The latest fashion for journalists to define the virtual universe

For years, the cryptocurrency industry seemed like a powerful generator of keywords. After the famous blockchain of 2017/2018, DeFi (decentralized finance), NFTs (immutable tokens) and recently Metaverse have emerged. However, it is clear that the latest headline of the moment seems to be: Web3.

Web3: The Internet that scares GAFAM?

If you follow tech news a lot, especially cryptocurrency news, you’ve probably heard of Web 3. In fact, it’s a term that’s often mentioned in articles or press releases.

The meaning of the term “web 3” is still difficult to conceive. In fact, it brings together the future of the Internet on a global scale, after web 2.0. Although it doesn’t actually exist yet, it can be visualized (or rather hoped) as a more decentralized Internet. It will be based on the (seamless) interconnection of different cryptocurrency blockchain networks.

Although a rather nebulous concept at the moment, Web 3 is likely to be the next revolution of the Internet.

To understand, it is important to note that Web 3 is neither a standard nor a specific technology. It’s more of an idea. Basically, after Web 1, then Web 2 (or better known as Web 2.0), Web 3 is likely to gradually change the way we use the web over the next few years.

With the advent of Web3, the classic tools we use on a daily basis (Youtube, Facebook, Stripe, Linkedin, etc.) have found alternatives in decentralized and anonymous versions. Most say they are not controlled by GAFAM.

Basically, Web 3 is the idea of ​​a decentralized internet using blockchain, which would prevent the centralization of data in the hands of digital giants.

The term Web 3 originated in 2014. According to an article in Wired magazine, the term was first used by Gavin Wood, one of the co-founders of the Ethereum blockchain.

Many Web3 projects have sprung up

On October 20, the largest FinTech event in France will take place in Paris – La Défense: “La Révolution FinTech”. The topic of DeFi (decentralized finance) and the deep transformation of payments will be on the minds of attendees.

If with Web2 we are used to using centralized platforms like Paypal to pay for online purchases, Web3 accelerates this process by using “wallets” (eg MetaMask), which allow the use of digital and anonymous keys to transfer cryptocurrencies in lightning. speed.

The same goes for payment processors like Stripe, who have given way to Web 3.0 newcomers like Swing.xyz. A unified API that allows developers worldwide to trade crypto assets (NFTs, cryptocurrencies…) using blockchain smart contracts, relays and cross-chain bridges.

Another example, among Web 3 projects, is Polkadot. It is a blockchain and a cryptocurrency whose purpose is to provide interoperability between other blockchains. The foundation also supports the XCMP protocol, a decentralized messaging protocol that essentially allows the exchange of messages without centralizing data in services like WhatsApp, iMessage or Telegram.

The race to develop a Web 3 social network is also ongoing. In an article published in July 2022, the website TechCrunch mentioned a number of decentralized protocol projects for social networks that have raised funds.

Of these protocols, Farcaster’s website says it is an “open protocol that can support multiple clients, just like email.” Finally, we are not far from the idea of ​​the creators of Mastodon, a social network similar to Twitter, but which allows you to host your data on your own servers.

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