What is 'Web3' and Why Should You Care?

 Web3 is the next generation of the internet which will heavily rely on cryptocurrency. Although we are still currently in the Web2 stage of the internet, Web3 already exists and is growing by the day. Killer Whale offers many products which will help you capitalize on this next generation internet.

What is Web3?

Throughout the course of the last few years, the term “Web3” has been thrown around a lot, but what exactly is it? In this piece, we will discuss Web3 and what it has to do with cryptocurrency. We will also take a look at how our Killer Whale Products capitalize on the growth of Web3.

Web3 and NFTs

NFTs are a major cornerstone of Web3. NFTs are all over the media these days. If you are unfamiliar, NFTs, or Non-Fungible Tokens are one-of-a-kind cryptocurrencies, as each one of them is unique. NFTs are often used as certificates of ownership for digital artwork and other virtual objects. NFTs can however be used as certificates of ownership for real-world items as well, although this is far less common.

Since NFTs are one-of-a-kind digital assets, many individuals within the DeFi community believe that their inherent scarcity will become incredibly important for the future exchange of almost every virtual object. As an example, NFTs have a high potentiality of evolving far beyond the digital art world and moving on to more important applications, such as securing digitally formatted medical records, land deeds or car titles.

Web3: Giving the power back to the people

Web 2.0 relies on users to create the value which the owner or host can reap the benefits from. In most cases, you have little to no control over your data. Also, you never know if the content you enjoy will stick around. When content is no longer needed or threatens profits, the host of the website or service has the right to remove it from their platform leaving you high and dry. Not to mention, most service providers own your data under their terms of service. Web3 seeks to empower users and to recapture the value that they create.

Web3 applications, sometimes referred to as DApps, are built on decentralized peer-to-peer networks like Ethereum and IPFS. Instead of being run by some company, these networks are built, operated, and maintained by their users. They’re self-organizing and lack a central point of failure. Additionally, they’re open-source meaning anyone’s help to build upon this shared infrastructure. Products and services that are “web3 compatible” have the ability to interact with smart contracts on the Ethereum blockchain.

Smart contracts are like pieces of code that run on the Ethereum blockchain. Once launched, they operate as programmed and users can rely on them to be unstoppable and censorship-resistant. Web3 is the future of the internet that treats it like the shared infrastructure it is. It’s a future where everyone can contribute value to the internet and be rewarded for it.