What is Web3? What is its Meaning?


     Web3 is a very common concept among crypto enthusiasts, but do you really know What Web3 is? Many believe it to be the same as the Metaverse, but it is not. Discover its Meaning.

What is Web3? What is its Meaning?
What is Web3? What is its Meaning?

What is Web3?

     Web3 is a very famous term not only for lovers of the Cryptocurrency universe, but also for anyone and everyone who is interested in technology. In general, the simplest definition we find for this term is about being the evolution of Web2 (the centralized internet we know today).

     Nowadays, in 2023, the internet is in the hands of centralized companies. There are countless applications that we use on a day-to-day basis without realizing it, such as Facebook, Google, WhatsApp, Spotify... All these applications have one or a few owners.

     The idea of Web3 is to bring a decentralized internet where instead of having a CEO behind each website, application or company; each human being can have ownership over the service used.

     The simplest way to understand this type of governance is to learn about DAOs: autonomous decentralized organizations. Summarizing what they are, in DAOs, all users have the right to vote on improvements in the projects they use and when a DAO makes profits, the same is distributed among users! A more democratic and effective way of leading.

     Ethereum cryptocurrency wallet Metamask has a fabulous course on the Web3 universe, you can check it out when you finish reading with us.


Web3 is a very common concept among crypto enthusiasts, but do you really know What Web3 is? Many believe it to be the same as the Metaverse, but it is not. Discover its Meaning.

What is the idea of Web3?

     The concept of Web3 emerged together with the concept of Decentralized Digital Money - in other words: with Bitcoin in the housing crisis of 2008. The idea that emerged was to create money that could be sent from person to person without the interference of intermediaries: in this case, the banks.

     The difference between bitcoin and web3 is that bitcoin, in addition to being a digital and decentralized cryptocurrency, is also a store of value. In the case of web3, it combines not only money in a freer way, but also: the internet!

     Remembering that we like to say that bitcoin is a unique asset and is the only truly decentralized cryptocurrency - considering that nobody knows who created it. In the case of web3, despite also being a decentralized ecosystem, it is not as much as btc, because in web3 we know the developers.

     But the idea of web3 is to bring a better and "safer" internet, as we know that many companies today take advantage of the information provided by users to market it: the famous marketing.

     In the case of Web3, this will not exist, since users, instead of using an email and a password to access their accounts in applications, will only need to connect an anonymous cryptocurrency wallet to the decentralized application, game or social network that want to use to access it.

Are we already living in Web3?

     This is a very common question among users and, in fact, we are already starting this "migration from Web2 to Web3" process. Today there are already a plethora of decentralized applications (DApps). Let's show you an example that is simple to understand:

     Surely you must know music platforms like Deezer and Spotify. These apps are Web2 and centralized, so you'll need a login and password to access them - not to mention you'll have to pay monthly in fiat money to use them at will.

     There is a very interesting Web3 application called Audius and the idea of this application is very interesting: to democratize the streaming market - which is centralized by the record companies. With it, musicians will be able to freely publish their music without signing a partnership with record labels.

     Furthermore, in a decentralized application, government money such as Dollars and Euros is not used; in these apps, the DApp's native token is used - in this case we cite, it is AUDIO, a second layer cryptocurrency built on the Solana network.

     So, did you see what the idea of Web3 is? That's right, it's decentralization! It's about giving more space to content creators and democratizing the internet even more, so this concept only tends to grow over time.

Lucas Lippe

The idea of freedom is fascinating and Bitcoin gives us that in many ways. Explaining ideas of a decentralized web on the Bitcoin Lovers website.

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