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We had Web 1.0 and Web 2.0, and recently you’ve probably heard of Web 3.0, also known as Web3. Could this ill-defined term really be the future of the Internet? Despite the lack of clarity about what Web3 stands for, it is widely understood as an emerging blockchain-based version of the internet encompassing cryptocurrency, NFTs (non-fungible tokens – see our guide on what are NFTs for information). basic) and the metaverse. . This is because, according to its proponents, Web3 is all about decentralization, a response to the current age of the web that is dominated by giant platforms like Facebook (sorry, we mean Meta) and Google.
The Web3 Foundation says its “passion is to deliver Web 3.0, a decentralized and fair Internet where users control their own data, identity, and destiny.” In Web 2.0, driven by social media, we, the users, are ultimately the product. However, that is not the case in an idealized version of Web3.
What is the chain of blocks?
Blockchain can be considered a bit like an operating system. It is, according to the IBM publication Blockchain for Dummies, “a shared and immutable ledger that facilitates the process of recording transactions and tracking assets in an enterprise network.” These assets can be everything from a house to intellectual property. Cryptocurrencies like Bitcoin and Ethereum are based on blockchains (there isn’t just one). The shared ledger can track and record asset transactions and can do so more efficiently than existing systems.
Many people treat cryptocurrencies as an investment, hoping the price will go up so they can sell it for a profit. In part, this is because the price can fluctuate wildly and few places in the “real world” accept cryptocurrency payments. There is a famous story about pizza being paid for with Bitcoin. After seeing an online request in May 2010, then-19-year-old student Jeremy Sturdivant sent two large pizzas to a programmer named Laszlo Hanyecz. They paid him back in Bitcoin worth $41 at the time. At various times since then, those Bitcoin would have been worth hundreds of millions of dollars. A very expensive takeaway! Sturdivant did not treat the proceeds he earned from the transaction, considered the first real-world use of Bitcoin, as an investment, instead he earmarked it for travel.
There are also NFTs, non-fungible tokens. These are units of data (such as those contained in digital music, art, and other assets) that are built primarily, but not exclusively, on the Ethereum blockchain. Many NFT projects have emerged, with the Bored Ape Yacht Club among the most famous. Bored Ape NFTs comprise, as the name suggests, cartoonish images of apes looking bored. These, and many other NFTs, can be bought and sold via the OpenSea platform, or check out our best NFT marketplaces for more options.
Despite being relatively new, we see cryptocurrency and blockchain firms advertised widely, including on the jerseys of high-profile soccer teams, with some, like Italian champions Inter Milan, offering fans the chance to purchase the the club’s own ‘tokens’.
The metaverse intends to bring much of this together in a digital world. Again, not everyone means the same thing when they talk about the metaverse. For many, it is a digital world, a bit like the game Second Life, where our human and digital identities are connected. When Facebook changed its name to Meta, it did so to put the company at the forefront of Web3, pouring its considerable resources into the realm of virtual reality (VR). That world will include the use of NFTs, cryptocurrencies, and other digital assets. NFT games are also a big part of this. As Wired noted, the popular game Fortnite has referred to itself as the metaverse, while Roblox is also looking to bring a more user-generated approach to its gaming platform.
Apple and Web3
Apple doesn’t seem to be making as big a bet on Web3 as Mark Zuckerberg has. However, it does have some potential products that could be a big part of its development. We know, for example, that Apple is likely to launch augmented reality (AR) headsets and an Apple VR headset in the not too distant future. The company is also making significant moves in the world of finance.
While CEO Tim Cook has previously dismissed the idea of Apple investing in crypto, he has a vested interest in the space. BitPay, a Bitcoin cryptocurrency payment service provider, has a prepaid Mastercard that users can add to Apple Wallet starting February 2021, allowing them to convert cryptocurrency to cash and make payments. If nothing else, many of the major cryptocurrency and NFT exchanges have apps available on iOS.
With so much to define and so many ideas to test on a large scale, we still don’t know what Web3 will look like. It is in its infancy, and the crypto crashes, thefts, and scandals are not very encouraging to the average person considering getting involved. However, engagement, monitoring, and even rejection will be crucial if we want the next-generation internet to be better than before.
This article was originally published in MacFormat magazine. Subscribe to MagFormat here (opens in a new tab).
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