Some common Web3 use cases
Investment
Bitcoin established itself as a form of digital gold, a “cryptocurrency”. There are many cryptocurrencies out there that serve little purpose aside from being an investment vehicle.
Decentralized Finance
Use algorithms and protocols to create financial systems based on code as opposed to the complex infrastructure of a bank.
Non-Fungible Tokens (NFTs)
NFTs are digital assets whose ownership can be verified on the blockchain, allowing them to be valued and traded on liquid markets.
5 Main benefit of Web3
Web3 is a new and rapidly developing technology that will forever change how we use the Internet. It will be a while before its full potential manifests, but we can already see some of Web3’s unique benefits:
Solidity
High-level language for implementing smart contract
1. Ownership
Is powered by blockchain technology and decentralization, Web3 allows users to earn tokens for their community participation and activity directly. These tokens have actual monetary value and give users meaningful ownership of their projects.
2. Privacy
You get more fine-tuned control over what information is available about you online and who can access it. Moreover, you get a cryptographically secure way to prove whether the information is accurate.
3. Security
Blockchain technology is secure and tamperproof, data cannot be changed or hacked without the interference being detected.
Ethers
A complete and compact library for interacting with the Ethereum Blockchain and its ecosystem.
4. Opportunity
Web3 projects are open source, and anyone can build on top of other projects. This is called “composability”, it paves the way for leveraging existing projects to create something new, making it easy to generate innovative new projects with real value.
5. Collaboration
Web3 runs on a DAO (Decentralized Autonomous Organization), a new management model without boards and executives. DAOs instead operate according to a set of rules written in code, allowing an unlimited number of people to participate in it. It is estimated that many traditional companies will change their operating model to DAOs in the next 10 – 15 years.
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