Bitcoin to demolish BIG corporations as Web3 enters fray

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New Delhi: The newest addition to the world of cryptocurrency is Web3. The idea behind this is that while cryptocurrency is used to transfer money and financial speculation, it can now create a new web.

The underlying building blocks of this web will be tokens that inform you of almost everything you do on the web. Crypto Booster believes it could replace large corporations with decentralized, Internet-based organizations governed by software protocols where the votes of token holders matter.

Analysts say that like overtime all companies transitioned to Internet companies, similar changes and transitions are likely to happen in this case as well.

There is no shortage of detractors either. Many have dubbed it as a way to circumvent rules and regulations, while others say it is too nascent and the limited apps available are targeted at merchants. In an ideal world, Web3 services should be operated, owned and improved by communities of users.

Bitcoin, the original cryptocurrency, works with a public database called a blockchain that records every transaction. It is decentralized because the account is not maintained by a single company but by a vast network of Internet-connected computers whose operators are given the opportunity to earn more bitcoins for work.

First published:December 22, 2021, 6:20 pm

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