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  • Ben Portnoi

What is web3, and why does it matter?

You might have heard the term web3 flying around recently, but you may need clarification on what web3 is and why it is essential to your business.


We’ve asked Charlotte Simmons (Web3 Marketing and Business Growth Consultant) to write us a piece on the web3 fundamentals and how this technology can revolutionise the relationship between you and your customers.





The new version of the internet

Web3 is the new version of the internet. We are at the cusp of a fascinating time; the internet is evolving, innovative brands are experimenting, and we are seeing the start of the new internet that everyone will be using in years to come. In a world where we are increasingly reliant on technology, it is no surprise that the way we do business is also changing. With web3 technology, we are seeing a shift in the relationship between businesses and their customers.


Web3 is a decentralised platform that enables peer-to-peer transactions without the need for a central authority. This means that businesses can interact directly with their customers without having to go through a third party. This not only makes transactions more efficient but also gives businesses more control over their customer data.


Web3 is the next stage in the evolution of the internet, where users control their data. With Web3, there is no need for central authorities, like banks or governments, to validate transactions. This new decentralised internet is powered by blockchain technology and promises to be more secure, efficient, and transparent than the current system.


The history of the internet

If we look back at the history of the internet, we started with Web1 (1990-2000). This was a read-only version of what we have now. Most people were using the internet to consume information. There was very little interaction.


Web2 came about in 2000 with the introduction of social media platforms. This version of the internet is known as the read-write web, and we, as users, started to interact. We were encouraged to create content instead of just consuming it. So we published articles, commented on our friend’s content and gave away all of our data to centralised platforms like Facebook and Google.


Web3, which first appeared in 2014, introduced artificial intelligence and machine learning. This has evolved into a version of the internet based on blockchain technology and a decentralised peer-to-peer way of working. With web3, all transactions are stored on a public blockchain that anyone can access. This technology makes it impossible for anyone to manipulate or tamper with transaction data.


So why does Web3 matter?

Powered by blockchain technology, web3 promises to be more secure, efficient, and transparent than the current system. So why does web3 matter? Because it gives users ownership of their data and promises to be more efficient than traditional web2 applications.


Web3 technology is set to revolutionise the way businesses interact with their customers. With its decentralised platform, businesses can now enjoy increased security and efficiency when conducting transactions. In addition, web3 also provides businesses with new opportunities to offer their customers innovative services.


Web3 technology is already starting to impact traditional businesses—and that impact will only grow in the years to come. Companies that want to stay ahead of the curve must find ways to tap into this new world of decentralisation or risk being left behind. If you're looking to stay ahead of the competition, then web3 is definitely something you should be keeping an eye on.



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