The Importance of Web3 and Blockchain Technology for the Future:

Technology has become vital to the way we work, live and play. It is constantly evolving to revolutionise daily activities.

Let’s take the internet, for example. The current ‘Web2’ version that we are all accustomed to has completely transformed how we communicate and connect globally, both privately and in business. It has allowed us to share with people and companies worldwide in impossible ways before the internet.

However, it is a centralised platform with power and influence over its users.

That’s where Web3 was hatched…

What is Web3?

Web3 is the Web2 internet’s heir. It is a decentralised platform, meaning it is not owned or influenced by any one government, business or entity.  

Although blockchain has existed for over ten years, Web3 is in the early stages of growth. It will bring a new era of online life.

It will create a democratic environment, not owned by or limited to the beliefs or permissions of one shareholder.

What is the Metaverse?

Metaverse technology is a core feature of Web3. It is a network of 3D virtual worlds that facilitate a more immersive and user-driven experience. Its primary focus is bringing social connections to digital citizens worldwide. Both Web3 and the metaverse operate on a decentralised Blockchain network.

What are the similarities between Web3 and the Metaverse?

Both are decentralised systems, meaning no authority or organisation controls them.

They both allow their users to retain control and ownership of their digital assets. Whilst Web3 supports cryptocurrency use, metaverse users can own digital assets, including virtual real estate and NFTs, which can be traded and used within the platform.

Both systems provide their users with an immersive experience. Web3 focuses on delivering a seamless and user-friendly experience using more secure and efficient applications. At the same time, the Metaverse utilises virtual and augmented reality to create an engaging and immersive experience for the user.

They are both community-driven, relying heavily on contributions from developers and other users to build, structure and maintain this decentralised web service. Likewise, the metaverse relies on its users and developers to create virtual experiences within the 3D world.

Why will Web3 be necessary for the future?

Web3 will help to provide a more inclusive online future by uniting digital citizens globally. Web3 removes barriers to entry as its user only need internet access.

It is possible to sign up without entering personal identification documents or details. You can exist anonymously on a secure platform, with no restriction because of or reference to your gender, location, socioeconomic status or any other personal information.

This means that opportunities will become available to those who previously did not have access to them due to being limited to only being available to those once privileged. We can lower the barriers to entry to ensure equal access for all web users, meaning people must be allowed to take advantage of opportunities.

By combining Web3 and the Metaverse, a whole new era of innovation in the digital world is created in the form of a virtual world fully integrated with the internet. This means their users can seamlessly move between the physical and digital worlds.