Bitcoin, crypto, NFT's, blockchain, smart contracts, DAO's... how are these all related?
"Web3" is a fair umbrella term for many and perhaps all use cases of decentralized ledger technologies (usually blockchain) including the Bitcoin and Ethereum networks.
Web3 means the web has evolved into the "Internet of Value" that changes the way we interact online. This genie is not going back in the bottle. NFT's are not going away. Defi and Gamefi and DeSci might get tamed with regulation but they will continue to build and evolve.
Web3 means you have a native wallet for the internet
Digital wallets (in-browser and recoverable if you carefully hodl the cryptographic keys) means you can access content with frictionless micro-payments. Imagine a fraction of a cent to read an article that otherwise requires a monthly subscription. Apply this model to games and videos and tipping and metaverse and anything else online -- you get the idea.
The optimistic take: web users can better manage and protect (or optionally sell) their data / privacy as they wish, and no longer have to manage multiple accounts. Everything settles securely and trustlessly on-chain. You get to decide what is shared.
5+ years of "Web3"
We bought our first bitcoin in order to participate in Sia, a fully functioning and growing decentralized web storage network.
Since 2016, we have learned much in the space. Here in mid-2022, we get late 90's vibes. Again we see waves of rotten projects get shaken out as builders keep building and future giants are born. People actually use this stuff now.
In terms of digital money, nothing might ever beat bitcoin but from a #webdev perspective this next gen tech stack is a game changer. There will be winners and losers, but the winning is going to be huge.
So what does it mean for you? Maybe you are still trying to figure it out. If that's the case, maybe we can help.