What is Web3?
Hey fam!
Let me start by saying I’m so glad you’re here. I know from personal experience that entering into the Web3 space can feel overwhelming, so I have two goals for this newsletter:
1) Explain major concepts in a culturally relevant way.
2) Provide actionable steps you can take to immerse yourself in Web3.
Although I’m far from an expert, documenting my journey through this newsletter allows me to synthesize everything I’m learning and share it out in a way that hopefully resonates with people in my community. Honestly, I just want us all getting to the bag and reaping the benefits of early adoption, okay?! 💰
Now before we get started, we’ve got to cover some house rules! Below are my four promises to you. I ask that you hold me accountable to them and check me when necessary:
I will…
Break down all the technical jargon in a way that anyone can understand.
Share culturally relevant examples i.e. how could someone like Drake create space for himself in Web3?
Show (not just tell) you how to get yourself set up by providing clear, step-by-step instructions.
Acknowledge the privilege that I hold to even be able to learn about and participate in this space right now.
For each newsletter, I’ll cover one topic by providing a high-level overview of what you need to know, how this topic may be applied in the future, and at least one action you can take to get set up. Each newsletter will be a ~5-10 min read to ensure that even my fellow short attention span folks can get through it! This week, we’re setting the foundation by answering the question, “What is Web3?” Hopefully you won’t be as confused as Issa after reading this! Lol
What is Web3?
In order to understand Web 3.0 (affectionately called Web3), it’s helpful to understand Web 1.0 and Web 2.0 first.
Web 1.0 was the very first iteration of the internet. It consisted of static pages that mainly allowed people to read and consume content. Examples of this are Craigslist and Myspace (throwback anyone?!). If you think about how we interacted with these sites, it’s primarily a bunch of html web pages linked together with minimal opportunities for content creation.
Then comes Web 2.0! This is the internet we all know today and it’s opened up an entire new avenue for social interaction, connection, and creation. It’s characterized by the ability to interact with your friends & family, favorite celebrities, or even influencers on platforms such as Instagram or Twitter. It gives anyone the ability to build a platform, generate content, and get paid to do so. Sounds great, right? Well, imagine if you’re a creator with most of your work on Instagram and the entire platform shuts down. Not only might you lose your work, but you also lose the ability to directly connect with your audience. This alludes to one major fault of Web 2.0: it’s largely centralized, meaning your success and interactions depend on a few large tech giants. If they were to ever shut down, well… we’d be pretty down bad.
So now let’s tap into Web 3.0. This is the third, newest version of the internet that is powered by blockchain technology which is ”a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.” Everything done on the blockchain (i.e. purchasing cryptocurrency, trading digital art) is recorded and maintained without a central authority controlling it. That makes Web3 completely decentralized, meaning no single corporation or entity will be able to control what succeeds and what doesn’t. If someone were to ask me to describe what Web3 means for the average person in 15 seconds, here’s what I would say: “Web3 is about ownership and utility. It puts the power back into the hands of the creators by eliminating third parties and incentivizes community members to contribute to the success of people and causes they care about.”
Let me break this down a step further by using a personal example. R29unbothered is an account I follow on Instagram that builds community for and celebrates the beauty of Black women millennials. Currently, I just engage with their content by liking, occasionally commenting, and sharing their posts with my friends. In Web3, instead of just being a consumer of their content, I could have the ability to actively contribute by building up the community, curating the content posted, and even investing in Black women’s businesses. Imagine if the financial gains from an investment you make on behalf of R29’s Web3 community gets evenly distributed among all participants in this initiative. Dope, right? Not only will you further the mission, but you’ll also be able to reap some financial benefits of supporting a cause you care about. That’s a win, win situation.
The possibilities to build, create, and contribute in Web3 are endless and we are still so, so early. I’m excited to continue exploring all its applications and in future newsletters I will share my thoughts on how different community members, business owners, social cause leaders, and artists can find their way in this space.
In the meantime, check out my suggestion below!
This week’s recommended action: Set up your crypto wallet!
Your crypto wallet is where you safely store your cryptocurrency (i.e. Bitcoin, Ether). You also use your crypto wallet to send / receive crypto from other people and make purchases (i.e. NFTs) on the blockchain. Another application of it is that it’s basically your digital identity in Web3. Similar to how you can automatically login to most websites with your Gmail account, a crypto wallet will eventually allow you access to Web3 applications. Here’s how to do it:
Set up an account on MetaMask.
If you currently have cryptocurrency in an exchange, such as Coinbase, then you can transfer the amount of your choice to your new MetaMask wallet.
If you don’t currently have cryptocurrency in an exchange, consider purchasing the crypto* of your choice using Coinbase. I personally am invested in Bitcoin (BTC) and Ethereum (ETH), with my eye on a few others (Solana, Polygon, MATIC, etc). Once you purchase, wait a few days for your crypto to be able to send then transfer it to your MetaMask wallet.
Just as a heads up - if you are aware of and interested in NFTs, Ether is the most common currency for investing in projects.
*DISCLAIMER: I am NOT a financial advisor and this is NOT financial advice. Purchase crypto at your own risk. Do not invest what you aren’t willing to lose and do your own research!
If you made it to the end of this, you’re a real one. I hope this was helpful. Let me know if you have specific questions or topics you’d like me to dive deeper into for future newsletters!
See you next week,
Kendall
Well done!
Agreed! This was great information to start with!