buzz but now it is making way ahead. An average internet user can simply understand Web3 by knowing that with it you don’t have to share your data with apps like Facebook, speak to friends, and will not be going to see similar ads, and also can transfer money safely, securely, and instantly.
Seeing in contrast Web3 has some limitations like accessibility like sign-in with Ethereum is already available for anyone to use at zero cost. But the relative cost of transactions is still prohibitive to many. Due to its high transaction fees, it can face thriving issues in developing nations. Secondly, the technical barrier is too high. Users must understand the technical documentation.
Web3 uses tokens like ETH to send money directly to the browser and needs no trusted third party. On the other hand, Web2 payment infrastructure relies on banks and payment processors. As a result, some people are excluded, the ones who don’t have an account.
At last, Web3 Cryptocurrencies was coined by Ethereum. It is better acknowledged as read-write-own. Everyone here has equal permission to participate. It highlights the feature of ownership, decentralized autonomous organization, and provides you with a digital identity.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/05/web3-cryptocurrencies-unravelling-the-mystery/