Startup Funding Espresso – Decentralization in Web3

Decentralization in Web3

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Web3 brings a new level of decentralization to the internet.

Web3 lets users build their own economic networks using open-source code and tokens to provide incentives.

Web3 consists of several components to create the technical underpinnings that provide decentralization.

This includes digital assets such as tokens that represent value, the blockchain which stores all the transactions for transparency purposes, and smart contracts for executing the transactions.

Web3 brings a new level of governance to the entity.

Control of the entity is shared among all and executed through voting mechanisms.

Web3 decentralization separates the data from the core system so it’s portable and can be moved by the user to other platforms.

The Web3 technical structure enables the transition from a Web2 platform to a Web3 platform.

Traditional fintech companies can enable decentralization in the following ways:

Move governance to a decentralized community that votes.

Embed execution of the transactions into smart contracts.

Separate data from the code base.

Create digital assets to provide incentives for those working on the system.

Consider moving your Web2 application to Web3.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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