Understanding Web3 and Blockchain Technology

• The key concept in the Web3 era is blockchain technology, which is used to improve digital innovations of the latest generation and their applications on the internet.

• Web3 is often referred to as a phase of the internet, as its evolution has been marked by the succession of ages: the first, the Web1 era, from 1990 to 2005, and the second, the Web2 era, from 2005 to present.

• The Web3 represents the phase of the internet in which we are entering. The transition to the new era is not yet complete, at the moment the Web3 exists as a shared set of ideas about the future of internet and first experiments in this regard.

• Web3's meaning is still in development, with a broad scope and used to refer to many different aspects related to the specific technology of this phase of the internet: blockchain.

• The key benefits of the Web3 era are decentralization and the ownership of content. The opportunities offered by the Web3 represent the golden age of content creators and artists: in this phase, everything you produce on the internet is yours, and you can decide how and whether to monetize it.

• The main limitation of the Web3 era is its inability to reward creators fairly, as this goes against the interests of centralized platforms. Changing the economic system of the Web2 is possible through the use of blockchain and its products, in particular:

• NFTs (non-fungible tokens): to support creators and potentially earn money directly;

• Social networks: to support creators and potentially earn money directly;

• DAOs: to allow creators equal authority within the platforms where their work is published and distributed.

• The Web3 model is based on the use of decentralized technologies, such as blockchain and cryptocurrencies, to create an economy that is more fair and democratic.

• Some people are looking for an alternative to the current economic models, and are interested in the possibilities offered by the blockchain and Web3.

• The change in the economic model has an impact on the way people work. Web3 tools help people to work cooperatively and collaboratively.

• There are some criticisms of the decentralization of the Web3 model, in particular that it could be difficult to combat illegal actions. Others argue that decentralization is only “on the surface”, and is in fact controlled by the companies that are investing a lot in this kind of project.

• Web3 must show that decentralization is achievable and beneficial in order to transition to the next version of the internet. Today’s internet, with its strong centralization and monopoly of the tech giants, has a big impact on our culture and daily life.

Explore the key concepts, benefits, limitations, and criticisms of Web3 and blockchain technology. Learn about the transition to the new era of the internet, the impact on economic models, and the potential for decentralized technologies to create a fairer and more democratic economy.