With the growing popularity of digital assets like cryptocurrencies and venture capital investments in crypto and blockchain firms rising, an increasing number of entrepreneurs and developers are entering this burgeoning space.
However, unlike traditional internet-based or Web2 companies like Meta and YouTube, blockchain-based firms do not follow a specific or standard template.
These companies are trying to create the next generation of the internet known as Web3, where services run on blockchain and are decentralized, all with the aim of revolutionizing how people transact online.
Representing a more intuitive, equitable, and connected ecosystem, Web3-focused companies are at the forefront of defining the future of the internet and a lot can be learned by understanding the tenets of building it.
Focus on decentralization
Unlike Web2 behemoths that are largely blamed for being anti-competitive and preying on user-generated content, Web3 startups are opening up new areas of interaction by allowing people to take full control of the platform and decide its future course.
Building for Web3 requires companies and developers to create a network of interconnected computers that will facilitate closer and faster interaction among users rather than centralising content and processing by using huge servers that are completely under their control.
Moreover, these firms aren’t just ceding control but also redistributing profits generated from the business back to the users who have invested in them.
For all these unique aspects to be incorporated, there is a need for a completely new technology that can provide all functionalities of Web2 while eliminating the need for controls or third parties that oversee every aspect of the business.
Continue reading: https://www.moneycontrol.com/news/business/building-for-web3-understanding-the-divergences-with-web2-9068681.html
However, unlike traditional internet-based or Web2 companies like Meta and YouTube, blockchain-based firms do not follow a specific or standard template.
These companies are trying to create the next generation of the internet known as Web3, where services run on blockchain and are decentralized, all with the aim of revolutionizing how people transact online.
Representing a more intuitive, equitable, and connected ecosystem, Web3-focused companies are at the forefront of defining the future of the internet and a lot can be learned by understanding the tenets of building it.
Focus on decentralization
Unlike Web2 behemoths that are largely blamed for being anti-competitive and preying on user-generated content, Web3 startups are opening up new areas of interaction by allowing people to take full control of the platform and decide its future course.
Building for Web3 requires companies and developers to create a network of interconnected computers that will facilitate closer and faster interaction among users rather than centralising content and processing by using huge servers that are completely under their control.
Moreover, these firms aren’t just ceding control but also redistributing profits generated from the business back to the users who have invested in them.
For all these unique aspects to be incorporated, there is a need for a completely new technology that can provide all functionalities of Web2 while eliminating the need for controls or third parties that oversee every aspect of the business.
Continue reading: https://www.moneycontrol.com/news/business/building-for-web3-understanding-the-divergences-with-web2-9068681.html
