– What is Web 3.0, and why is it a big deal?
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I can actually answer this since I work in the industry. Web3 is basically blockchain enabled consumer internet. The big innovation for blockchain is that it allows for the first time in human history for humans to do 2 things.
1. Prove ownership of a fungible or non-fungible digital asset without the need of an impartial 3rd party
2. Transact that digital asset without the need of an impartial 3rd party through a smart contract (program that is stored on blockchain that anyone can access and run)
This is huge because we have never been able to do this ever. NFTs are just digital assets that we can now prove who owns them. The possibilities for this technology is drastically understated due to the fact that the first use case that took off was essentially creating overpriced trading cards that had no real inherent value. Eventually, everyone will use them in some way when they’re used to represent contracts and digital assets.
being able to transact without a 3rd party will cut out many of the middleman services that currently exist (think anything that requires an escrow).
TL;DL the consumer blockchain will be used by everyone in 10 years because it makes things that we are currently doing more efficient that the current systems and will make many aspects of commerce that people do not like obsolete.
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