Thought Leadership
The Internet is constantly evolving. A journey that leads from the static pages of Web1 to the socially networked world of Web2 and the new era of Web3. But what lies behind it and why do so many believe it will be the next big thing?
What is Web3?
The core of Web3 is formed by three main technologies: Blockchain, smart contracts and digital assets. Blockchain acts as a decentralized accounting system that tracks transactions across a network of computers, eliminating the need for a central controlling body. Smart contracts automate agreements and actions without human intervention, based on predefined conditions. Digital assets, such as cryptocurrencies and NFTs, open up new ways of owning and exchanging value digitally.
The differences to Web2
In contrast to Web2, where data and control are centralized, Web3 strives for a model in which users can control their own data. This model is not based on trust between the parties, but on verification and transparency through technology. An example of this is the purchase of a concert ticket via a blockchain-based platform that guarantees the security and authenticity of the ticket.
Despite the potential of Web3, developers and users face challenges, including adapting to evolving regulations and creating user experiences that can keep up with the maturing standards of Web2. There are also concerns about protecting consumers and investors, especially in light of the collapse of some Web3 projects.
Contents of the it-daily Special
Web3: Significance and principles of the Internet of tomorrow
Since its invention by Tim Berners-Lee in the early 1990s, the internet has undergone radical change and has become an integral part of everyday life. This digital evolution has gone through several phases – from Web 1.0 to Web 2.0 and the emerging Web3.
Blockchain and Web3: Digital business models and the new internet
Blockchain is an innovative digital technology. Blockchain became known as the technology behind Bitcoin and other cryptocurrencies, but its application potential extends far beyond this.
Surgery, gaming and entertainment: how AI is revolutionizing the metaverse
The interplay between the metaverse and another revolutionary technology – artificial intelligence (AI) – has boosted the performance of technology stocks in 2023.
Business 5.0: How AI is changing our work processes and our lives
Artificial intelligence (AI) has become an integral part of numerous industries, with its applications being diverse and constantly expanding. But where is AI used most or best?
The potential of tokenization: that’s how big it is
One part of the ongoing digitalization process is tokenization. It allows different financial products to be mapped digitally. This was not always possible. In the past, shares were only issued in paper form by a broker or intermediary. Today, this is no longer necessary.
How NFTs ensure greater safety and efficiency
Beyond cryptocurrencies such as Bitcoin, there are numerous potential applications for blockchain – for example in ticketing or supply chain management. Courageous entrepreneurs and investors are needed to tap into this potential.
The metaverse is dead, long live the metaverse?
Now that the initial hype surrounding the metaverse has subsided, its true potential is becoming apparent. New hardware, breakthroughs in AI technology and concrete applications are showing: The future is within reach. But are we ready for this new reality?
Bitcoin Halving in April: everything you need to know about it
This will be the fourth halving since the cryptocurrency was created, as it takes place every four years. The reward that miners receive for creating Bitcoins (BTC) is halved. The value therefore continues to move towards 0. What does this mean for miners?
CAMP3: From experiment to innovation
What initially seemed like a technological playground has now developed into a lighthouse project: CAMP3, TÜV Rheinland’s virtual platform, is a project that, given its innovative nature, is more likely to be found in start-ups than at an established TIC service provider.
The tokenization fund from Blackrock
Following the launch of the Bitcoin Spot ETFs, asset manager BlackRock is taking another step. Together with the financial services company Securitize, they are launching a private equity fund. Real assets are to be tokenized on the Ethereum blockchain.
