The Future is Web3 Payments

What is Web 3.0?

Web3 (otherwise called Web 3.0) is a term for the next version of the World Wide Web which integrates ideas like decentralization, blockchain innovations, & token based economics. Web3 seeks to lessen reliance upon, and move power from huge tech organizations into the hands of individual users.

Prior to Web 3.0, versions Web 1.0 and Web 2.0 allude to periods throughout the entire existence of the World Wide Web as it advanced through different innovations and configurations.

Web 1.0 generally refers to the period from 1991 to 2004, where most websites were comprised of static pages, and by far most of users were purchasers, not makers, of content.

Web 2.0 is based around the possibility of "the web as platform" and focuses on consumer-made content transferred to networking services and gatherings, virtual entertainment, and social media sites, alongside other services. Web 2.0 is by and large considered to have started around 2004 and proceeds to the current day and is sometimes referred to as the “read/write” version of the internet.

How is Web 3.0 Different?

Web3 can be perceived as the "read/write/own" period of the internet. As opposed to simply using free big-tech software in return for their personal data, users can partake in the administration and operational activities of the actual protocols, directly participating in the governance and direction. In Web3, this voting power is defined in the form of tokens, cryptocurrency, or cryptographic forms of money, and they address responsibility for decentralized networks, also referred to as blockchains. In the event that you hold enough tokens, you have a voice over the network. Nearly anything imaginable can be tokenized, including NFTs, memes, art, music, media, sneakers, concert tickets, or seats at sporting events.

Decentralized finance, or DeFi, is making waves within Web 3.0 and the finance industry, and uses emerging technology to remove third parties in financial transactions. DeFi is based on secure distributed ledgers, and eliminates or drastically reduces fees for traditional services, keeps money secure in digital wallets as opposed to banks, and offers near instant transfers. The gaming industry will also largely benefit from Web 3.0, as it will allow players to invest into and vote on changes made to the game themselves.

What Does The Future Look Like With Web 3.0?

The key differentiator to Web 3.0 is that the users are in control of the decentralized infrastructure, not some large corporation. With Web 3.0, large, centralized companies would no longer own or retain data, as it would now be privately managed by users. Web 3.0 is paving the way for a safer, more efficient, and accessible future.