08 / 01 / 22
When the internet was launched, there was a shared vision among people who understood that it was going to change how the world works. Proponents of the internet believed it would transform how information was shared, and how we communicate and transact. Many of those visions are now reality and the internet has expanded beyond those original dreams. Enter the metaverse – which at its simplest means beyond (meta) the universe.
At CryptoBucks we are embracing the future of payments with flexible, safe and secure payments – online and in the real world, with cryptocurrency and other currencies. We are moving beyond traditional financial system constraints.
However, as the internet plays a bigger role in everyday life, a dark side has emerged as well. It has been used to manipulate election outcomes, spread falsehoods, and suppress free speech. How do we build a stronger, safer future for the internet, that expands upon that vision?
The current phase of the internet is known as Web2 among tech experts with the understanding that the future of the internet will be vastly different. This evolution has been christened Web3. It will be a secure, democratic space, that will transform how the masses interact with each other via the internet. It will incorporate the concept of the metaverse, a virtual reality world where users can interact with each other via avatars.
Today, billions of internet users worldwide collectively contribute to profiting a handful of tech firms to the tune of hundreds of billions of dollars each year. However, these internet users have no real control over the internet. They do not own any of the data on the internet, and most of them do not receive any compensation for spending time on the internet. Web3 is going to change all that.
Web3 will give the masses control over their data. They will have full ownership over online assets thanks to the use of blockchain technology, the same technology that cryptocurrency is built on. For instance, in today’s gaming environments, players do not own any of the in-game assets that they spend money to buy. The company that owns the game could decide to switch off the in-game item or stop supporting the game with updates, making it buggy and unplayable.
Ownership of Web3 and the metaverse will be via NFTs, non-fundgible tokens that are secured using blockchain technology – simultaneously recording those purchases in thousands of locations around the internet so ownership is widely agreed upon, not just reliant on the sellers transaction record. Besides being used to secure NFTs, blockchain will be the layer on which the future of the internet is built. It will enable permissionless person-to-person or P2P transactions across the internet without having to rely on intermediaries.
One of the hallmarks of Web3 will be total control over one’s financials. In the current setup, the online payment industry is still in the hands of a few corporations. With a decentralized internet, users would retain full control over their assets without having to adhere to complex, and sometimes impossible rules imposed by centralized financial services providers. The result is that it could open up the global financial sector to billions of people who have been erstwhile locked out of the system. Web3 users will only need a device with an internet connection and a crypto wallet to store their assets.
This is a pillar of our purpose at CryptoBucks. We are bringing an unprecedented level of inclusivity to the financial industry that transcends boundaries – whether they be buildings or borders, we envision a world where everyone has the power of financial freedom in the palm of their hand.
Web3 will not happen overnight. Just like Web2, it will not be possible to tell that Web3 has arrived until we are there. It is going to be a long journey, where increasingly new technologies are incorporated into the internet to meet the needs of people across the globe, such as the ability to profit from their content and retain full control over their online creations.
It is an exciting new world and we are honored to be part of bringing about the finance revolution. Join us by downloading the CryptoBucks app. See you in the metaverse.
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