Web 3.0 Explained By Dummies

Asking Crypto Experts is too lame, we decided to ask some random anons on our Community Discord, and they delivered as the CHADs that they are. What is Web 3.0?

Yggdrasil (∞) considers Web 3 an update on Web 2 that focuses on decentralization and adds some exciting variables, like verifiable, trustless, and permissionless versions of the internet into the mix:

"In my view, Web3 is the update on the current Web2 we use.

Web2 as we know it is heavily centralized and has several disadvantages regarding privacy and safety.

It suffered several data breaches and probably a lot more we don't know about yet. Web3 for me is the decentralized update.

Data won't be stored on a single server anymore.

Web3 is a verifiable, trustless and permissionless internet version that runs on a blockchain.

In addition to this everyone controls their own data. No companies are building apps just to onboard masses of users to collect tons of data they can sell afterward."

Yggdrasil (∞)

nemonasa(∞) is of the opinion that Web 3.0 is all about smart contracts, crypto, and NFTs. Of course, to support it, you need bridges:

"When developer realizes that web 2.0 have limitation's on executing the emerging new technology like Crypto, NFT, Defi and come's web 3.0 to enables the execution of the smart contract on the web.

Web 3.0 answers the question of smart contract interaction from the user to a decentralized server on what the users intend to do with their spot crypto balance for it's for minting NFTs or for trading other Crypto Currencies.

And to further the development of web 3.0 it also introduces Cross-chain bridges.

There are multiple blockchains in the Web 3.0 world, and enabling a degree of interoperability across them is the domain of cross-chain bridges.

Lastly, Web 3.0 also focuses strongly on decentralized services and authority, which is a marked contrast to the centralization of Web 2.0."

nemonasa(∞)

@Bobdbldr (∞) reminds us... it all started kind of like a joke!

"Web3 started as a joke we enjoyed on Twitter , and transformed to be our escape from an unequal world. I myself as a person from a third-world country was sanctioned for using too many financial applications “ including Binance “, so I really touched on the importance of what so-called “defi” or open finance.

Web3 became the place where you can truly work with anyone not knowing their origins, sex, age, or even their name. A battle where only the hard workers will achieve greatness.

It provided me with a good job, and a library to search for potential game-changing projects to invest in or even to build. I went from a waiter who worked 15 hours a day to pay for my family expenses and the university fees and lost his savings in the country’s bank to a truly independent person.

You cannot truly appreciate what you already have, that’s why third world countries are super grateful for the infra that Vitalik built"

@Bobdbldr (∞)

What about privacy and anonymity? What about law enforcement? What about the middlemen? Let's hear it from @Spaceman Jeff (∞)

"Web 3.0 is an opportunity to return privacy and freedom to people globally. When properly approached, it can’t be censored and allows people to interact with it without bias. The average person is returned custody of their assets, cutting out middlemen who only slow down the process of moving money around while taking a cut of their own. You can spend how you want, when you want, with whom you want.

Ironically, despite the privacy benefits provided, it’s also a great tool of enforcing accountability. Everything being traceable means management of funds can be monitored and bad/good actors can potentially be tracked and recognized as such. "

@Spaceman Jeff (∞)

@Mase_2323 (∞) describes Web 3.0 as blockchain-based and great for establishing ownership, among other things:

"Web 3 is blockchain-based transacting and includes cryptocurrencies, NFTs (Non-Fungible Tokens), DAOs, and decentralized finance.

Web 3 is important to me because of the ability to obtain ownership in a project that I support via NFT. I am interested in projects with play 2 earn mechanisms. Earning native tokens of a supported project is an important concept that Web 3 can deliver to users.

Decentralization is a core component of Web 3 Projects. Decentralization removes ownership from large entities and distributes ownership to builders and users of the project. Web 3 uses cryptocurrency for transactions instead of using a fiat-based system.

Web 3 does not require banking institutions or payment processors for transactions."

@Mase_2323 (∞)

@ChefYaBoiArdi just points towards the future, with a hint of how we got here.

"What is Web3 to me?

There is no simple answer to such a simple question.

Within the past year, crypto has changed my entire life, and the ongoing development of Web3 is directly responsible for that.

In Web2 everything was centralized, and large tech corporations had control over everything. As a regular person, you could only become an investor or a user, but now everything has changed.

In Web3 individuals are able to get involved where they want to and build what they want to, which in turn promotes both entrepreneurship and the decentralization of the tech sector.

Since finding Web3, I have been able to invest in various projects/products and have even gotten to participate as a builder myself.

While I said there is no simple answer as to what Web3 is to me, I can confidently say that Web3 is the future."

@ChefYaBoiArdi

So, remember these "Dummies" all have different stories, and that means they have different experiences on Web 1, Web 2, and now Web 3.

This means these viewpoints will of course reflect their own degree of knowledge and experience.

Who knows, maybe one or two "dummies" in this list are actually crypto experts?

You'll have to talk to them one of these days and find out.

WAGMI!