What Is Web3?

January 18, 2023

Web3 is a kind of ethos of how the online digital community want to see the internet and mobile technology exist in the future, specifically with respect to the infrastructure of the web and who should control and own that infrastructure. By “web infrastructure” we mean the technical backbone of the internet, which includes the hardware, software, and protocols that make it possible for us to access and use the internet.

This includes things like servers, routers, and data centers that store and transmit information, as well as the protocols that govern how information is exchanged between different devices and systems.

Web3 in essence believes that ownership of digital infrastructure should be shared amongst a greater collective to make it more equitable and users information should be owned by the user and not the corporation and most notably that everything should be done in an open and transparent manner. If you compare Web1 and Web2 below you will see the distinct evolution of digital technology.

Web1 was the internet of the 1990s and early 2000s. It was the internet of blogs, message boards, and early portals like AOL and CompuServe. People mainly read static web pages on these platforms and much of it was built using “open protocols” like HTTP, SMTP, and FTP. Open protocols are web infrastructure that aren’t owned by a single company and allow for different systems to communicate with each other.

Web2, starting around 2005, is characterized by social media behemoths like Facebook, Twitter, and YouTube. In web2, people began creating and posting their own content, actively participating in the internet rather than passively reading it. However, most of that activity ended up being distributed and monetized by big companies, who kept most, if not all, of the money and your personal information and control for themselves.

Empowch is a mobile first, financial services platform that uses blockchain technology, which by its design uses a decentralized network that stores value and information in a very secure manner that is very hard if not impossible to hack. Empowch have also designed a truly unique technology solution for cash payments even in remote rural locations and the best part, is you do not even need a bank account to use it.

Empowch embrace in their ethos, the core principals of equity and transparency which are two core principles we align with in Web3. Join us next week as we discuss in very layman’s terms, what blockchain Is and what blockchain technology is and don’t forget to join our Facebook community and our discord for more information and updates and keep an ear out for our up-coming podcast which will be an in depth easy to understand “late to the party” series on blockchains.

And as always don’t forget that you too can become an early tester. Send us a DM and we will add you to our early bird waiting list.

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