The 5 Biggest Advantages Of Web3

web3 biggest advantages

In just a few decades, the internet has evolved so dynamically that we can now interact with tools, cars, and robots — and even automate tasks that we used to do repetitively.

First, there was Web 1.0, which provided a static interface, but there was no way to interact with the content. Then came Web 2.0 with a pool of social networks, apps, and websites that allowed us to engage with the content – and share it with others. 

This era belongs to Web 3.0, where static to interactive content and everything in between is coupled with attributes like tamper-proof security, peer-to-peer connectivity, complete control over data, and privacy. 

In this post, we’ll explore the advantages of Web3 and how it is making a huge impact on our lives. But first, let’s understand the concept. 

What is Web3?

Think of a website, computer program, application, or NFT collection that only relevant users can access. Only a Web3 ecosystem can make it happen. 

Web3 is an umbrella term encompassing everything launched, accessed, or interacted with using blockchain technology. From cryptocurrencies to open-source platforms, games, applications, images, audio, videos, and virtual real estate, everything stored on the blockchain is a Web3 property.

The Web3 ecosystem is powered by blockchain technology, which makes it highly secure for individuals and businesses alike. Moreover, it offers thousands of apps and protocols to interact with – and do it with just a single click.

Simply enter the address or Web3 domain name in your blockchain browser and get access to the concerned content. Similarly, you can save ample time on financial transactions using a Web3 (DeFi) app. 

Besides the seamless experience, Web3 games offer effortless accessibility, which is something most Web2 games fail to deliver. Web3 games offer excellent cross-device compatibility, ensuring a seamless multiplayer experience. 

This decentralized approach makes all of the above functionalities possible. There are no central servers; instead, local devices take the burden of storage, data identity, and verification. This democratization enables everyone to participate in making the Web3 internet better than before. 

Web3 offers a wide range of benefits, which we will discuss below. Keep reading to find out. 

Advantages of Web3 Across Areas of Life

Web3 offers both startups and established businesses the opportunity to build a strong decentralized portfolio for their products/services. With a relatively smaller budget, they can market their products more dynamically and gain more traffic, leading to better revenue propositions. 

Let’s dive right in to know why opting for Web3 can be a life-changing decision.    

Security

As discussed above, Web3 ensures security through blockchain technology. 

The blockchain approach for data storage is different from two-step or three-step verification processes followed by traditional apps. It involves a complicated process to store the data on local devices rather than servers. 

  • Blockchain technology saves data and information in nodes (or blocks). 
  • The data is stored in bits and pieces across the complex network of local devices. 
  • Every block has a unique address, which is stored in a huge blockchain ledger. The address is a long cryptographic message with numbers, strings, and alphabets.  
  • Data retrieval or accessibility requires verification, taken care of by Smart Contracts; no human intervention is required.

This ensures that only the data producer has the power to share it with relevant people. The data owner can determine who the data is for and how they can access it. 

Considering its security, Web3 is a must-have tool for securing private (or personal) data. While everyone can use it, Web3 would make an ideal choice for professionals such as designers, programmers, artists, data analysts, scientists, company owners, etc.

Decentralization

The decentralized approach differs from the Web2 approach, which leverages central servers to store all the information. If one node is down, it won’t affect the functions of the other nodes, ensuring tamper-proof data security. 

Apart from high-end data security, the decentralized approach also enables blockchain users to perform business transactions or data sharing without third-party involvement. 

In addition, Web3’s decentralized infrastructure is neutral and more credible. It lowers entry barriers for new businesses, resulting in more diversity in the online marketplace.

Web3 offers many self-finance opportunities for new businesses. For example, those in healthcare, financial services, and entities managing consumer data can leverage Web3’s tokenization approach to protect their sensitive information. 

Tokenization involves replacing sensitive information with non-sensitive tokens. These tokens can be safely used without compromising the underlying data.  

Anonymity

A potential benefit of Web3 is that users’ identities and digital ownership are concealed while buying and selling using blockchain technology. As the data control is decentralized, users are not required to supply their personal information, eliminating the need for intermediaries. 

This is why the risk of data breaches and cyber theft is greatly reduced. Users are able to interact with dApps via anonymous wallets without revealing identities.

There are quite a few scenarios where anonymity is very important for the safety and security of an individual. These include:

  • Financial transactions: Blockchain greatly reduces the risk of fraud because users don’t have to reveal their identity or have it verified by a third party. 
  • Healthcare: Patients can share medical records anonymously, ensuring privacy while seeking second opinions.
  • Whistleblowing: Individuals can maintain anonymity while reporting misconduct, cybercrime, or an act of violence, where revealing their identity can put them in danger.
  • Political Activism: Activists can communicate and organize without fear of government surveillance.

Freename offers a Web3 TLD called .anon that symbolizes anonymity. The TLD appeals to all those businesses and individuals, such as whistleblowers, anonymous content creators, and privacy advocates, who don’t like to reveal their original identities.   

Readable Representation

Artificial Intelligence (AI) and Machine Learning (ML) also play an integral role in evolving the Web3 ecosystem.  These technologies are able to automate complex tasks by analyzing large datasets, ensuring seamless data processing and user interaction.

Almost every decentralized platform is equipped with AI and ML for enhance efficiency and informed decision making. Whether it’s demand detection, understanding user intent, campaign’s performance assessment or gauging overall marketing efforts, AI-powered dApps have proven their effectiveness in every way.  

Examples of current technologies:

  • Wolfram Alpha: It is a high-end AI-powered tool to help you solve almost all kinds of problems related to home, education, and business. 
  • Chainlink: A popular AI tool for blockchain users, offering timely and accurate AI-powered data feeds for smart contracts.
  • Fetch.ai: An ML-powered tool to support autonomous agents for transportation and energy distribution.
  • Ocean Protocol: Offers AI-powered data monetization and ensures complete anonymity.

A New World, Metaverse

Is it possible to attend a concert with friends who live in different parts of the world – and all that, from the comfort of your living room? Can you try on clothes virtually before buying them? Metaverse can make it happen for you. 

The Metaverse is an immersive virtual space that has revolutionized digital interaction by:

  • Creating hyper-realistic experiences, 
  • Breaking down geographical barriers. 

Imagine playing games with your friends in a virtual 3D world. Games like Decentraland, Minecraft, Axie Infinity, Alien Worlds, and The Sandbox have taken the online gaming experience to another level. 

It’s still early, but current trends suggest that Metaverse will transform commerce. Today, virtual stores, digital assets, and new economics are emerging, blurring the lines between physical and digital. 

Trading Cryptocurrency

As discussed, blockchain technology was initially used for cryptocurrency trading. This is the basic purpose of Web3 – rendering a decentralized, transparent, and secure environment where users can transact or trade without the involvement of a third party. 

The information is verified and exchanged via a network of local devices, and anonymity is maintained. Some of the major features and benefits include:

  • Decentralization: Users are in full control over their funds.
  • Transparency: Public blockchain records all the transactions, making Web3 a trustworthy option. 
  • Security: Tamper-proofing and end-to-end encryption protect data and assets.
  • Global Access: No geographical limitations; no time constraints.
  • Innovation: Decentralized finance apps (DeFi) have surfaced, giving users a variety of trading options. 
  • Currencies: Besides popular currencies like Bitcoin, Ethereum, Solana and Cardano, new currencies have been developed for trading.
  • Decentralized Governance: Democratic management structures, also known as DOA, have been developed to govern blockchain transactions.

Currently, central banks have no considerable role to play in cryptocurrency trading as Web3 is thoroughly decentralized. However, it is still evolving as many countries have stressed the need to develop rules and regulations for cryptocurrency trading. 

Web3 TLDs and Domains: Royalties

Web3 offers a decentralized and neutral environment for content creators, traders, service providers, etc. They can create a unique Web3 identity by securing a Web3 domain (SLD or TLD) that can integrate with their wallets and other digital assets

Web3 domains offer one-point access to the world of decentralized internet. They are in high demand because of their dynamics, long-term cost benefits, and affordable price tag. 

Future Profits

Potential investors can utilize this neutral environment by buying decentralized domains at cheaper rates and selling them for high profits later on. These domains can be minted on different blockchain networks, such as Base, Polygon, Solana, Aurora, and more. 

Passive Income

With Web3 domains, you have the option to create a passive income source. You can buy a Freename TLD and become a registrar. This way, any SLD that will be registered under your TLD will pay you a commission of up to 50%. 

Conclusion

The Web3 ecosystem is more secure and interoperable and offers better opportunities for all kinds of businesses to thrive. In addition to foolproof security and high-level data privacy, it has many other features that set it apart from the traditional Internet. 

You can build a portfolio for digital assets, interact with thousands of apps without add-ons or plugins, spend time with your friends in Metaverse, or trade cryptocurrency without human intervention.  The decentralized web has you covered. 

To get access to the unlimited decentralized internet, you need a Web3 domain. This way, you can give a unique identity to your digital assets or build a highly secure collaboration system for your company. 

Moreover, you can invest in Web3 domains to get high profits in the future – or you can create a stream of passive income by becoming a domain registrar. 

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How does it work?

Accordingly to the day when you will finalise your purchase, you have the right to receive from 1 to 3 NFT Domains for FREE!

Once you have completed your order, within 48h you will automatically receive on www.freename.io platform, in your personal area “portfolio” the randomly assigned NFT Domain/s.

You can chose on which blockchain you want to mint on and minting fee is covered by Freename!

HOW TO USE COUPONS:

Once you have added your favorite items to the cart, you proceed to “checkout” and add your coupon to the “coupon box”.

Said coupon will instantly do its magic and your due total will drop!

COUPON CODE CAN ONLY BE USED ONCE!
ENJOY YOUR SHOPPING AND GIFTS!

How does it work?

Once you have completed your order, you will automatically receive on www.freename.io platform, in your personal area “portfolio” the randomly assigned NFT Domain value $50 or if you’re lucky a randomly assigned TLD with value $699 (between these: .immersive; .multiverse; .freelancer; .cashback; .hologram)

you can chose on which blockchain you want to mint your NFT Domain/TLD on and minting fee is covered by Freename!

GOOD LUCK!

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Why do i Need a Wallet?

Freename domains are blockchain-based assets and would be minted and stored using a wallet. Users are required to mint and manage their domains using a Metamask or Coinbase-configured wallet. It must be a non-custodial wallet, meaning that one must own the private keys to the wallet in order to approve transactions via a signature.

To benefit from Freename Web 3 domains/TLDs, you must have a wallet. This is because Web 3 domains/TLDs are blockchain-based assets. Users can mint and manage their domains using Metamask or Coinbase-configured wallets.

Keep in mind that it must be a non-custodial wallet. You own the private keys to the wallet (in order to approve transactions via a signature).

Are the Domains Associated with ICANN?

ICANN does not manage freename.io domains. Freename.io believes their TLDs/domains must allow customers to operate independently. Freename.io wants to build a utility infrastructure, allowing customers to use their services for valuable and generative purposes. By leveraging blockchain technology, Freename Web 3 domains/TLDs have no centralized authority imposing rules and regulations.

What is a Wallet?

Every blockchain user requires a wallet in order to interact with the network. A wallet is essentially an account on the blockchain where transactions can be sent and received. It is also where one can store blockchain assets such as cryptocurrency or NFTs (non-fungible tokens). There is no personal information associated with a wallet and none is required to create one. A wallet consists of a public key and a private key. The public key can be safely shared with anyone who wishes to send assets to the corresponding wallet, however, the private key should not be shared and is the key to accessing the wallet in the event where access is lost or to create another instance.

A crypto wallet (cryptocurrency wallet) is software or hardware that enables users to store and use cryptocurrency. With cryptocurrencies, there isn’t any actual money to carry around in a wallet. They exist on the blockchain. Similarly to traditional bank transfers, crypto wallets enable users to send and receive cryptocurrencies, NFTs, etc.

A wallet consists of a public key and a private key. To receive assets, you share your public key associated with your wallet. You should NEVER share your private key.

How do i Claim my Earnings from Freename

ou can withdraw revenues generated passively through a cryptocurrency transfer. Connect your cryptocurrency wallet and, once your withdrawal request is confirmed, the desired amount is pulled from Freename’s reserves and conveniently delivered to you!

Claim your earnings by following these steps:

  1. Connect your cryptocurrency wallet to Freename.io
  2. Request a withdrawal
  3. Receive request confirmation
  4. Receive withdrawal directly to your wallet.

Can i Transfer Domains?

Yes. The domain is stored in your cryptocurrency wallet and can be transferred by you after you have minted it. Access your portfolio, select the TLD or Domain you wish to transfer and type the recipient’s address. Afterwards, you must paste the OTP code you received by mail to confirm the transaction. Keep in mind that currently, it is not possible to import the domain that has been transferred, but it will be possible soon!

Yes. Domains are transferable ONLY after a TLD/domain has been minted and stored in a user’s wallet.

To transfer the TLD (or domain), the user must:

  • Access their wallet
  • Select the item they want to transfer
  • Enter the recipient’s address.
  • Confirm the transaction by pasting the OTP received by email

In the future, Freename.io will support importing domains that have been transferred.

What about Trademarks?

Registering a trademark on your Freename Web3 TLD will allow you to protect your web3 TLD and your logo worldwide juridically.

From the moment you deposit a trademark request, your web3 TLD will be protected worldwide for 6 months awaiting for the Swiss Federal Institute of Intellectual Property (IGE.ch) to confirm and register the availability of your TLD.****

A trademark is any symbol, phrase, or word that allows customers to identify a company’s goods or services. Freename is a web3 domain/TLD provider that also provides trademark registration.

A user must reach out to the trademark department to register a trademark. To get your trademark filed for review at the Swiss Federal Institute of Intellectual Property, a user must provide the following:

  1. Complete a Know your customer (KYC)
  2. A list of TLDs they wish to trademark
  3. Proof of payment

Once these conditions are met, it takes one week for the trademark to be reviewed and logo/TLDs to be provided with six months of worldwide protection.

Is Minting the same as Buying?

Purchasing a TLD (or domain) on Freename and minting it on the blockchain are two distinct steps. When you purchase a TLD (or domain), the transaction is recorded in Freename’s database and not on the blockchain. Minting a TLD (or domain) on the blockchain requires a second step: log into the user’s personal area, select the TLD (or domain) and press “mint TLD” (or domain): done! Don’t worry, once you have purchased a Freename domain, no one can take it away from you!

No. Buying and Minting a TLD/domain are two different things.**

Buying **is the process of recording a transaction on Freename’s database and not on the blockchain.

Minting is the process of pushing a user’s domain from Freename.io data onto the public ledger of a blockchain and into a user’s wallet. Giving the user full control over the TLD/domain.

It is very easy to mint a domain/TLD once you purchase it. Simply:

  • Log into your personal area
  • Select the TLD (or domain)
  • Press “mint TLD” (or domain)

What is Domain Minting?

Minting is the process of publishing a Freename domain (or TLD) on the blockchain via your wallet to gain full custody of the domain. This means that the only person that has control over the domain (or TLD) is the person who controls (has access to) the wallet.

Minting is the process of pushing a user’s domain from Freename.io data onto the public ledger of a blockchain and into a user’s wallet. Giving the user full ownership over the domain.

Minting on Freename.io is as simple as the following steps:

  1. Go to the Freename.io website
  2. Enter the TLD/domain you want to buy in the search bar
  3. Add the TLD/domain to your cart
  4. Go to checkout
  5. Create a Freename.io account
  6. Purchase the TLD/domain with cryptocurrency or a credit card
  7. Go to “portfolio and incomes.”
  8. Click on mint TLD/domain

Which domains are Protected?

Protected domains and TLDs are domains and TLDs that we’ve detected are associated with a brand, organization, or notable person. We believe it is important to increase adoption for the next generation of the internet by helping to onboard brands into the Web3 era. If you are interested in applying for a Protected domain, please contact us.

TLDs/Domains associated with a notable person, brand or organization are considered Protected Domains. Protected domains help onboard brands in Web 3 increasing adoption. Protected domains also protect users from others impersonating/stealing their domains.

Reach out to Freename.io to apply for a protected domain.

Why use Freename?

Freename domains are unique by their very nature: only with Freename you can register domains with unique TLDs for your digital identity while passively earning money!

Freename.io is not only the leading TLD and Domains platform in Web 3, but also lets users generate passive income!

Owning a Freename Web 3 TLD entitles users to receive passive income whenever a domain is bought on their TLD. Users can register and mint TLD/domains of their choice if available.

What is a Domain?

A domain name is a string of letters and/or numbers that points to the IP address of the corresponding website. Generally, it is easier to remember a name than a long string of numbers.

A domain name is an address that people type into a browser bar to find a website. It consists of a Top-Level Domain (TLD), everything that comes after the dot, and the Second-Level Domain (SLD), everything that comes before the dot.

For example, “Freename.io” is the domain name, “Freename” is the SLD and “io” is the TLD.

Which Chains are Supported?

Freename has a multi-chain approach. You can choose on which Blockchain to mint your Web3 Domains and TLDs ranging Among Polygon, Cronos, and Binance.

A user can mint a Freename.io domain/TLD on the following blockchains:

  • Polygon
  • Cronos
  • Binance

Freename plans to expand its multi-chain approach by adding blockchains upon which domains can be minted.

Are there Renewal Fees?

No! Once you’ve bought a Freename Domain or TLD, it’s yours forever, no renewal fees ever!

No. There are no renewal fees on Freename.io. Once a user has paid a one-time payment for a domain/TLD, they own it. Forever.

This is the significant advantage of Web 3 domain/TLD over traditional alternatives.

Ask Away!