Separating Web3 Fact from Fiction: Report

Web3 promises many lofty goals and ideas, but what is it really, and are we about to to realize the dream?

The term Web3 is often used as shorthand to talk about the new phase of the Internet. It describes coming out of the era of centralized social media and massive e-commerce platforms and arriving at a utopia of user-controlled data. Web3, in a colloquial sense, is simply an umbrella marketing term that stands for anything crypto-adjacent.

To clarify this topic, the Cointelegraph Research team has released a new report detailing the nature of the real Web3. This key information is invaluable for investors to separate facts from fundamental misconceptions.

The blockchain web and the decentralized web

Cointelegraph Research "Web3: Marketing Buzz or Tech Revolution?" makes a clear distinction between "web blockchain", which is the integration of blockchain technology into the web, and the decentralized, permissionless, trustless alternative of the internet known as "decentralized web".< /p>

Download this free report on the Cointelegraph Research Terminal.

The blockchain web has fostered the growth of ecosystems of non-fungible tokens, Decentralized Autonomous Organizations (DAOs), and GameFi that veterans of the cryptoverse will be aware of. Ideally, these ecosystems have no central authority and value comes from the creation of rare digital assets. The report explains how, through blockchain technology, these ecosystems can spill over into the real world and bring new efficiencies to traditional industries.

The decentralized web seeks to breaking the oligopoly of content delivery websites in today's Web2 world. This goal is achieved by building a new web around the principle of decentralization by being permissionless (anyone can participate) and trustless (code so robust that it removes the need for third-party authorities).

Are we already there? No.

There is a long way to go when it comes to implementing the idealistic principles of decentralization in both the blockchain web and the decentralized web...