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Web 3.0 is an iteration of the internet where new social networks, search engines and marketplaces crop up that have no company overlords.
Instead, they are decentralized, built upon a system known as the blockchain, which already undergirds Bitcoin and other cryptocurrencies. Imagine it as a kind of bookkeeping where many computers at once host data that's searchable by anyone. It's operated by users collectively, rather than a corporation. People are given "tokens" for participating. The tokens can be used to vote on decisions, and even accrue real value.
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Blockchain-based social networks, transactions and businesses can and will grow and thrive in the coming years. Yet knocking out Facebook, Twitter or Google completely is not likely on the horizon, according to technology scholars.
If we stay in the current paradigm, we will move further and further into a realm where a small handful of companies run by a small number of people run our experiences in cyberspace, and in that world, the problems of Big Tech are exacerbated.
Facebook recently rebranded itself Meta, and said its priority would be to build the "metaverse," a digital future where everyone is living and interacting and working together in virtual reality.
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