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What Is Web3? Web3 Explained

What is Web3?

Web3 is the future of the internet. It’s designed to be decentralized, user-controlled, and powered by blockchain technology. Unlike Web2, where large corporations own and control data, Web3 enables individuals to have greater ownership over their digital identity, assets, and interactions. It leverages smart contracts, cryptocurrencies, and decentralized applications (dApps) to create a more open and secure online experience.

Web2 vs. Web3

To have Web3 explained, we must start at the beginning and then compare Web2 vs Web3.

  • Web1: Otherwise known as “the static web“, this is the first version of the internet (1990s-early 2000s). It was primarily a read-only system, where users could consume information from static web pages without much interaction. Websites were simple, and content creation was limited to a few publishers.
  • Web2: The second phase of the internet era, also called “the social and centralized web“. From the early to mid-2000s, platforms like Google, Facebook, and Twitter rose. Users could create content and engage with others. However, Web2 also became highly centralized, with tech giants controlling data, monetization, and digital experiences. Users also often exchange personal data for free services, leading to privacy and control issues.
  • Web3: The Web3 meaning that carries the most weight is probably “decentralized internet“. This means that Web3 moves the power from corporations (centralized power) to individual users using blockchain technology and cryptographic security (decentralization). Users can now own their own digital identity, assets, and data. A Web3 definition paints a picture where users have more privacy, security, and control.
What Is Web3

Web3 Core Elements Explained

At its core, Web3 is built on several key principles that redefine digital interactions. Here’s what they are.

Decentralization

Web3 disperses the authority of centralized authorities across a network of users. No single corporation, government, or institution has absolute power over data, transactions, or applications. Decentralized networks use peer-to-peer technology to aim for transparency, censorship resistance, and user autonomy.

Blockchain Technology

Blockchain is the backbone of Web3—a secure and transparent way to record digital transactions to shape a more open digital economy. It powers cryptocurrencies like Bitcoin and Ethereum, supporting smart contracts and dApps (decentralized applications).

Privacy & Security

Web3 prioritizes user privacy by giving individual users control over their data and digital identity. Whereas Web2 practices often store personal information on corporate servers, Web3 leverages cryptographic techniques to protect user interactions. Users no longer have to reveal sensitive private details when a Web3 platform or Web3 domains user technologies like zero-knowledge proofs and other decentralized identity solutions to verify information.

Cryptocurrencies & Tokens

Cryptocurrencies and tokens serve as the digital assets powering Web3 ecosystems. Bitcoin and Ethereum, among others, function as decentralized money. Meanwhile, tokens represent various assets, utilities, or governance rights within blockchain networks. Tokens also enable payments and motivate participation in Web3 projects.

Smart Contracts

As self-executing agreements with terms directly written in code, smart contracts enable automated and trustless transactions on Web3 blockchain networks. They execute actions only when predefined conditions are met. Smart contracts power decentralized finance (DeFi), NFTs, and various Web3 applications.

Decentralized Applications (dApps)

dApps are software programs built on blockchain networks that operate without central control. They run on smart contracts. These Web3 apps are used in various sectors, including finance (DeFi platforms), gaming (play-to-earn games), and social media (decentralized networks). Accessing dApps through a Web3 browser (like Brave or MetaMask) can be more secure and private.

Web3 Domains

Web3 domains, such as .eth and .crypto, are decentralized domain names stored on blockchain networks instead of traditional DNS systems. Unlike Web2 domains, which are controlled by registrars, Web3 domains give users full ownership. They can facilitate crypto transactions and decentralized websites and serve as a universal username for dApps.

Digital Identity and Ownership

Web3 redefines digital identity, making it self-sovereign by allowing users to control their personal data and online presence without relying on centralized platforms. NFTs (Non-Fungible Tokens) are a key part of this, representing ownership of digital assets. They allow users to hold provable rights to art, music, in-game items, and more.

Interoperability

Web3 platforms aim to be interoperable, allowing blockchains and dApps to communicate seamlessly. This facilitates asset transfers, cross-chain applications, and broader ecosystem integration. Enhanced interoperability in Web3 fosters a more efficient ecosystem and enhanced user experience.

Governance and DAOs

Web3 governance is decentralized; users have a direct role in decision-making through Decentralized Autonomous Organizations (DAOs). DAOs operate using smart contracts and token-based voting systems, which are transparent and democratic. This structure shifts the decisive power to the hands of the community rather than a central authority.

Benefits of Web 3.0

While Web3 still has issues, the benefits far outweigh them.

  • Greater user control: Users own their data, digital assets, and online identity without reliance on big tech companies.
  • Enhanced privacy and security: Web3 security is top-notch, as decentralized networks and encryption reduce data breaches and hacking risks.
  • Censorship resistance: No central authority can control or restrict content, ensuring free speech and open access to information.
  • Seamless peer-to-peer transactions: Direct transactions are possible without banks or added fees, thanks to cryptocurrencies.
  • Smooth-running dApps: Apps run transparently on blockchain networks, preventing platform shutdowns or restrictions.
  • Improved financial inclusion: DeFi allows global access to financial services without traditional banks.
  • Interoperability and flexibility: Users can transfer digital assets and identities across multiple platforms without being locked in.
What Is Web3

The Future of Web3

Web3’s future is bright. There will be a more decentralized, user-driven internet with heightened transparency, security, and innovation. Web3 is still in its early stages. However, advancements in blockchain scalability, interoperability, and usability will drive widespread adoption.

Key areas that are likely to continue evolving are DeFi, NFTs, metaverse applications, and AI interaction. They will give new opportunities for digital ownership and collaboration. Moreover, Governments and lawmakers will likely have a hand in shaping Web3’s future by balancing innovation with security and compliance.

As technology matures, Web3 could redefine online interactions. A future where the internet is more open, inclusive, and autonomous can be expected.

How to Invest in Web3

Want to be more involved in developing Web3? Here’s how you can get involved.

1) Buy Web3-Related Cryptocurrencies

There are various cryptocurrencies and tokens you can invest in to help Web3 development

  • Blockchain platforms: Invest in major blockchains that power Web3, such as Ethereum (ETH), Polkadot (DOT), Solana (SOL), and Avalanche (AVAX).
  • Web3 protocol tokens: Consider tokens from decentralized finance (DeFi) projects like Uniswap (UNI), Chainlink (LINK), and Aave (AAVE).
  • Storage and infrastructure tokens: Projects like Filecoin (FIL), Arweave (AR), and The Graph (GRT) support Web3 infrastructure.

2) Purchase Web3 Domains

Freename offers Web3 domains, which can be a good investment. Domains like .crypto and .eth—typical Web3 domains—have a lot of potential. They can appreciate in value, be used in Web3 ecosystems, or generate passive income through domain sales.

3) Invest in NFTs (Non-Fungible Tokens)

NFTs are a good way to invest in Web3.

  • Digital art and collectibles: Platforms like OpenSea, Rarible, and Foundation offer investment opportunities.
  • Utility NFTs: Look for NFTs that offer real-world benefits, such as access to communities, events, or products.

4) Participate in DAOs

You can buy governance tokens of DAOs to gain voting rights and investment opportunities. Check out communities like Friends with Benefits (FWB) and DAO Maker to see how a DAO operates and engages.

5) Invest in Web3 Stocks and ETFs

Invest in publicly traded companies involved in Web3 technology, like Coinbase (COIN), Block (SQ), or Nvidia (NVDA). Also, look for ETFs (Exchange-Traded Funds) that focus on blockchain and Web3 technologies.

6) Fund Web3 Startups

Participate in crowdfunding or venture capital opportunities for Web3 startups through platforms like Republic.co or TokenSoft. You can also consider becoming an angel investor or joining investment DAOs that pool funds for Web3 projects.

Web3 FAQ

What is Web3 technology?

Web3 technology is a decentralized internet model built on blockchain, enabling peer-to-peer interactions without intermediaries. It prioritizes user ownership, privacy, and security through smart contracts, cryptocurrencies, and decentralized applications (dApps). Unlike Web2, where corporations control data, Web3 empowers individuals with greater autonomy and transparency.

How does Web3 work?

Web3 operates using blockchain, smart contracts, and decentralized applications (dApps). Instead of relying on centralized servers, it uses peer-to-peer networks, ensuring transparency, security, and censorship resistance. Cryptocurrencies and tokens often facilitate transactions in Web3 ecosystems.

What will Web3 do?

Web3 will revolutionize the internet by enabling decentralized applications and platforms where users have control over their data, digital assets, and online interactions. It aims to remove intermediaries, increase privacy, and create new opportunities for digital ownership through technologies like blockchain and smart contracts.

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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!

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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.

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