![]() ![]() Most of what banks and other financial intermediaries offer can be achieved through DeFi, argue its proponents. DeFi would be accessible to anyone with an internet connection, without the need for paperwork or a third-party verification. Importantly for certain jurisdictions, accessibility is also enhanced. In their place would be a peer-to-peer financial system that lives on the blockchain.Īdvocates argue that this approach would reduce fees, boost transaction speeds and allocate capital more efficiently.Īs with most Web3 applications, there would also be enhanced transparency, given all loan amounts, collateral and other data are available for anyone to see on publicly accessible blockchains. One of the most intriguing sectors is DeFi, which is short for decentralized finance.ĭeFi aims to revolutionize the financial sector, removing the need for central authorities such as banks, payment processors and other intermediaries. ![]() Here are a few of the Web3 technologies we’re starting to see deployed today: DeFi: Decentralized Finance There are many different paths that the future development of Web 3.0 could take. Cryptocurrencies and the token economy facilitate this model of decentralization, allowing for information to be stored on a distributed ledger outside the remit of any controlling entity.ĭespite claims of democratization made by some crypto projects, with token holders being able to participate in governance, a widely-held criticism of Web 3.0 is that control is concentrated among venture capitalists and early adopters. Here’s where blockchain technology and cryptocurrency come into the equation. There is a greater focus on user privacy, transparency and ownership. This is what’s meant by decentralization.ĭecentralization means internet users can transact business peer-to-peer, cutting out intermediaries and removing power from controlling entities. It’s centered around the idea of ownership, removing control from the dominant big data companies and other central authorities and handing it to the masses. This vision of Web3 tends to be a more democratic version of today’s online world. For cryptocurrency developers and enthusiasts, Web 3.0 incorporates the technologies and concepts that are at the heart of crypto: decentralization, token-based economies and blockchain. Think of it as the “read/write/own” upgrade to the internet.īecause it remains a collection of ideas more than anything else, it’s challenging to nail down a precise definition of Web 3.0. If Web 1.0 was the read-only iteration, Web 2.0 could be seen as the read/write upgrade, or what we know as the internet today. Smartphones soon followed, with the first iPhone released in 2007.īefore long, we were all creating, sharing and commenting on content instantaneously from the palms of our hands. Users could now interact with web pages, communicate with each other and create content.įor many, the greatest symbol of this era is the emergence of social media networks. The video-sharing site was a big part of the Web 2.0 revolution, which marked the internet’s departure to an era of dynamic content. In October 2004, O’Reilly Media and MediaLive hosted the first Web 2.0 conference to highlight a host of new software applications built on the web. Content generation was handled by a select few, and information was hard to find. Web 1.0 offered little beyond browsing static pages. The first version of the internet is sometimes called the “static web.” It was made of read-only webpages that, by and large, lacked much in the way of interactive features. ![]()
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