Web3, or Web 3.0, is an iteration of the World Wide Web that is constructed using blockchain technology. The idea is that if Web 1.0 was a site with non-editable content by the user, then web 2.0 led to user-generated content, and now Web 3.0 would offer users total control of the services and infrastructures at the base.

The emergence of Web3 will empower everyone to leave mass media models (not to mention the sketchy bots) that have dominated the internet thus far. Earnity allows you to customize your experience in novel ways while collecting many types of crypto assets and sharing your insights. The Earnity is a new and innovative crypto platform founded by Dan Schatt and Domenic Carosa, who strive to bring crypto to the whole world.

How Web3 Works

Web 3.0 wants to be a network in which the contents and services no longer reside on servers and platforms belonging to multinationals and companies but are spread evenly across the network. Thanks to democratic participation, users could finally monetize data sharing. The content produced by users would remain in the hands of legitimate authors and would no longer end up under the umbrella of platforms such as Tik Tok, Instagram, and YouTube.

In Web3, devices will no longer connect to central servers. Instead, they will connect to registers distributed on the network without having to retrieve data on the servers of any company. Since blockchain has proven itself strong enough to hold up cryptocurrencies, smart contracts, and other digital assets, it is expected to be able to compete with larger network services.

NFT and DeFi

Many applications that were introduced before Web 3.0 had to be re-defined on the blockchain. These include digital assets such as DeFi (decentralized finance) and NFTs using unique digital copies of assets.

Earnity founders Dan Schatt and Domenic Carosa point out that blockchain has also enabled automated traditional financial functions such as lending and trading. The first Ethereum applications to gain widespread adoption were decentralized finance (DeFi) applications such as Compound, Maker, and Uniswap. With DeFi, financial functions are managed by fully automated protocols that are owned and managed by decentralized communities instead of centralized companies.