Home Tech What elements will be inherent to its operation?

What elements will be inherent to its operation?

Web 3.0: What elements will be inherent to its operation?

Since the 2000’s, web browsing has continued to evolve with fascinating innovations. From the simple information provided by static pages to the development of social networks, the digital world is constantly improving. To keep up the momentum, the internet is reinventing itself and a new project is announced: web 3.0. This concept simply translates an era of decentralization and empowerment of navigation management. It is based on principles such as data personalization or anonymity. Although it is not yet installed, web 3.0 already has elements that will be essential. Discover some of them.

1. Crypto-currencies

More and more popular among digital management enthusiasts, crypto-currencies are considered the future of finance. Based on the use of the electronic wallet or blockchain, they are considered one of the inseparable elements of web 3.0.

What is it?

The definition of crypto-currency may seem quite complex. Indeed, they are currencies designed outside the framework of a central bank thanks to a cryptographic system. However, it is possible to get a simpler definition. Thus, in common parlance, the crypto currency is defined as digital money. It would then be values and currencies that would be usable only in the context of exchanges on the web.

Like traditional currencies, cryptocurrency is used to purchase goods and services. It can also be exchanged on a market, with its value in any currency. In fact, this is their best asset as they are considered an investment pole in their own right. There are more than 3000 crypto-currencies in circulation. Thus, the most well-known are:

Bitcoin;

Ethereum ;

Litecoin ;

or Ripple.

It should be noted that the popularity of cryptocurrencies is mainly due to the work of popularization done by specialists. Thus, on platforms such as CampusTech, you can find all the information you need to form your idea. 

What interests for the web 3.0?

The main advantage of cryptocurrency for web 3.0 comes from its very principle. As mentioned above, these currencies are created in a free way, without any connection with a central bank. In practice, they escape the control of centralized financial systems and offer a certain freedom of use. This is entirely in line with the idea behind the arrival of web 3.0.

Another point is the security of crypto-currencies. As a reminder, they work on blockchain technology. This highly controlled system promotes secure and personalized exchanges. Also, this technology is the one that is used to implement web 3.0. As a result, cryptocurrencies are the only securities that will meet the compatibility criteria. It is therefore not an exaggeration to consider crypto-currencies as the ones that will be valuable for exchanges in this space.

2. NFTs

In the category of tools that bring real innovation, NFTs easily rank on the top steps. The concept is still fresh and it is natural that few people have heard of it.

Presentation

Born in 2014, NFTs or “Non-Fungible Token” are defined as non-fungible tokens.

A simplified explanation requires clarification of the term “non-fungible”. In law, non-fungibility is attributed to assets that have their own identity. They are then irreplaceable, even in the presence of objects or assets of equal value. NFTs are thus tokens with their own unique and irreplaceable identity.

However, they are not yet assets in the strict sense of the word. They accompany the acquisition of a digital good or service and serve to certify ownership. In practice, they would be comparable to the land title or deed of ownership that you get after acquiring a property. Here, the certificate of ownership is stored in the blockchain system, which guarantees its security.

It should be noted that the properties whose ownership can be authenticated by NFTs are varied. The tone has already been set in March 2021 with the purchase of the first tweet in history. You will then be able to buy or sell images, accessories or even bits of code.

Link with web 3.0

NFTs are purely digital tools. Therefore, it is not possible to exchange them on any market other than the one using crypto-currencies. Moreover, the digital currency that serves as exchange value is Ethereum. Because of this, you will need to obtain this currency before you embark on the process of acquiring NFT-related assets. This again brings us back to the decentralization and digitization of exchanges associated with web 3.0.

Moreover, the goods, services and assets you own are only usable in a digital space. Title deeds would then serve as the basis for the construction and distribution of assets on said space.

3. The metaverse

The metaverse is simply a virtual environment in which real-world actions are repeated. More than a simple interface, it is a full-fledged universe where you have the possibility to lead a complete life. Going beyond virtual reality, this universe is mainly inspired by science fiction and opens many possibilities.

Technically, the metaverse is composed of networks, applications and infrastructures that facilitate the management of daily life. It is then possible to settle down, to move around and to carry out professional or private actions. One of the examples often cited when talking about the metaverse is that of virtual concerts. The concept is simple: participate in an event or perform an everyday activity without leaving the comfort of your home.

This is possible thanks to the creation of avatars. These are digital representations that you can use for your activities. They are linked to you and will perform whatever you intend to do.

It is important to know that in the metaverse, the products and infrastructures present are associated with NFTs. In fact, it will be possible for you to exchange goods and services through this tool. As mentioned above, this is only possible with the use of crypto-currencies. They allow the exchange of NFTs, so products and all the elements available in the universe. All this forms a solid basis for the development of web 3.0. It will be a parallel universe in which you can explore all the possibilities.

LEAVE A REPLY

Please enter your comment!
Please enter your name here