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Monday, 30 January 2023
What is the Future of Web3? What is Next Generation Web3? And how do you enter this battle royale?

What is the Future of Web3? What is Next Generation Web3? And how do you enter this battle royale?

2022-10-29

The term “web3” is a combination of the word “web” and “3.” It is essentially a play on words with the word “three” replacing the word “the.” Ethereum’s creator, Vitalik Buterin, introduced the term in a series of tweets in October of last year, in which he highlighted some of the challenges associated with the development of decentralized applications (dApps) in the new digital economy.

Ethereum’s platform has become quite popular with developers as it provides a solid blockchain foundation for creating dApps. The term “web3” has become a popular way to refer to the decentralized web, and its future development is one of the hot topics within the blockchain space at the moment. Many people believe that the rise of dApps is just the beginning and that the future of web3 applications will be even more decentralized than today. However, there are others who are highly skeptical about the future of decentralized applications and the need for yet another iteration of the internet.

We’ll take you on a journey through the history of the word “web3” and explore where it came from, where it is today, and where it’s going in the future. But before we get into the nitty-gritty, here’s a quick primer on what decentralized applications (dApps) are and why they are so popular.

What is a dApp?

In its most basic form, a dApp is a piece of software that runs on a decentralized network. This means that the application runs on a blockchain and the network relies on a consensus mechanism to confirm transactions. This enables a distributed application that runs without an intermediary.

The History of Web3

The first web3 browser – Etherpad

The first decentralized application (dApp) was created in August of 2014 by Ethereum developer Anton van den Houte. It was named Etherpad, and it was a web-based notepad. However, it wasn’t long before developers realized that they could create much more with the blockchain than just a simple notepad. Since then, the blockchain has become the bedrock for a new type of internet application.

What is the Future of Web3?

Decentralized apps are the future. The blockchain and dApps both promise a more efficient and transparent way to manage digital interactions. However, it’s important to note that blockchain is not the only technology at work here. The tech industry is filled with buzzwords and next big things that seem to appear every few years. It’s also important to note that while decentralized apps are very much the future, they are not yet the present.

How To Enter The Future of Web3

Decentralized applications are still in their infancy. However, it’s becoming evident that this is the future, and that the sooner you get on board, the better. Here are a couple ways you can start experimenting with the new technology.

Invest in blockchain tech and cryptocurrencies. This is the most obvious way to get involved with decentralized apps. Although it may seem like a steep investment at first, this is a technology that is going to change the world, and investing in the technology itself could prove to be one of the best investments you ever make.

Get involved with development. If you have programming experience, you may want to look into developing decentralized applications. Although it’s early days yet, the demand for this kind of talent is gearing up, and it’s likely to become even more in-demand as the future of web3 develops.

Key Takeaway

Decentralized applications are the future, and they’re already providing a much-needed solution to some of the biggest problems facing the modern world. But it’s important to note that they’re not yet the present. The sooner you get involved, the sooner you can reap the benefits.

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