Separating Web3 facts from fiction: Report
The term Web3 is often used as shorthand to discuss the new phase of the internet. It describes leaving the era of centralized social media and massive e-commerce platforms and arriving at a utopia of user-controlled data. Web3, in a colloquial sense, is simply an umbrella marketing term that means anything crypto-adjacent.
To offer clarity on this topic, the Cointelegraph Research team has released a new report detailing the nature of the real Web3. These key insights are invaluable for investors to understand to separate facts from fundamental misconceptions.
Cointelegraph Research’s “Web3: Marketing Buzz or Tech Revolution?” makes a clear distinction between the “blockchain web,” which is the integration of blockchain technology into the web, and the decentralized, permissionless and trustless alternative of the internet, known as the “decentralized web.”
Download this free report on the Cointelegraph Research Terminal.
The blockchain web has fostered the growth of the ecosystems of nonfungible tokens, decentralized autonomous organizations (DAOs) and GameFi that veterans of the cryptoverse will be aware of. Ideally, these ecosystems lack a central authority, and value is derived from the creation of scarce digital assets. The report unpacks how, using blockchain technology, these ecosystems can spill over into the real world and bring new efficiencies to traditional industries.
The decentralized web seeks to break the oligopoly of content delivery websites in the present Web2 world. This goal is achieved by building a new web around the principle of decentralization by being permissionless (everyone can participate) and trustless (code so robust that it removes the need for third-party authorities).
There is a long way to
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