Hello all, it’s been a while! I’ll be attempting to write more over the coming months as winter approaches. Today I’ll try to explain web3 in simple terms and what might some potential use cases might be. This will probably be focused more so on gaming but I’ll have a few extra examples as well.
What is web3 in simple terms?
Web3 is a term used to describe the next generation of the World Wide Web, which is focused on providing more advanced capabilities for users. It is often associated with the use of blockchain technology, which allows for the creation of decentralized applications (dApps) that can be used to store and manage data in a more secure and transparent way.
Wait, what is the difference between web2 and web3? Who cares?
Web 2 refers to the second generation of the World Wide Web, which focuses on user-generated content, social media, and collaboration. Think of Facebook, Google, Apple, Twitter etc. No one company controls web2 but there are some heavy players involved. Web 3, on the other hand, is the third generation of the web and focuses on the integration of artificial intelligence and machine learning to improve the user experience and enable more personalized and intelligent interactions. Web 3 also emphasizes the use of decentralized technologies, such as blockchain, to create a more secure and transparent web.
How does web3 impact me as a user and could some benefits be?
- Greater accessibility and inclusion: Web3 technologies enable people who may not have access to traditional financial systems, such as unbanked individuals and those in underdeveloped regions, to participate in the digital economy. For example, it is quite hard to pay someone in another country easily and quickly as bank systems require lots of information that is prone to error sometimes. An example of this would be in the esports days when I had to pay $50 per wire and hope that the information they sent me was correct. It was very time consuming and nerve wracking for both parties!
- Increased security and privacy: Web3 technologies, such as blockchain and decentralized applications, enable users to have more control over their personal data and assets.
- Improved efficiency and transparency: Web3 technologies can improve the speed and efficiency of transactions, as well as provide greater transparency and accountability in various industries. Public ledgers can have their use cases here. Not everything needs to be public but greater transparency is a definite plus.
- Greater opportunities for innovation and creativity: Web3 technologies open up new possibilities for individuals and businesses to create and innovate in ways that were not possible before. The real use cases haven’t been identified yet. This is a very new concept to many people and it’s still being figured out.
Are there any benefits for gamers?
Yes, absolutely, on the blockchain, ownership of virtual assets in gaming is tracked through the use of unique digital tokens that are assigned to each asset. These tokens are stored on the blockchain and are typically tied to a player’s digital wallet. When a player acquires a new asset, the token is transferred to their wallet, thus establishing their ownership of the asset. An example of this in web2 would be in world of warcraft, you get an epic mount / skin that’s super rare. The item is on your account but you do not own it. Blizzard does. In web3, you do own it and you can decide what to do with it (in theory).
In addition, this system of ownership provides several benefits to gaming, including increased security and transparency, as well as the ability to easily track and verify ownership of assets. It also allows for the creation of a secondary market for virtual assets, where players can buy and sell their assets with other players. This can create new revenue streams for game developers and provide players with additional ways to monetize their assets. For example, if I were to have secondary sales, I can build that into my contract in the future and ensure royalties get paid out to publisher and player in a fair manner. Instead of 3rd party skin sites which circumvent this.
How new is web3 and when will it be out?
Web3 is a relatively new concept in the world of the internet and web technology. It gained more popularity recently but has been around since the 2010s.
Web3 is not yet fully out, but it is currently in the development and adoption phase. If it were in relation to tech adoption, it would be the “enthusiast” phase. People are still figuring everything out, refining the technology and figuring out any sort of use case. Web3 will become more prevalent in the coming years, as more people and businesses recognize its potential and benefits. It will take a bit of time!
Anyways, I hope you enjoyed that article. Most of it was written by open AI and proofread + edited for context by me. I’ll be going back to more esports related articles shortly. Stay safe!