Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today: We explain why everyone is excited about Web 3

To understand Web 3, let’s first talk about what got us here: Web 1 and Web 2

Web 1 refers to the early “read-only” web. Sites like Yahoo that served static content to you or businesses like Amazon that moved physical businesses to a web page.

Web 2 was when users like you started interacting with sites, creating content. These were entirely new business concepts, like Facebook.

But there are problems: Companies need to make money for their shareholders and suddenly, you BECOME the product. They own YOUR content, and YOUR data, and can decide what they want to do with it. They have centralized control, even though YOU made them happen.

Web 3 turns that idea on its head: It DEcentralizes ownership and control. Imagine a new kind of Facebook: That project could issue a token instead of shares and users earn it for participating. Also that token gives them the rights to vote on future plans. If things are going well, more people will buy that token, driving the price up. And if they decide it’s going the wrong way, they can just sell, driving the price down.

And because everything is on the blockchain, every decision and vote are public and fully transparent.

We just scratched the surface here, but we hope that gives you a general idea of Web 3 and why people are excited about it.

And tomorrow: We’ll go through an example together for a deeper dive.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.