The term Web3 or Web 3.0 has been trending on the internet a lot lately. What does it mean and what does it have to do with crypto’s payment speed?
Web3 describes a type of Internet governed through Blockchain technology and not controlled by big tech giants. Presently, companies like Google, Apple, and Microsoft have a huge influence on how the world uses the Internet.
When Web 3.0 comes out, the power to control data and content will belong to users and not big tech conglomerates. Crypto will be the main mode of payment while Non-Fungible Tokens (NFTs) will help users establish legal ownership of their content.
In other words, you’ll no longer be a consumer of Internet products once Web3 is out. You’ll be an active content provider with rights to own and benefit from your content.
How Will Web3 Revolutionize Online Payments?
Web 3.0 is rooted in Blockchain technology. The blockchain is a decentralized ledger of records owned communally by users. The blockchain processes payments extra fast because it is not an intermediary.
When you make a Bitcoin payment, sophisticated computers called miners check your transaction for authenticity before adding it to the system. The verification process might take a few seconds or minutes. Still, it is much faster than banks, credit cards, and checks.
The fastest cryptocurrencies process transactions have lightning-fast speeds. They can also scale exponentially. That means Web 3.0 won’t have an issue accommodating the billions of people who use the Internet daily. Through the Blockchain, Web3 will change online banking in the following ways:
Real-Time Payments
Technological advancements in the past few years have made it possible to make payments in real time. Gone are the days when depositing money to an online gaming site took days.
Now, you can make a payment to a video game and access premium features in real time. While you can use cards and mobile wallets for fast payments, crypto is an excellent alternative.
Crypto is particularly helpful to people who find it hard to trust banks and other traditional financial institutions. It is also a good option where banks refuse to complete transactions targeting specific industries like online gambling.
Security
Web3 won’t be focused on speed alone. It will also prioritize security. This is especially true where payments and data are concerned. Blockchain technology stores data privately.
However, every user receives an address they can use to transact their funds. Your address is unique. But you don’t want to reveal it to anyone. In fact, you should store your address and funds privately in a crypto wallet like Ledger Nano S, Trezor, or Metamask.
Metamask is a free mobile wallet. It’s particularly helpful to people who love Ethereum and ERC-20 tokens. Because Metamask is a web-based wallet, it is best used to store small amounts of money.
Maybe you love to play slots online. You can store a couple of ETH coins in the wallet. Once you analyze the best Metamask casino sites and find the right site for you, you’ll have an easy time making your deposit. For large amounts of crypto, use a hardware wallet like Trezor or Ledger Nano S.
Borderless Transactions
Web3 will be borderless, meaning no one will be able to control, accept or reject Internet users. In light of that information, sending and receiving payments on the platform won’t be limited to any geographical location.
You could be living in a country that dislikes Bitcoin. Still, you have the means to transact now that your government can’t control the system. Borderless payments are also convenient for people who can’t access popular digital wallets and card companies.
Maybe you want to shop on Amazon. But the website’s accepted payment methods don’t operate in your country. In a future where Web3 will be the most popular iteration of the Internet, Amazon and other shopping giants will all be accepting crypto for payments.
Cryptocurrencies, as already mentioned, do not have borders. If you can access the Internet and own a smartphone, you can buy Bitcoin. And if you own crypto, you’ll have the ability to buy almost anything through Web3.
Privacy
As mentioned, crypto payments are encrypted to anonymize the sender. You’re not truly anonymous when using crypto. If you want to be completely anonymous, use privacy-oriented coins like ZCash or Monero.
With total anonymity possible on Web3, the next Internet might become extremely interesting as far as data tracking is concerned. First, most governments will want to protect their citizens from fraud and other Internet-based crimes.
As a result, most companies operating on Web3 will still ask you for KYC verification. However, businesses might have a harder time tracking your data unless you give them your consent.
While some companies may be required to verify your identity, Web3 will create an environment that supports entirely private platforms. So, whether you want to start a blog, build an app, or sell services online, you won’t have to reveal unnecessary personal information.
Mobile Transactions
Web3 won’t just be fast. It will also be convenient for mobile users. Smartphone owners dominate the Internet by overwhelming numbers. Statista estimates the number of people who access the Internet through a mobile device exceeds 60%.
That means it’s highly important for Web3 to be mobile-supportive. Mobile devices are incredibly convenient. Think about it. Whether you want to shop online or donate money, it’s easier to transact through your phone.
With an iPhone or Android device, you can make transactions while in bed, on the subway, or on your outdoor tanning bed. If the payments are fast, that means you can access any online service you want conveniently.
Low Fees
Another reason why Web3 will be revolutionary is that it will reduce the amount of greed displayed by large tech companies. The blockchain was designed to provide payments at the lowest cost possible.
Web3 will have low fees now that the next generation of Blockchains can verify transactions without using too many resources. Low fees will inspire people to spend more money online, leading the world further from retail businesses.
For clarity, the Internet won’t end land-based businesses. It will just become more popular while brick-and-mortar stores will lose their popularity.
