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Web3 holds the promise of decentralized, community-powered social networks
VentureBeat February 26, 2022
This article was contributed by Sumit Ghosh, founder and CEO of Chingari
The growing dominance of cryptocurrencies and blockchain has facilitated the rise of Web3, powered by decentralized networks. Designed to restore power to users and creators, this transformative internet movement is beckoning a paradigm shift in how we use social media.
Web3 is an umbrella term that encompasses several ideas and futuristic visions of decentralization where community-powered, advertising-free, and self-monetized content will reign supreme. Although Web3 will disrupt several existing Web2-based business models, the creator economy is positioned as the biggest benefactor of this ongoing revolution vis-a-vis a reinvented social media paradigm.
For instance, in the existing version of the internet, content creators are often subject to the whims...
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