What Is Web3? Blockchain, Crypto, NFTs, and Their Role in the Philippines

You’ve probably been hearing about the term web3 more and more in recent years. And if you’re asking “What is Web3?” then you’re not alone. It can be a pretty technical topic, but in this article, we’ll try to break down the meaning of web3, what this means for all of us, and the role it plays in the Philippines.

What is Web3?

To better understand web3, let’s first define web1 and web2.

Federica Galli Unsplash

Image: Federica Galli / Unsplash

Web1 is known as the “read-only” web. Ethereum best explained this: web1 occurred roughly between 1990 to 2004, which started with the creation of the internet. During this time, the web was “read-only.” The internet contained mostly static websites, which users couldn’t interact with. There was no commenting, “liking,” or uploading your own content. Users were merely observers. It’s also important to note that back then, everything you saw on the internet was owned by companies.

In web2, the era we are in now and that which started in 2004, was brought upon mostly thanks to the emergence of social media platforms. Because of sites like Facebook, YouTube, and Instagram, users aren’t just spectators anymore; they could suddenly participate, ushering in the “read-write” era that is web2.

Web2 also changed the way the internet worked—companies weren’t the only ones providing the content. User-generated content became a thing, allowing users to create content, engage, and interact with other users. With web2, though, despite users contributing content, they didn’t own or benefit from this model. All revenue, which mostly comes from advertising, goes to the companies, still. Users don’t have full control or ownership over their content either.

And then comes web3. The “read-write-own” era of the web and what many consider as the next internet revolution. The future of the internet.

The problem with web2, as Ethereum pointed out, is that it required too much trust from users. Users have no choice but to rely on private companies to act in our “best interests.” But web3 aims to change that, allowing users ownership. It wants to give back power to web users. That ownership can come in forms like blockchains, cryptocurrencies, and NFTs.

Philippines’ own BlockchainSpace, a one-stop-shop for all guild needs, explained: “Web3 is built using decentralized blockchains. It’s owned by builders and users, and is orchestrated with tokens. Web3’s main selling point is decentralization—users have control of their own data and identity.”

BlockchainSpace also helped us define other terms related to web3:

Shubhams Web3 Unsplash

Image: Shubham’s Web3 / Unsplash

What Is Cryptocurrency?

Cryptocurrency is a digital currency that enables people to buy, sell or trade them, as well as buy goods and services. It’s based on blockchain technology, secured by cryptography. Unlike traditional currencies, cryptocurrency can be “spent and received by anyone, anywhere, at any time throughout the world and without the need for a bank or a government, Bitpanda explained.

You might have heard of some of the top cryptocurrencies currently: Bitcoin, Ethereum, and Litecoin, to name a few.

What Is Blockchain?

A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. It maintains a secure and decentralized record of transactions. Cryptocurrencies are powered by blockchain.

What are NFTs?

An NFT (non-fungible token) is a digital asset based on blockchain technology. An NFT could be anything digital, such as a drawing, music, and games. They help reduce fraud, as their unique data verify ownership and transfers made between token owners.

How are crypto, blockchain, and NFTs related to Web3?

Web3 encompasses the decentralized applications that run on blockchain, including non-fungible tokens (“NFT”) and cryptocurrencies. Web3 uses cryptocurrency for spending and sending money online, and relies on blockchain networks. Blockchains rely on cryptocurrency to facilitate operations, and cryptocurrency needs crypto wallets to be stored in, sent from, and transacted with.

Adopting Web3 in the Philippines

Web3 is said to usher in the next internet revolution, with the Philippines at the center of this breakthrough. Chainalysis’ Global Crypto Adoption Index, an annual study that determines which countries are the biggest crypto users, ranked Philippines second in its 2022 study. The Philippines is also a birthplace of play-to-earn and blockchain gaming adoption.

Meanwhile, local corporations like Globe and Unionbank are also adopting web3, further integrating it, and as a result, helping boost potential for better livelihood and more economic opportunities for Filipinos.

The Philippine Web3 Festival

Want to learn more about web3 and its future in the Philippines?

PH Web3 Festival

Founders, developers, gamers with an international community of NFT games, venture capital (VC) funds, and leaders in the space will gather at the upcoming Philippine Web3 Festival to forge connections, spark insightful conversations, and rally together as a united and supportive community.

The event is facilitated by local web3 success stories, Yield Guild Games (YGG) led by Gabby Dizon, Beryl Li and Owl of Moistness, and BlockchainSpace (BSPC) led by Peter Ing.

The event is co-presented by GCash (official e-wallet partner), Globe (Official Telco & Connectivity Partner), and MetaverseGo (the festival’s games and NFT Discovery platform), with Binance as the festival’s official exchange partner, and with media partners, BitPinas, Tiger 22 (official radio partner), Philippine Daily Inquirer, WhenInManila.com, YGG Studios, Ampverse, and CoinTelegraph.

The Festival will be held from November 14 to 18, 2022 at the Marquis Hotel in BGC. Get your tickets now at www.phweb3festival.com.

For more info and updates, follow them on social media at the following links.

Facebook: Philippine Web3 Festival
Instagram: @phweb3festival
Twitter: @phweb3festival

ALSO READ: Web3 Industry Can Help Create Jobs and Livelihood for Filipinos, Top Local Businessmen Say