Cryptocurrency, blockchain, NFT’s – web3. The new internet has been circulating in the news and capturing headlines around the world, yet there is an overwhelming lack of clarity as to exactly what web3 is, and why it’s impacting everybody. In response to the need for clarification, EnCirca will publish this multi-pieces article series to break down all of the significant points that we need to know about the next generation of the internet. We’ll explore everything from how it works, why it’s necessary, and most importantly, why we all need to pay attention.
The purpose of this article series is to explain web3. Over the course of the series we will discuss what prompted the creation of the new internet, why people are gravitating towards it, why we all need to be paying attention, and how we can position ourselves to defend against these opportunists in this new wild west.
The development and adoption of web3 has been growing exponentially, creating a new generation of entrepreneurs and opportunists attempting to stake their claim on the emerging market. However, it is growing so rapidly that most people don’t know where to begin, how to protect themselves, and how to secure their position.
A fundamental understanding of the new internet is paramount for both individuals and businesses to take action; however, given the swiftly expanding world of web3 it is almost impossible to stay relevant without help. This is why it is necessary to employ a company that specializes in web3 domain names and brand protection such as EnCirca to ensure brand protection, relevance, and success.
Part 1 - The Pandemic and web3
The global pandemic resulted in interesting developments in the digital world. People were confined to their homes and subjected to copious amounts of information thrusted upon them in an endless cycle of news, politics, health advisories, etc. The future was, and is, uncertain; but in many ways will be unrecognizable to what we knew in 2019.
For starters there was an influx of people investing in cryptocurrencies and digital assets. Stock prices plummeted and exposed the frailty of financial institutions to the masses, forcing them to look for alternative places to invest their money. Given the complete lack of predictability concerning economic recovery, many people turned away from the more traditional physical and financial assets in favor of assets not reliant on the health of the economy; originally Bitcoin but more recently Ether and Handshake Coins. Inflaming the uncertainty of economic recovery was the response of Governments and the information provided by standard news sources. Countries were opening up with promises of a return to normal, then shutting down months later. Lost amongst a sea of conflicting - sometimes dishonest - information, allegations of campaign meddling, threats of digital sabotage, and polarizing news sources, people began to lose faith in traditional sources of information. Freedom from Governmental and Corporate oversight, and escaping the shackles of economic reliance, were two of the main reasons for the start of web3, and are the same reasons why more people are moving towards adopting web3. Similar to the Dotcom wave in 1995, the current world of the new internet is much like the Wild West: brimming with opportunity but fraught with dangers.
Forward thinking companies understand the inevitability of web3 and are adapting, but they are not doing it alone. Even the biggest companies need help navigating the new territory from seasoned internet innovators such as EnCirca. For years, Encirca has been working in the web3 space, building a foundation from which their partners can flourish. Encirca’s experience in the space gives them insight to threats and opportunities, both current and in the future, and their unique experience allows them to identify which of the many competing platforms will be dominant in the years to come. Encirca has a history of protecting its customers and strategically supporting the companies and platforms that demand attention.
It’s time to start moving. Call Encirca today for a free consultation and stay tuned for our next article which will dive into the details of Blockchain and the Decentralized Internet!
Luke Bowden graduated from University with a Bachelor of Commerce, specializing in Finance. He spent several years working across a variety of businesses before deciding to apply his experience and expertise to the emerging opportunities available with Blockchain and web3. Luke resides in Vancouver and is a part-time Freelance writer, passionate about new technology and excited to educate people about emerging markets. Linkedin: https://www.linkedin.com/in/luke-bowden-aa863799/