You might be coming across the hashtag #Web3.0 very frequently these days but have you ever wondered why is it so popular? Or what is Web 3.0?
The age of technology is upon us and the digital space is constantly and consistently evolving with users catching up. The introduction of the internet alone was considered to be the big bang & was assumed to be the biggest revolution that technologically we could achieve but turns out, it gets bigger & better.
What is Web 3.0?
Web 3.0 refers to the second phase of the internet introducing a more decentralized space. At the moment, we are experiencing Web 2.0 where companies develop and provide products and services in a centralized manner.
The liberty to make decisions within a centralized environment is limited. Let’s say you have an idea that you turn into reality and spread it across the magical platform of social media. You are proud and happy for the likes and retweets it amasses but at the end of the day, does it really remain as yours?
The bane of these high profile platforms is that they OWN every piece of content circulated irrespective of who the original creator remains. In Web 2.0, a user has no control over the identity and assets they “own” in-game and are unable to control and monetize the content they create.
Let’s take the example of the widely popular online game Fortnite. Even though thousands can be spent on building within the game, at the end of the day you do not own or cannot monetize on the assets and profile build within the game.
The boon of Web 3.0
Web 3.o provides users with the utmost liberty in creating, owning and monetizing the digital assets they possess through the magic of blockchain & cryptocurrencies.
Using blockchain, users can interact with online services that are run by peer-to-peer networks instead of servers owned by one entity. With such a setup, users can own their data and have permissionless, peer-to-peer transactions eliminating the need for a middleman by simply utilizing the internet and cryptocurrency wallets like Metamask. The full control of digital identities and how and when data are shared is therefore returned to users with different online applications through their private keys.
This new revolutionary utilization of technology would grant back power to people, allowing them to make informed decisions with little to less monetary control from a central framework.
With the introduction of Metaverse, the future of Web 3.0 seems promising as users explore immersive reality while monetizing within the same.
Does Web 3.0 remain safe?
The benefits that Web 3.0 promises are very tempting but is it really safe for users?
The first quarter of 2022 alone saw around $1.6 billion lost to DeFi hacks through various vector attacks including breaches of smart contracts, code manipulation etc. Despite the various safety nets in place, the whole framework of Web 3.0 is still being improvised daily leaving unstable crevices for hackers to leverage & manipulate.
The easy and simple solution would be DeFi insurance. At CoverCompared, we bring to you affordable crypto-exchange as well as smart contract covers that provide assurance and guarantee safety for your assets in case of a third-party attack.
We also eliminate the cost of gas fees thanks to our integration with biconomy & provide covers at a lesser rate than available on any other platform. Users can also avail of a discount of 25% when purchasing covers using our native token $CVR.
CoverCompared is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products bought using a host of cryptocurrencies.
Our platform will be connecting users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life, and travel policies. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.