Web3 will change the connections on the backend of the internet. Web3 is a set of protocols supported by distributed ledgers. Data will be managed by a P2P network and management rules are formalized in protocol and secured in consensus. 

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The so called third generation of the internet where it will be rebuilt on decentralized protocols by using blockchain technology. Web3 allows for fully native internet businesses that create and distribute digital content.eee

Web3

Voshmgir, S. (2020). Token Economy: How the Web3 reinvents the Internet (Token Economy: How the Web3 reinvents the internet (English original & foreign language translations)) (Second ed.). Shermin Voshmgir, BlockchainHub Berlin.

Token Economy: How the Web3 is Reinventing the Internet

Blockchain technology can be used to control and manage distribution, licensing, and payments. For payments in particular, one could use cryptocurrencies to facilitate micro-payments which is better for identity management and data exchange between artist and fan.

Impact on Creative Industries

- Verifiable
- Trustless
- Self-governing
- Permissionless
- Distributed and robust
- Stateful
- Native built-in payments

Benefits with Web 3.0

Examples of Web 3.0 Companies

Predecessors of Web3

With physical assets, tokenized securities can be created to represent ownership. These allow for one to purchase assets directly with reduced barriers. The record will hold information about previous owners and anything else that may affect the value of the asset.

Significance of Web3 for physical objects and property

Any content that is digitally produced can be written to a blockchain, allowing for a trusted record of creation that can be used for transfer, legal contracts, and meta-data based search and matching.

Significance of Web3 for digital-native things

View of Web3 as a back-end revolution

- What is Web3? The Decentralized Internet of the Future Explained
- Token Economy: How the Web3 is Reinventing the Internet

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