What Is Web3?

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The current internet is controlled by a few players with concentrated power over the users.

The next generation of the web, called Web3 seeks to decentralize the internet and give control back to the users.

Web3 promises to give creators a larger share of the revenue from their work.

It also promises to give users control back over their own data and content.

Web3 uses blockchain technology which enables decentralized control and removes the gatekeepers.

The current web lacks a layer for handling payment transactions.

Cryptocurrencies provide technical solutions to enable Web3 by providing tokens to incentivize users and compensate those who work on it.

Web3 brings a new approach to software that takes it to the next level.

It brings composability which lets one build new capabilities on existing software modules.

This speeds up the software development and increases the capabilities of the system as well.

Web3 also defines the interface between systems to enhance the exchange of data and interconnections among companies.

Web3 is the next generation of software.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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