The drive to decentralize the web and uncover new possibilities with the web 3.0 is constantly being expanded. Just recently, Coinbase, the famous cryptocurrency exchange, launched a new Web 3.0-focused payment service.
Tech giants like Youtube or Meta (Facebook) are also preparing for the internet outside of the crypto world going through a decentralization revolution, so to speak. But what exactly is Web 3.0 and what advantages do decentralized exchanges offer? Vadim Mashurova tech entrepreneur and founder of Instime, a revolutionary social media marketing startup, explained.
Web 3.0: The Basics
The term was first coined in 2014 by ether Co-founder Gavin Wood. Web 3.0 is the new iteration of the World Wide Web, based on the emerging technologies: Blockchain, AI, VR and AR. Web 3.0, unlike Web 2.0, will also be decentralized, in stark contrast to the current centralization of data in the hands of a small number of companiesis called “Big Tech”.
Since it is not a textbook concept, its definition differs. However, as mentioned above, all definitions appear to anchor the idea of a decentralized web. The Ethereum Foundation gives concrete examples of how the two World WThe web iterations differ in practice. Web 3.0 is simply the more democratic, decentralized, and some might say better version of Web 2.0. For example:
“Web 3.0: No single point of failure: network works even with high PaParticipants are attacked/taken out. Censorship is much more difficult as information has many avenues to spread across the network.
Web 2.0: Single Point of Failure: Malicious actors can take down the network by targeting central authority. Central Authority can censor data and potentially cut off parts of the network from interacting with the rest of the network.”
Both crypto and NFTs are the drivers of Web 3.0 adoption. It seems that web 3.0 is now what web 2.0 was in the early 2000s before Google, Amazon and other big tech companies became really prominent. So it’s a time of opportunity and the new years are likely to be an exciting time for this idea.
“NFTs saw a big boost in 2021 and opened up more Web 3.0 use cases,” said HarIsh Daiya, the CEO of Lumenci, a full-service technology consulting firm. “Crypto wallets have become the gateway to Web 3.0, just like FB., Google, Twitter, etc. in Web 2.0. In addition, decentralized finance (DeFi) based on Web 3.0 is disrupting Web 2.0 fintech companies, forcing Web 2.0 fintech companies to reinvent themselves as blockchain-first companies – most notably through the name change from square to block.” So traditional tech companies are trying to veer onto the blockchain or crypto laneo company. What about crypto companies themselves? How do they rank on the Web 3.0 acceptance scale?
Coinbase’s move to Web 3.0
It can be said that strictly crypto-focused companies are the pioneers of Web 3.0 adoption. Coinbase introduces Coinbase Pay, a new web 3.0 oriented payment service. Coinbase Pay eliminates all the steps needed to previously deposit funds into the Coinbase wallet. It is now intended to be more intuitive and accessible for anyone wishing to participate in the NFTd crypto world.
According to the exchange, the change makes the process “quicker, easier, and more secure than ever.” Now all you have to do is select “Add crypto with Coinbase Pay” if you want to add crypto to your Coinbase wallet extensionn. No more copying and pasting addresses or switching between apps.
Coinbase is so confident in the success of this endeavor that it plans to hire 2,000 new employees this year. In addition to the Coinbase Pay wallet, the company is also launching its own NFT brandtplace, which allows it to diversify from purely crypto-related activities and also make money from commissions from NFTs.
Youtube’s transition to Web 3.0
Alongside crypto companies, big tech isn’t far behind either. YouTube, the most popular contentt Creator Platform, recently announced that it aims to support the new decentralized technologies. As top celebrities are constantly looking for ways to expand their reach, Youtube will bring them this playground ecosystem of NFTs, Cryptto and blockchain.
For example, Youtube stars can sell their NFTs via the Youtube platform, but also offer their fans purchasable experiences. Some of them could even take place in the virtual world, the Metaverse, in the future.
an opA letter from Susan Wojcicki, the CEO of YouTube, outlines the precise direction the company is taking.
“The past year in the world of crypto, non-fungible tokens and even decentralized autonomous organizations has revealed what was previously unimaginableOpportunity to strengthen the connection between creators and their fans,” said Wojcicki. “We’re always focused on expanding the YouTube ecosystem to help creators capitalize on new technologies, including things like NFTs, while continuing to growde and improve the experiences creators and fans have on YouTube.”
However, no concrete plans have been made so far, so we’ll have to see how the situation develops. On the other hand, it would be a mistake to underestimate the power of Big Tech gians to transform their Web 2.0 focused environments into something more Web 3.0 friendly. Change is inevitable and it is likely that all major companies will aim to prepare for it. “Innovate or die”, as the famous American author Peter Drucker once wrote.
It seems like the Web 3.0 race has started. Just as Web 2.0 spawned the giants that are now Google, Amazon and Facebook in 2001, Web 3.0 will have its own winners. It will be interesting to see how the main ideas behind decentralization: accesssibility, open-source fundamentals, etc. will hold up as the race progresses. One thing is certain for now: the possibilities with Web 3.0 are endless. The new era of the internet has begun.
Released April 4, 2022