Web3 primarily enhances the internet by incorporating concepts such as AI intelligence, blockchain technology and decentralization to provide an open-source web to users. But, to better understand Web3, let's go back in time to see how we got here.
Web3 is an acronym for Web 3.0. That means it has its predecessors, that is, Web1 and Web2. Web1 is the genesis of the internet and emerged in the early 90s. At that time, portals and blogs were built on open protocols, such as HTTP and FTP. As a result, users could only read static web pages without interacting.
In the 2000s, the next internet phase, Web2 or Web 2.0, came. Web2 was a much-welcomed upgrade as it allowed users to actively participate by creating and sharing their content on the internet instead of passively consuming information. In this era, social platforms like YouTube, WhatsApp, Facebook, and Twitter blossomed profusely. Nifty technological inventions like HTML5 and JS powered Web2. Nonetheless, this active participation was monetized by big establishments, earning money and eventually gaining ultimate control.
It's an improved open-source internet version built on blockchain technology and focuses on decentralization. Decentralization means that no companies will enjoy a monopoly of power. Instead, it's shared among users.
Web1 focussed on information dissemination. On the other hand, Web2 emphasized interaction, allowing users to consume or read information and share it. However, the improved internet version, Web 3.0, will focus on replacing the centralized networks with an open-source web and a decentralized blockchain technology. Such an approach will shift the scales to give ownership and power back to users and creators.
The diverse definitions of the term "Web3" on the internet can be confusing if you hear it for the first time. Nonetheless, to shed more light on it, we'll look at some of the focal concepts that encompass Web3 below:
Arguably, this is the core concept behind its creation as it distributes ownership among its users and developers rather than being owned and managed by centralized entities.
Its interoperability relies on employing economic mechanisms and incentives for developers than on trusted 3rd parties.
Built-in native payments:
Users can use cryptocurrencies and NFTs to send or spend money online without relying on traditional payment processors like banks.
With Web3, all users can participate in updating, creating, or governing projects equally without exclusion.
Although Web 3.0 hasn't been fully implemented, the technology is impacting and being incorporated by industries globally. One field that experts tip the Web3 technology to revolutionize immensely is the iGaming niche.
And rightly so, we've seen we can't mention Web3 without including blockchain and cryptocurrencies in the conversation. That's because together, they'll usher in new ways and experiences for online casinos involving non-fungible tokens (NFTs).
Cryptocurrencies and NFTs aren't new topics in the gambling world since the industry has already seen their inclusion into the metaverse. As such, the implementation of Web3 will only cement their incorporation and deliver a golden era of online gambling that provides immersive player experiences.
The metaverse and virtual reality, artificial intelligence, DeFi, crypto, and blockchain are primary themes defining how Web3.0 brings new gambling experiences to online gamblers. Therefore, we'll look at ways it'll transform the gambling field below.
The Web3 native payment system eliminates the hectic transactional frictions of Web2 conventional payment infrastructure. For example, traditional payment processors like banks and credit/debit cards have complex financial systems. They require you to share private information and often limit players from certain jurisdictions.
Web3 uses crypto tokens like Ethereum. Therefore, with crypto wallet browser extensions like MetaMask, players can make fast, effortless, and secure payment transactions from virtually anywhere on the continent. Also, since no 3rd parties are involved, the transaction costs are significantly reduced.
The Web3 metaverse gives players complete control and ownership of their in-game digital assets via NFTs and blockchains. For example, let's say you've made in-game purchases to customize your avatar or earned tokens in the play-to-earn games.
Traditionally, you'd lose your items if you stop playing or your account is suspended. However, with Web3, through NFTs, you solely control all your digital assets, and no entity can claim ownership of them. You can also trade your in-game purchases on secondary markets, turning your NFTs into investments.
It's time gamblers forget the tedious registration and verification processes of joining a new gambling platform. How about one account across all the platforms to enjoy your favorite casino games?
The Web3 and blockchain technology allow players to transfer their identity across multiple apps, provided they use the same wallet tethered to their wallet address across various dApps. So, you don't need to create an account every time. For example, an Ethereum address allows you to control your digital identity by offering secure single login across multiple platforms. That means gamblers can commence their gaming immediately.
For gamblers who'd fancy staying anonymous, the blockchain and Web3 technology enable them to hide their identities. That's possible since, on Web3, your data is stored on the blockchain, the cryptographic ledger, which is quite impossible to access.
The possibility of Web3 providing players with high-quality casino titles with crisp visuals and smooth gameplay is much welcomed in the iGaming community. Players want to get the authentic physical casino-like experience without visiting a casino physically.
Web3 implementation, in association with advancements in virtual reality (VR) and augmented reality (AR) technology, will offer high-graphic and more engaging casino games that deliver an immersive user experience. With VR tech, players can visit casinos in the metaverse, socialize with other players, and interact with croupiers on the casino floor while enjoying their favorite games.
Often, the odds and casino terms tend to be unfavorable to players. However, Web3 balances the scales by providing an ecosystem where players can simultaneously create, govern, and earn crypto tokens. Furthermore, with entities like the Decentralized Autonomous Organization (DAO), gamblers can actively participate in future operations' decision-making processes.
Remember the phrase "the house always wins?" With Web3 and blockchain technology, users can be the "house" or owners while enjoying various gaming activities with investment opportunities.
Although they aren't globally implemented, the latest iGaming technologies, such as blockchain and VR, already exist. The exciting bit is that these nifty innovations align with Web 3.0 concepts that will eventually restructure the gambling world to deliver players a unique and sleek gaming experience.
Web3 offers much more benefits like increased security for players, ownership, single login details across your ideal platforms, and more. The future of online gambling with Web3 technology is exciting- the only way is up and beyond.
Gambler's Bay will continuously catalog recent developments in Web 3.0. So, keep checking with us to stay updated.
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