So, what exactly is Web3? Basically, Web3 is a technology that allows for decentralized applications to run on the blockchain. This means that instead of relying on a centralized authority (like a company or government), these applications use a network of computers to manage and secure transactions.
And this is a big deal for cryptocurrency management firms such as the San Mateo, California-based Earnity, featuring fintech veterans Dan Schatt and Domenic Carosa.
The next step in the online evolution
Web3 makes crypto management more reliable, efficient, highly secured, and transparent. It also allows for developing “smart contracts” or self-executing agreements stored on the blockchain and can be used to automate transactions.
Web3 comes from the third generation of the internet, hence the name. The first generation was characterized by static websites, while the second generation saw the rise of social media and dynamic content. Web3 is the next step in this evolution, and it’s expected to play a major role in the future of online transactions.
A promising future
So far, Web3 has been used to create various decentralized applications, including social networks, marketplaces, and exchanges. These applications have the potential to revolutionize the way users interact online and could eventually replace traditional websites and platforms.
Web3 is still very young, but it is already showing great promise. With continued development, Web3 could soon become the backbone of the internet.
Overall, Web3 is a powerful tool that has the potential to revolutionize how users interact with the internet. While Web3 is still in its infancy, expect to see more decentralized applications developed in the years to come.
For companies that promote cryptocurrencies and decentralized finance (DeFi), such as the Dan Schatt and Domenic Carosa-helmed Earnity, Web3 is the key to a more efficient and transparent system in the years to come.