Web3- the new version of the internet: Points you need to know

In this modern era, the internet has been dominating each segment of life. Besides the endless pandemic, the year 2021 gave us the mainstream of Web3. Web3 is an idea for a new iteration of the World Wide Web-based on blockchains, which incorporates concepts including decentralization and token-based economics.

The concept of Web3 is being trumpeted by crypto and blockchain boosters as the future of the internet. The idea is to create a decentralized web, where users can transport their data from service to service without corporate walled gardens stopping them. 

Web 3 aims to replace the current Web (2) that is largely dominated by BigTech companies that leave little revenue or ownership for retailers to claim. Experts say, web3 which empowers creators and reduces their dependence on large social media platforms, may become a reality in 2022.

As it was done in crypto, regulating Web 3 could stem from the need to protect retailers as they get more involved. And it won’t be long before Web 3 inspires governments to launch their own platforms, as they did with digital currency experiments. We are already familiar with web1 and web2. Web 2.0, evolved from Web1 and featured the growth of social media platforms like Facebook, services like Uber and Venmo, and well, more or less everything that exists online today. The next step on the internet is web3 and is the next evolution of the internet.

In the coming year, the use cases emerging from and on Web3 such as non-fungible tokens (NFTs) and digital avatars will be the big themes. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as “Big Tech.” The term was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.

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The concept of web3 as per Bloomberg is an idea that “would build financial assets, in the form of tokens, into the inner workings of almost anything you do online”.Some visions are based on the concept of decentralized autonomous organizations. 

Experts further say, The contribution of Web3 in the creator economy will exponentially increase the amount and number of ways a creator can monetize, resulting in a huge increase in market capitalization, he added. TagMango is collaborating with influencers and celebrities to launch a dedicated NFT marketplace for content creators early next year.