Understanding Cryptocurrency: What’s the Hype About?
When we say cryptocurrency, you might associate it with multiple things: confusion, money you can’t touch,
Web3.0 is indeed a reworking of the internet as we know it.
Currently, we live in the world of Web2.0, which has evolved from the original Web1.0 of the early 1990s. Web1.0 was the “read-only” internet where users could access content built by a select number of developers, read it, and send emails. User experience ended just about there. Around 2006 Web2.0 emerged with applications like youtube and social media platforms, shifting to an interactive user experience where anyone with an internet connection creates and contributes content.
But, the centralized nature of Web2.0 has led to serious security and censorship issues, which has catapulted Web3.0 into the forefront, paving the way for a decentralized future.
Web2.0 users place their trust in large corporations and data stores. Therefore, Web2.0 requires users to assume that most entities are well intended.
Web3.0 assumes the opposite: that users are ill-intended and selfish. With this preconception in place, blocking malicious activity is built into the Web3.0 system with blockchain technology.
Web3.0 is based on the blockchain, which strikes the balance between security and transparency. Blockchain uses encryption to keep your information private while providing a public digital trail of all transactions.
Instead of being stored on a central server, information is kept on multiple computers. Attackers would not be able to change the records, because the blockchain does not exist in any one location.
Web3.0 applications function with cryptocurrencies. So payment for services is transparent. You pay in coin, not in the unrestricted monopolization of your browsing history.
The trade-off is simple:
This coin-based system allows Web3.0 apps to organically grow traffic and reward users for their contributions.
The censorship of opinions across social media has exposed the autocratic nature of Web2.0.
Web3.0 promises an automized system built on code and blockchain to allow for an unfiltered multitude of opinions and world views. Political agendas are not the guiding force of the blockchain world; they are completely irrelevant to the decentralized system where the people are truly empowered.
As with any new idea or technology, there are still problems with Web3.0 which are barring the widespread adoption of this new system. These problems predominantly relate to usability — speed, performance, ease of use.
We are still at the very beginning of the Web3.0 era, and a multitude of minds are currently working full-time to solve these issues and build a bridge over the blockchain swamp for laymen to pass over.
We are on the brink of a new internet era. Web3.0 has already begun, and platforms like Magic Square are working to bring this better version of the digital world to widespread users in a neat package.
Magic Square is spreading Web3.0 to users around the globe. With the Magic Store at the forefront, the first true app store designed for crypto, there is no limit to the influence Magic Square will have. Follow our blog for more information and updates, and join our social community.