Web3 technology is here to revolutionize how the current internet works. Web3 achieves this by decentralizing the current framework into various pieces instead of centralized technologies. “Web3” is the name some technologists have given to the idea of an internet service built using decentralized blockchains.
Why Web3?
The internet is evolving; its influence on us has been profound, shaping everything from what we read, the products we purchase, the entertainment we watch, and how we communicate. The classical internet knows everything about our likes, dislikes, friends, shopping, habits, and everything we consume.
Web3 is all about decentralization, and web3 is based on the idea of a trustless model. Right now, we have to trust companies that deliver the services they promise. Trustless means that interactions and transactions can take place between two parties without the need for a trusted third party. The above situation is necessarily not the case on web2 or below because you would have to be sure that whoever owns the medium you are using to interact or transact is not manipulating your usage.
Blockchain
Web3 is built on blockchain. It is most often associated with Bitcoin and the underlying technology. A single person or a company does not own the Bitcoin Blockchain, and a central authority does not issue it. Instead, the network is run by people from various backgrounds running specialized algorithms on their computers. Blockchain technology is evolving with different smart contracts with multiple layer 1 and layer 2 chains like Ethereum, BNB, Dot, Solana, etc., and it’s a rapidly growing technology.
Learn to earn
With the help of Web 3 and smart contracts, we have more possibilities to explore to make every effort valuable. This revolution has new opportunities like Learn to earn, where people get rewarded for their effort and valuable time that they invest in equipping themself on a project or course. Once the learning is completed, the learning and then the user’s understanding and progress are recorded on the blockchain which will execute the smart contract, sharing the reward according to the contract data. All the progress will be saved as on-chain data will be retrieved as on-chain credential data.
Participate to earn
Like, Learn-to-Earn, participating to earn is another growing space where the community gets rewarded for their participation. However, in web 2 the content creators only benefit from the outcomes, whereas the content viewers are left unrecognized.
Web3 gives a possibility for the participants to benefit from the revenue of the content. The participate to earn concept creates a new economy where the participants can also be rewarded, encouraging them and providing value for their time and effort.
Project Galaxy
Project Galaxy is a Web3 credential data network. It is an open and collaborative infrastructure and helps Web3 developers and projects use digital credentials to build better products and communities with users’ feedback and comments.
In Web2, all users’ behavior patterns count towards your credentials. Companies like Google and Facebook run algorithms based on the user’s credentials to send the targeted advertisements to get the maximum conversion. Credentials represent the users’ likeness and their interests, and they can be used to get the most out of it. Most companies leverage the credentials to find the right target audiences, reward community contributors, etc., for their products.
These traditional credential data networks have taken ownership of people’s data and used them for monetization. Project Galaxy gives back ownership to users using an open and collaborative credential data network.
Project Galaxy provides the application Modules, Credential API, and a Credential Oracle Engine to help developers leverage credential data. Application Modules also have Galaxy OATs (On-chain Achievement Tokens), NFT loyalty programs, growth hacking campaigns, gated community, and customized governance, incentivizing users’ credentials. Furthermore, with the Credential Oracle Engine and Credential API, Developers can enhance use cases such as credit scoring and Sybil attack prevention algorithms.
Source: https://bitcoinist.com/web3-made-simple/