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The great opportunity of Web3: what it is, characteristics and its contribution to the metaverse

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When we talk about Web 2.0 it seems that we are mentioning a distant concept. Interaction, content creation and collaboration are aspects that we have internalized in our day through social platforms. For a few years the term Web3 has been rearing its head .

This eliminates the need and the functions that centralized authorities fulfill in Web 2.0, precisely, such as social networks and search engines. The goal is to give web users their own independent control capability.

Web3 is based on the decentralized blockchain, and also implies the appearance of new business models and social relationships. Thus, the participants of this environment would become a kind of “shareholders”, since they would be owners of tokens or cryptocurrencies.

One of the uses of this Web3 may be to help shape the metaverse. By providing decentralized technology, it can be used to build parts of that virtual universe that brands long for, as well as the economies to come.

The Constellation network specialized in offering solutions to process and transfer data securely has explained this and more during the Paris Blockchain Week Summit , held on April 13 and 14 and where has been present.

The intervention, which took place at the Palais Vivienne, was carried out by its CEO, Ben Jorgensen, who identified Web3 as “a great opportunity”. Likewise, he has assured that «the Internet transformed the way in which we communicate, carry out transactions and express ourselves. Web3 and cryptocurrency allow the individual to be the internet.

The uses of the Web3

Jorgensen explained in his speech some of the uses that are currently being given to Web3. In this sense, we find the decentralized finance protocols, known as DeFI , from the likes of MakerDAO. They serve to offer the user money lending services without intermediaries.

On the other hand, we find the well-known NFTs, which are opening a niche in the industry because they allow them to earn money, as artists and brands are doing.

“New technologies, such as Constellation, allow us to define global sovereignty in terms of data, but also in a broader sense of governance,” they explain from Contellation. “By overcoming the disconnect between information processing and decision making, and coupling value exchange with information exchange, a market is created and direct governance without intermediaries is enabled,” they say.

“In the last 10 years, we have seen that data is more valuable and profitable than oil,” they stress.

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