Bitcoin to demolish BIG corporations as Web3 enters fray

New Delhi:

The newest addition to the world of cryptocurency is Web3. The idea behind this is that while cryptocurrency is used for transfering money and financial speculation, it can now build a whole new web.

The underlying building blocks of this web will be tokens which will inform you almost everything that one does on the web. Cryptocurrency boosters opine that this could replace big corporations with decentralized, internet-based organizations ruled by software protocols where votes of token holders matter.

Analysts say that just as overtime, all companies transitioned into internet companies, similar change and transition is likely to happen in this case too. 

There is no dearth of naysayers too. Many have dubbed this as a way to sidetrack rules and regulation, while others say that it is too nascent and the limited apps that are available are targeted at traders. In an ideal world, Web3 services are supposed to be operated, owned by, and improved upon by communities of users. 

Bitcoin, the original cryptocurrency, works by having a public database called a blockchain record every transaction. It’s decentralized because this ledger is maintained not by one company but by a vast network of computers all connected to the internet, whose operators are rewarded for the work with the chance to earn more Bitcoin. 


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