What is WEB3?

Ever heard of Web3? It’s the fancy term for the next big thing on the internet. You know how the internet is always evolving, right? Well, it’s not just about websites and platforms changing; even the code that makes the internet work is in constant motion. Recently, some tech enthusiasts have been discussing Web3, a concept that computer scientist Gavin Wood introduced. It envisions a whole new internet, decentralized and built on blockchains—those distributed ledgers controlled by the people using them. If and when Web3 fully takes over (parts of it are already happening), it could usher in a new era where communities run the show instead of a few big corporations dominating, like in the current Web2 setup.

The buzz around Web3 has been growing since 2018, showing up in things like equity investment, online searches, patents, scientific papers, job openings, and news articles. The financial world has been particularly keen on exploring Web3, with decentralized finance exchanges processing over $10 billion in daily transactions at one point. But, as we’ll see, progress has been a bit of a rollercoaster.

If you’re scratching your head about what Web3 is, you’re not alone. A Harvard Business Review poll in 2022 found that almost 70 percent of over 50,000 respondents admitted they had no idea what Web3 was. In this breakdown, we’ll dig into Web3—what it’s all about, the risks and rewards it brings, and whether it’s going to become the new internet standard.

WEB3 Podcast: LUBM

Embrace the future with Web3!  At Lincoln University of Business & Management (LUBM), we are at the forefront of digital transformation, ensuring our students and faculty are well-prepared for a decentralized, secure, and user-centric online world. Join us for LUBM Smart Talks with Mariangel Garcia to delve into the significance of Web3 in today’s digital age!

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Stay tuned for more from LUBM Smart Talks, where enlightenment is just a play button away.