This chapter covers
- Defining Web3
- Motivations for migrating systems to Web3 architecture
- Detailing how blockchains function underneath
- Identifying the role of blockchain within a broader Web3 ecosystem
Web3 is not just blockchain or cryptocurrency. Web3 is social media, streaming videos, games and every other application that runs over the internet today; but with application architecture that makes every participant an owner of the system.
As with any generational change in technology, during early phases when you are unsure what a technology will ultimately become—and before the infrastructure to support it has matured—the first introduction to such generational change is just marketing: a promise, a projection, an announcement with a list of all the problems to be solved …soon. Getting from point A to point B in this context is naturally confusing, perhaps a bit frustrating, and businesses, a potential risk.
Now imagine in the previous scenario that the infrastructure you are waiting for is proposed as a replacement for the whole of the internet. Where to begin? What does that even mean? The good news is that the internet is not being replaced. It turns out that the internet infrastructure that you have is already pretty great and continues to evolve. Even better, you have seen this transition before and have practiced it, because you are already at Web2!