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Will Web3 Reinvent Internet Businesses? | web3 | Cryptocurrency | Blockchain Technology | Defi



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Will Web3 reinvent the internet business? Web3 is the title techies have given to the concept of an entirely new kind of internet-based service. It's built with decentralized Blockchains, which are the ledger shared systems that are used in cryptocurrencies such as Bitcoin as well as Ether.

While the term is not brand new, it became famous this year. Packy McCormick, an investment banker, has helped to spread the word on web3. He defines web3 as "the web owned by developers and users, managed by tokens."
Web3 advocates believe it could take different varieties. They envision decentralized social networks and "play-to-earn" game-playing that allow players to earn cryptocurrency tokens. NFT platforms enable users to trade and purchase fragments from digital media.

Web3 is believed to revolutionize the internet business, eliminating traditional gatekeepers and introducing a new economy of the digital age free from intermediaries.

Some critics believe that web3 is just an attempt to rebrand crypto to eliminate certain aspects of the industry's culture and political bias. They want to make people feel blockchains will be the next stage in computing.

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