Web3 promises to usher in a new era of digital ownership and value transfer, forever transforming how the Internet works.
The web has gone through several stages since its inception. Web 1.0 saw large corporations like Yahoo create all the content, Web 2.0 allowed users to generate content mostly owned by large corporations, but Web3 promises to put ownership of the content
back into the hands of those who create it and allow them to transfer it in a purely peer to peer way to whoever they want. While it was a mere buzzword several years back, the Web3 evolution is well and truly underway today.
Web3 and its implications for content, gaming, and music will be a key topic at the London Blockchain Conference 2024.
What Web3 means and how blockchain tech will play a role
They say that the best way to explain something is to show it, and thankfully, there are many existing apps that fall under the Web3 umbrella.
Games like Axie Infinity showcased how collectibles, non-fungible tokens (NFTS), and other digital items could be won, transferred, and traded within the game. Although the Ronin sidechain this particular game was built on had critical security vulnerabilities leading to a catastrophic hack, Web3 game builders learned valuable lessons and continued to build on more secure, scalable blockchains. Today, the popular trading card game Champions TCG
shows how Web3 games can work on blockchains that scale.
Applications like Rare Generation are transforming how music rights management works using the blockchain, making it possible for artists to be paid around the clock and split the payments so all contributors get an ongoing slice of the action. Solutions like this will be vital to protect creators’ rights in the Web3 economy.
Social apps like Solcial on Solana, Twetch on BSV, and Friend.Tech on Base are example of how entrepreneurs are using blockchain technology to create social networks where users own their content. These have had varying degrees of success, and some are limited by the blockchains they have chosen to build on, but they are great examples of how Web3 might look.
In short, Web3 allows users to create, store, transfer, and trade digital items they own within games and other applications. From winning special edition weapons to receiving micropayments for pictures (e.g., in laMint), the next generation of the web will be nothing like the previous one. It will be a user-powered and owned iteration of the web with real-time global value transfer at the click of a mouse or tap of a screen.
Of course, for Web3 to work at the global scale, it’s required to have a unified, global ledger capable of scaling to millions of transactions per second at a minimum. Which blockchain might be, as well as the exciting interoperable Web3 applications being built right now, will be one of the many topics of discussion and debate at this year’s London Blockchain Conference.
Join the London Blockchain Conference 2024
The conference will take place between May 21 and 23 at ExCel London, and everyone interested in the utility of blockchain technology is welcome. Whether you’re an investor, inventor, founder, or just a general blockchain enthusiast keen to meet other like-minded people, the LBC is open to you.
We welcome people from all blockchain ecosystems to mix and mingle, share ideas, and trade business cards, but most of all, to have a good time and learn something new. Secure your tickets to the London Blockchain Conference 2024 before they sell out!
Watch: Could BSV be the Microsoft of Web3?
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