Web3 Core Ideas
Web3 has become a catch-all term for the new Internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to return power to users in the form of ownership.
- Decentralization. Instead of large sections of the Internet controlled and owned by centralized organizations, ownership is shared among its creators and users;
- Equality. Everyone has equal access to participate in Web3, and no one is excluded;
- Native payments. Web3 uses cryptocurrency to spend and send money online instead of relying on the infrastructure of banks and payment systems;
- Doesn't require trust. Web3 works by using incentives and economic mechanisms instead of relying on trusted third parties.
Traditionally, you create an account for each platform you use. For example, you might have a Twitter account, a YouTube account, and a Reddit account. Want to change your display name or profile picture? You must do this for every account. Sometimes, you can use social media log in, but this creates a familiar problem - censorship. These platforms can block you from your online life with one click. Even worse, many platforms require you to trust them with personal information to create an account.
Web3 solves these problems by allowing you to control your digital identity with an Ethereum address and an ENS profile. Using an Ethereum address provides cross-platform single sign-on that is secure, censorship-resistant, and anonymous.
The Web2 payment infrastructure relies on banks and payment systems, except for people without bank accounts or those who live within the borders of another country. On the other hand, web3 uses tokens like ETH to send money directly to the browser and doesn't require a trusted third party.