[PRESS RELEASE – Majuro, Marshall Islands, 27th June 2022]
Web3 is the next iteration of the internet powered by decentralized blockchains. Although in its infancy, a wide range of Web3-based cryptocurrencies and projects are scattered throughout the crypto market. Let’s explore the concept of Web3 and navigate the ways users can get involved with Web3 on Gate.io.
In simple terms, Web3 is an internet entwined with blockchain networks and cryptocurrencies, inheriting these technologies’ decentralized and freely accessible attributes. Web3 has a variety of implementations that solve the core problems presented by Web2, the internet the world is familiar with today.
Evolution of the Web and its Users
To understand better what the next phase of the internet has to offer, one should be familiar with its evolution.
In the early stage of the internet, referred to as Web1, the flow of information was primarily unidirectional. Early internet users were mostly consumers, presented with static content in a way similar to newspaper media.
As new interactive internet technologies emerged, such as social media, users became not only consumers but also contributors. Known as Web2, this is the internet we primarily interact with today, powered by centralized companies that have built business models centered on hoarding and monetizing personal data. Users have little control of the centralized web where there’s little privacy and censorship resistance.
With Web3, users evolve beyond just consumers and creators with the ability to govern and participate directly in the internet’s architecture without centralized entities. Enabled by applications and services built upon decentralized blockchain networks, Web3 is a more democratized and ethical internet that puts the power back into the hands of users. User data can be distributed throughout blockchain networks, protected by encryption, and resistant to the collection or censorship by central entities.
The transparency of blockchain ledgers allows everyone to see exactly how their data is handled or how a decentralized application they interact with operates; nothing happens behind closed doors. Furthermore, Web3 is resistant to bad actors. The blockchain network facilitators can reject malicious actions, and users can participate in setting rules and guidelines for Web3 architecture through decentralized autonomous organizations. Lastly, through NFTs, ownership of digital assets can be engrained, and creators can control their content and be rewarded fairly.
Web3 Components and Assets
We are seeing a rise of digital assets linked to Web3, known as Web3 cryptocurrencies. So, how do cryptocurrencies fit in? Cryptocurrency enables the reliable transfer of value in the digital world; users of Web3 technologies can utilize it as a means of payments, value transfer, or access governance privileges, and facilitators of the blockchain networks that make up Web3 applications can be compensated for honest and reliable work.
Several components of Web3 have or are gaining popularity. DeFi is bringing a new level of financial opportunity, and increasing utility enabled through smart contracts. NFTs enable artists and creators to own their work and earn from it. The rise of the Metaverse, decentralized virtual environments running on the blockchain, are connecting people worldwide to socialize, game, trade, and even own virtual property. GameFi, where users can earn cryptocurrency to be used in-game or traded on the market, recently gained prominence.
Many of the components of Web3 overlap and complement each other, leading to an ever-growing ecosystem primed to evolve the web. A great place to find Web3 cryptocurrencies is within Gate.io, the leading digital asset platform committed to offering a variety of Web3 cryptocurrencies backed by high-quality projects.
Gate.io Web3 Coin Offerings
Gate.io has one of the largest selections of cryptocurrencies available, many of which are Web3-based. On Gate.io, users have access to a wide variety of DeFi cryptocurrencies, from projects that are building the early foundation of Web3 to Metaverse or GameFi cryptocurrencies backed by leading decentralized virtual universes and play-to-earn games, or NFT cryptocurrencies that support thriving marketplaces and digital asset ecosystems.
Regardless of what users find on Gate.io, they can rest assured that each listing has been thoroughly vetted and researched. Every project is subjected to a rigorous review process, null of listing fees, to ensure only promising and high-quality Web3 projects are listed on the platform.
Gate.io Web3 Ecosystem
Beyond coin listings, the Gate.io platform and the GateChain public blockchain offer several avenues for users to get involved in Web3. Gate NFT provides an environment to create and auction NFTs, with over 300,000 auctioned to date, and the new GameFi section of the platform provides play-to-earn DeFi game experiences within Gate.io. Also, GateChain supports a thriving decentralized ecosystem where users can access decentralized finance through HipoSwapand move assets across one of the largest cross-chain bridges, GateBridge.
The internet of the future is coming to fruition before our eyes, and although it may take some time to reach its full potential, many promising technologies are laying the foundation for a better, more inclusive internet. Gate.io has everything to offer to fit users’ needs, whether they are just Web3 users, or looking to join millions of traders in the Web3 revolution.