Cryptocurrency has innovated the financing industry. However, crypto is still a new concept for many to grasp, and the basis of its value is unconventional. With the development of Web 3.0, it became the solution to early crypto problems.
What is Web 3.0, and what makes it the future of crypto financing? We will briefly discuss Web 3.0 and its development that defines the future of online banking.
Brief History of Web 3
It was in the late 80s that the Internet was developed as a form of digital communication. Company-owned the content and strictly read-only format. More than a decade has passed, and the age of social media has changed digital communication as we know it. Now companies provide information and a platform for individuals to create their content.
Though content creators have an avenue to express themselves, they can’t own or make money out of their work. Many creators depended on ads to create revenue as advertising-driven content has flooded social media and is now the norm for years.
Now as Web 1 enables read-only sharing of information, Web 2 provides a platform for online content creation, and Web 3.0 provides user ownership through blockchain encryption, cryptocurrency, and NFTs.
Web 3.0 Features
Web 3 empowers users by giving them ownership defined as read-write-own, surpassing Web 1 and 2 formats. Its features give users the security and capability to create content for monetization. This decentralizes the internet for equal access instead of relying on big companies to offer them the platform.
Revenue comes from using cryptocurrency for a secured payment method and does not rely upon traditional methods like banks. With cryptocurrency, Web 3 operates independently of third parties, running via economic systems and incentives.
With these features, Web 3 gives freedom for creators to their content without any restriction from a large company.
The Future of Crypto
The concept of decentralized access to the internet is new and constantly advancing, changing how we see the digital world. The Web 3 model offers more control to the users and a better grasp of the capabilities of the internet. With crypto as a currency basis, it is free from being bound to any institution or company.
Though it has its limitation as technology grows over time. Web 3 will be a defining factor in the future of cryptocurrency and the economy in the digital age. With cryptocurrencies like ETHI that innovate owning a rent-to-own real estate in the US, the future is bright for Web 3 and digital financing.