Dan Schatt and Domenic Carosa, co-founders of Decentralized Financial firm Earnity, are regular industry speakers and seasoned experts in payments, financial services innovation, and mobile commerce. At Earnity, they lead a team that develops decentralized finance products and protocols that global users can access through a social-first platform.
Web1 and Web2, or Web2.0, are the primary internet eras. From the 1990s to the 2000s, the world used Web1, a more decentralized web that emphasized open-source protocols, and saw static pages and sites that weren’t updated or prevented users from interacting. Web2.0 began in the early 2000s and is still widely used today. Big Tech companies control famous hubs of internet activity, giving rise to user-generated content on mammoth platforms such as Facebook, YouTube, and other platforms that boost social media. Web2.0 ended the internet’s passive consumption and allowed active and interactive participation.
The new breed of internet, Web3.0, goes through public blockchains, the permissionless record-keeping technology recognized for assisting cryptocurrency transactions. The decentralized version of the virtual world allows users to interact without permission from central, data-specific services like Apple, Facebook, and Google as users own pieces of the internet.
Earnity’s Dan Schatt and Domenic Carosa note that cryptocurrencies are filled with potential despite being viewed by many as simply a means to invest and exchange value. Web3.0 can breed the required resources and applications on the crypto side as crypto players ride the wave of blockchain technology. For global users to become more receptive to the concept of decentralization, they must be educated about the advantages of crypto and blockchain. Crypto players have a huge role in the Web3 renaissance, even as trading and investing are considered a byproduct of the decentralized concept. With a massive future ahead of crypto and Web3, those who are not accepting may need to slowly change their minds.