🧱 The Benefits of Building in Web3
Hello. Here's today's edition of BuzzBelow, covering news on technology, investments and companies in the blockchain world.
The "Web3 Way" - Creating trust by building open platforms that directly share value with users
Web3 is a brand new and increasingly popular idea for the next iteration of the World Wide Web, based on the blockchain and concepts such as digital ownership. Currently, the leading internet platforms and companies, such as Meta, Google, and Amazon, aggregate users’ data to fuel their algorithms and provide them with a competitive advantage, usually resulting in users not knowing what data is being collected.
But this approach might be changing with the increased adoption of the Web3 model, since developers are approaching it differently than before by utilizing the premise that building open platforms that share value with users, will create more value for everyone (even the platform itself).
Building in web3 will be very advantageous to developers because the infrastructure of web3, the blockchain, will make it clear which digital content exists and who owns what, which means the cost of creating user trust will be significantly lower. Developers can just program key operations to be encoded into the blockchain, known as smart contracts, that will automatically activate when certain preconditions are met, which means that the user never has to trust the company or people behind a project but only the code.
For example, if certain charities and fundraising efforts are run through smart contracts that automatically transfer donations to the people or projects in need, donors can trust that all their funds will be used properly even if the charity organizers are completely anonymous.
The next era of the web will be very different from the one we have today.
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