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The current cryptocurrency ecosystem is still in its infancy. Even though digital currencies have been around for nearly a decade, the majority of people have only just begun to understand and use them. However, this is set to change. The adoption and understanding of cryptocurrencies is growing by the day, and that’s no different with Web3. In this article, we’ll explain what Web3 is and why you should care about it.
What is Web3?
The term “Web3” is a portmanteau of “Web” and “Ethereum 3.0.” It refers to a suite of technologies that has the potential to improve the usability of a wide range of assets, organizations, and individuals, as well as the entire economy.
Why Should You Care About Web3?
The biggest advantage of using Web3 is that it allows you to use Ethereum. Let’s say you want to own equity in a car dealership. The dealership won’t be able to issue you a car until you pay them. There are many ways to make this happen, but in most cases, you need to put up money and agree to buy the car at a later date. This means that you need to find someone who is willing to sell their car to you first. However, in some cases, you can just rent a car for a predetermined time and then buy the car at a very low price. This is the use case for car rentals and sharing economy services. However, with Web3, a person can just rent out a car and then buy it back whenever they like. This means that the car would be owned by the person who rents it out and not the person who rents it out. This has a number of benefits. Firstly, the person who owns the car doesn’t need to spend money on maintaining the car. Secondly, it could incentivize the person who owns the car to maintain the car properly, reducing the likelihood of accidents. It’s also an extremely cheap way to get around, which is especially apposite to long-distance trips.
How Does Web3 Work?
Web3 technology allows users to interact with existing services using Ethereum. This might seem weird, but it works. Let’s say you want to buy a flight ticket. You can go to sites like Expedia, Travelocity, or Kayak and buy the ticket. However, the payment method is usually not Ethereum. You can’t pay for a ticket with an Ethereum transaction, and the seller won’t accept it. Web3 bridges the gap between Ethereum and the existing ecosystem.
How to Buy and Store Ethereum
There are a few ways to buy and store Ethereum, but the most popular one is Coinbase. Coinbase is a well-known service that allows users to buy and sell a wide range of cryptocurrency, including Bitcoin, Ethereum, and Litecoin. However, for some reason, Coinbase does not allow you to buy Ethereum with a credit card. Many people find this to be very inconvenient. You can use a service like Shift Payments, which allows you to buy Ethereum with your debit card. You can also buy Ethereum on Coinbase and then transfer it to a hardware wallet. This is the most secure way to store Ethereum. You can also store it on an exchange like Binance or Kucoin.
Summary
Web3 is an emerging technology that allows users to interact with existing services using Ethereum. It bridges the gap between Ethereum and the existing ecosystem, thereby making it possible to use existing services without the need for ETH. Web3 has a huge potential to disrupt many industries by making them more efficient and accessible. Take, for instance, car rentals. The current system is extremely inefficient and expensive. However, with the advent of Web3, it’s possible to just rent out a car and then buy it whenever you like. This could greatly improve access to transportation. Due to the significant benefits and advantages of Web3, it’s likely that it’s only a matter of time before most services start to adopt it. This will ensure that the ecosystem is more accessible and efficient for all users.
