Chances are you might have come across in this present day and time, you’ve come across something related to web3 even if you didn’t understand the term used. Talk about cryptocurrency — Bitcoin is the most widely known cryptocurrency and application of the blockchain, Non-Fungible Tokens(NFTs), Metaverse or even Defi(Decentralised Finance).
The edge Web 3 has over its predecessors
Because it’s decentralized, you don’t need permission from a body or need regulations before you can use the service. Think about what your finances would look like without the government having control over it.
No one can restrict your access to the services/platforms. Think what twitter would be like without the censorship. You might have come across Shola on Twitter, he is a popular guy known for delivering guys from being simps. His account has been suspended twice now on the platform for reasons best known to Twitter.
With web3, your data lives on the blockchain. When you decide to leave a platform, you can take your reputation with you, plugging it into another interface that more clearly aligns with your values. Shola would be able to maintain his followers regardless of which platform he chooses to switch to.
Payments are built in via the native token. Compared to how traditional payment is done i.e through banks and payment processors excluding those without bank accounts or those living within the borders of the wrong country.
Web3 however changes the game. It is the true definition of cross-border payments (every fintech product is trying to solve that now, I am sure you are not new to that). A prominent example would be during the End Sars movement, the bank used to receive donations was blocked and even the Flutterwave payment link was disabled. Cryptocurrency came to the rescue with donations being used to provide first aid care, hire ambulances, buy facemasks, settle police bail for arrested protesters, pay hospital bills for the injured, and feed the protesters. Take a look at what the group(FemCo) have to say
“We’re moving to only accepting donations in Bitcoin using BTC Pay. BTC Pay is a free, secure, decentralized, and censorship-resistant platform, which makes it our best option, given the past few days #EndPoliceBrutalityinNigeria,” the group said on Twitter.
Your data is safe and privacy guaranteed. With every platform you use, you have to create an account i.e give out your personal information(contact, name etc). Now, the issue with that is your information is being shared, don’t let them deceive you with end-to-end encryption. How else do you think the wristwatch you checked on Jumia appeared on your Facebook feed?