The tech world is abuzz about the emergence of Web3, a decentralized application platform that runs on the Ethereum blockchain. This enables developers to create and arrange decentralized applications (dApps). While many are still hesitant to test the waters, some see this as an indispensable tool in the future. Dan Schatt and Domenic Carosa, fintech veterans and leaders of DeFi startup Earnity see this protentional. This article has three key details internet users should know about Web3.
- Web3 is a Platform for Building Decentralized Applications.
In this new phase of the internet, applications will run on a network of computers that are not controlled by any single entity, making them more secure and tamper-proof. Additionally, the apps are often more efficient because they can take advantage of the resources of all the computers in the network. Imagine a market where buyers and sellers could trade goods and services without an intermediary. This is possible with Web3 applications. Decentralized identity systems could give people control over their data, preventing other parties from harvesting personal information. The experts at Earnity say that this could profoundly impact industries like banking, healthcare, and education.
- Web3 is Based on the Ethereum Blockchain.
Ethereum’s distributed ledger technology will power applications in this space. This provides benefits, such as security, transparency, and accountability. Web3 also provides an API for interacting with the Ethereum blockchain. This allows users to build applications that send and receive transactions on the Ethereum network. An intelligent contract enforces each transaction that stores data, sends and receives transactions, and tracks assets.
- Web3 is Still in its Early Stages.
Amid all the speculation, technology is still evolving, and there are still some areas to work out. However, this also provides opportunities for developers to shape the future of web3. Earnity executives Domenic Carosa and Dan Schatt believe that innovations like Web3 are worth sharing with others as they can make processes more convenient. As trailblazers in the industry, they also believe that becoming familiar with these new developments will allow a person to get ahead before mass adoption. While they continue to develop the crypto platform Earnity, their goal is to encourage more people to build digital assets. By building decentralized applications on web3, users can contribute to creating a more equitable and transparent world.