How Does WEB3 Work?

Last October Facebook stopped working, how Instagram and WhatsApp stopped working with it for hours? The main reason behind this is that all of these applications or sites rely on the “centralised system” pattern as a working mechanism, which means that there is a unified main centre that controls all user data, while in Web3 the opposite is true; Each user is a main centre in its own right, which means that the Internet will be based on a “decentralised system”, and only the user is able to fully control the fate of his data and does not need any third intermediary in order to share the data, but rather it is uploaded directly to the Blockchain chain and transmitted From point A to point B encrypted and securely without having to go through a third place.

You can guess that the most benefiting from the third generation of the web are the people who entered the field of cryptocurrency, albeit in varying proportions; Quick, light, clean profit with minimal effort, did you know that there are people who believed in and bought Bitcoin when it was only a few dollars?! Now you have a clear picture of the size of the transformation that took place in their lives, add to that mining, which is one of the best investments with a guaranteed profit.

In Web 2.0, the only and most common way to make money if you are a gamer with donated money is by doing live broadcasts on Twitch as well as marketing products during broadcasts, if of course if you can grow a large following and viewership. While in Web3, in addition to these methods that we mentioned, you will also be able to earn money directly from your favourite game and cryptocurrencies, whenever you pass a certain stage or achieve a new record, thanks to the “Play to earn” games that will spread widely in the next generation of networks the web, to literally become gaming your profession and your sustenance!

You can also introduce your character in games as an NFT collectible and of course the more points you earn while playing the higher the market value of this collectable.

The field of game development will also witness a huge renaissance in Web3, how not and it is closely related to the metaverses that Zuckerberg is trying so hard to take the praise of! The games will move to a new level that will bring them closer to reality. Here we are not talking about the level of graphics, but the experience itself, and perhaps the best proof of this is the "Haptic" gloves.

Before the advent of the Internet and its access to our lives, the only way to display and sell artworks was through an exhibition or store in exchange for an exorbitant commission that the owner of the place deducted from the selling price. Therefore, with a commission deduction that may reach 20% in some cases.

But the problem that this generation of the Internet suffered from was the lack of respect for property rights. If you upload a graphic or photograph of your own making on platforms such as Instagram, anyone else can upload it and re-upload it without any accountability or control. Of course, you can inform the site management and prove that you are the owner The original of this stolen work, but those digital files still do not have your fingerprint on them.

And you can guess what we are prepared to mention with these examples, as Web3 is coming to be the most equitable Internet generation for content creators and artists in general, where we will witness a flourishing of non-fungible tokens (NFTs) that will prevent the theft of content and its attribution, where the origins of every work is written inside its code, of course you can still Take a 'screenshot' but it won't mean a thing when the internet turns into NFTs galleries!

Imagine living in a world that is not governed by the price of the dollar, and in which you do not find political sanctions on countries whose victims are peoples, this is what awaits us in Web3, where no superpower can control the movement of digital currencies or impose restrictions on them in any way, and perhaps the best evidence of That was when the cryptocurrency exchange Binance refused to block its services in Russia, after a large segment of the Russian people turned to Bitcoin in order to preserve the value of their money after their country was subjected to financial and political sanctions. The cryptocurrency platform justified its refusal to block as it goes against the principle of decentralisation that is the basis of the Blockchain.

The global banking system is based on a system of centralisation, which is contrary to the principles of the next generation of the Internet, and the simplest example of this is the global system for transferring funds (SWIFT) centred in Belgium, which can not be any transfer of funds from one country to another without going through it, while the process of transferring money from one country to another The exchange of cryptocurrencies takes place completely independently of the banks without the need to go through any centres.

It also means that you will be free from the commissions that banks charge you, from opening an account, even withdrawing from ATMs, all those commissions will become a thing of the past when you start investing in cryptocurrencies that are free of those restrictions, which of course poses a risk to all banks Globalism.

The Governor of the Bank of England, Andrew Bailey, has stated his opinion of cryptocurrencies, and cautioned against investing in them because their market value is not fixed and could become “worthless” at any time.

Mr. Andrew further warned that crypto assets could be a haven for anyone wishing to engage in criminal activities, showing us how Web3 will be a thorn in the throat for global banks and banks!

With the rise of digital payment methods, especially crypto assets, I fear the evidence suggests that they provide another means of payment for people who wish to engage in criminal activity.

The new generation of the Internet is closely related to metaverses, and whether you agree or disagree with the idea of ​​mixing fantasy with reality, Web3 will make your job run from home largely over the next three years - according to Bill Gates - any office-type job you will be able to practice via metaverse from Inside your home, which will be exciting for many even business owners. According to a study conducted by Stanford University on a sample of employees during the Corona isolation period when they were working from their homes, it was found that productivity increased by an average of 30% compared to during the presence work, which means that working from home will be profitable for both the manager and the employee.

Metaverse will also be the golden paradise for startups with almost zero budgets, as it will not be necessary to have a company headquarters or a building at its foundation, which will save a lot of expenses, but we must beware of frauds as we saw in the fake Madbird company set up by a young Lebanese man.

Web3 can be considered as a new invention that is gradually entering our lives, and it is undeniable that it will change the concepts of the Internet forever, and will create completely new opportunities, but it will also not be perfect and will need a lot of controls.