According to many people, Web3 is going to be the future of the Internet. Part of the reason is its connection to cryptocurrency. This is a digital currency that is based upon what is called the blockchain network. If you have ever purchased DAOs or NFTs, then you are aware of how it applies to a decentralized financial network. In most cases, people just assume this is all about digital money, often referred to as crypto. However, it is much more than that, and if things go in this direction, you can soon see dramatic changes in the way that we do transactions and interactions on the web.

How Does It Relate To Bitcoin?

The other name for bitcoin is cryptocurrency. It is a type of currency that people are using more commonly as a way of paying for goods and services. It is popular due to its ability to remove any type of third-party involvement when financial transactions occur. Bitcoin has risen to great heights, and as of late, is having some problems in the worldwide financial markets. However, the primary focus is how cryptocurrency relates directly to Web3 and why this is important.

How Bitcoin Relates To Web3

Essentially, without the blockchain network, which allows cryptocurrency to exist, the same is true for Web3. It is the underpinning technology behind how this new form of the Internet functions. Anonymity really is the key to why these are so popular. In the real world, where we have banks and lending institutions that act as third parties when you are doing transactions, this is not the case. It is more like the old-style barter system. There is a transaction between two people, but in this case, it's digital, and cannot be easily traced or tracked.

How Web3 Will Create A Decentralized Internet

One of the most popular applications that you can purchase for your computer is one that will prevent the websites that you visit, as well as the search engines, from tracking what you are doing. They are able to disguise your digital breadcrumbs of where you have been. However, when Web3 becomes fully functional, it will do this automatically because of the blockchain. Avoiding a third-party application that will have access to your information makes it safer to do transactions online. If this does become the basis upon which the new Internet evolves, you will never have to worry about cookies or tracking applications knowing what you are doing or where you have been online.

The reason that Web3 is becoming so popular is because of how centralized the current Internet is. By taking away that middleman, you will make everything safer for those that are surfing the web. People don't want you to know what they are doing. In a world that spends most of its time on social media sites, surfing the web, or even watching streaming television shows and movies, it's good to know anonymity is a possibility for everyone. Now that you have a better idea of what Web3 represents, you may see the many benefits associated with replacing the existing Internet with one that will make you virtually anonymous.