Will Ethereum be essential for the Web3?

Will Ethereum be essential for the Web3? - cryptocurrency 3424786 960 720With each passing day, we hear more and more terms such as cryptocurrency, blockchain and metaverse used on a daily basis. These concepts are inevitably linked to technological and financial progress and form the basis of what could be the future of the functioning of the new World Wide Web. 

In fact, in recent times we talk more and more often about Web3 even in the major ones national newspapers, but we must immediately distinguish between Web 3.0 and Web3. The first is the natural evolution of the network that we all know, after Web 1.0, made up of static pages at the end of the 90s, and Web 2.0, more interactive and manageable by the user which is the current internet that we all use. .

 Web 3.0 aims to make the network more and more connected and interactive in order to involve the user more and more inside. The Web3 has several points in common with this vision, but it is a more concrete project that aims to completely revolutionize the functioning of the Internet as we know it today by decentralizing the network. To do this, the Web3 will mainly rely on blockchain and cryptocurrencies, such as Ethereum, which already offers various services in line with this new web management system.

The qualities of Ethereum

Ethereum is a platform born in 2015 based on the concepts of cryptocurrency and blockchain in order to create a decentralized system that allows you to perform various operations by paying for computing resources. Unlike other cryptocurrency systems, in fact, Ethereum is not only a monetary value exchange system, but allows you to perform various operations through its blockchain system related to financial fields, domain registration, intellectual property and much more.

The whole system is based on a cryptocurrency called Ether which is used to pay for various operations. Of course, this currency also has an exchange value with the most used currencies in the world. L'ETHEUR has reached very high values, which have grown especially in recent times compared to the dawn of this cryptocurrency, precisely because of the synergy that the Ethereum system has with the Web3.

Another important feature of Ethereum is the function Smart contract, with which developers can upload bits of code that will automatically execute when certain conditions are met, including the cost of a network commission, in order to speed up many future operations.

The future of Ethereum 

At the moment it is still early to define how much Ethereum can actually be essential for the future of the Web3, given that we are talking about an evolution that is still in its early stages and in which everything could change. 

Certainly the platform created by Vitalik Buterin is designed to have a blockchain and cryptocurrency-based system that fully supports the decentralized network model designed for the Web3. However, there are obstacles, such as other fierce competitors and some technical problems that limit the speed of operations per second that can be carried out on the Ethereum network. Fortunately, for the latter problem, a solution will soon be available that would change the management system of the blockchain in order to speed up its operations.

However, Ethereum is undoubtedly one of the platforms that currently supports the system designed for the Web3 the most. However, such radical changes do not happen overnight, and the advent of the Web3 will need time even to accustom the less tech-savvy to this revolutionary system.