Web 3.0 technology comes with its own set of jargon which is not easy if you are just starting out to learn what it is and how it can improve your business or your life. So Web3TV sat down for an interview with Web 3.0 expert, Nikolas Moore of Utiliti.ai to answer some of the most common Web 3.0 questions.

What is Web3?

The phrase Web3 has been used in so many scenarios it is almost becoming a useless buzzword. At its essence, Web 3.0 is how people relate to each other on the internet and lay a claim of ownership in the digital world over items such as JPEGS, financial instruments, social media posts, images and music. It is a new means of interacting in the internet.

What is Blockchain?

Blockchain is a means of establishing consensus between people that something exists somewhere, for example like a ledger like excel. Its goal is to solve the problem of double payment or double ownership in the absence of a bank saying so and is done through a decentralized platform of computers.

Why use blockchain over a web 2 database?

In many cases, a web 2.0 database is sufficient. Blockchain technology is useful where many different players need to establish consensus such as supply chain. It is useful when multiple parties who would otherwise not be able to trust each other can see data updates in real time using a system they can all trust.

What are examples of Other Benefits of Blockchain

Other Benefits of the blockchain include the extension of ownership over the physical to the digital. People can now own things they previously couldn’t based on the blockchain, such as their social media profile, internet search history, medical records or spending habits.

Decentralized finance is an example of the benefits of blockchain where users can have computers use bits of code to transfer their money around instead of bank managers, which can result in less fees and higher returns.

What is an NFT?

An NFT is a digital asset you can claim ownership over. Originally, NFTs were mainly JPEGs but now they are being used by businesses in industries such as fashion and entertainment, with many more businesses expected to follow, to reward loyal customers or enhance the sales experience.

Can Web 3 Technology Be Trusted?

Unfortunately, there have been some bad actors in the Web 3 space, particular in cryptocurrency which while the noisiest is probably the smallest and least important part of Web3.

The best way for Web3 to establish trust is to prove itself so useful that it becomes engrained in everyday life and people don’t want to live without it, such as the internet. While it is yet to be established, there are a number of smart people working on Web3 solutions with the aim of improving people’s lives.

What is Utiliti Doing To Build More Trust in Web 3?

Utiliti is providing an onboarding solution for mainstream users who cannot currently access Web3 technology while at the same time building a cheap and user friendly platform for developers to build on a blockchain without having to learn any new coding. This then enables development which can make a difference in the world that anyone can use.

Utiliti is also putting up guardrails to help stop users being scammed out of their funds. Each time they are about to authorize a transaction, they receive a short, simple description of what each transaction is doing to confirm they want to proceed. For example, you are about to purchase a book from Amazon, do you wish to proceed? This this makes Web3 wallets to be the equivalent of what the dial tone was at the start of the internet.

Why should people care about web 3

Web3 technology can make your life so much more convenient. The overriding message is some of the smartest people on earth are working on this new tech to benefit each of our lives. Once mainstream, it puts power back into the hands of the people.

Conclusion

In conclusion, what is actually going on behind the scenes in Web 3.0 is good people trying to change the world.

We’d love to hear your thoughts on our Web 3.0 FAQs (Frequently Asked Questions) video above. Feel free to share your thoughts in the comments below.

We’d also love to invite you to watch all episodes of Web3TV where we share inspiring stories of all things web 3.0 at www.web3tv.com.au/watch