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What are the core principles of Web3?

The Web3 moniker refers to a vision for a more open and decentralized Internet. It’s a movement that aims to usher in a new era for online services powered by blockchain and its adjacent technologies. In this article, we’ll be examining the core principles of Web3 and how they feed into this idea of a decentralized Web. Let’s go!

Core principles of Web3

Decentralization, openness, transparency

The core tenets of blockchain technology, decentralization, openness and transparency, are naturally inherited by the products and services that form the Web3 ecosystem. Decentralized applications (dApps), are not just a buzzword, but an accurate reflection of the nature of these products and services.

Ownership

The idea of ownership is central to Web3. There’s a reason why we describe the Web3 paradigm as “read, write, own”. Whereas Web 1.0 was ‘read-only’ and Web 2.0 was ‘read and write’, Web3 proposes that the next step in the evolution of online services is to allow users not only to consume and create content but also to own the content they have created. 

This principle is upheld on multiple levels. First, the decentralized nature of blockchain technology is inherently beneficial to user ownership rights. Under the current model, large corporations have much, if not full, control over any data on their server infrastructure. The decentralized model is a direct attempt at shaking up the status quo.

Then we have blockchain records to serve as immutable proofs of ownership, resistant to tampering. And with robust tools such as non-fungible tokens, practically any digital content can become a verifiable virtual asset backed by a blockchain network.

Economics

Bitcoin was originally conceived as an alternative electronic payment system and its influence can be found in any of the myriad of platforms it has since inspired. Most blockchain networks today have some sort of mechanism for economic incentives to reward validators and other node operators contributing to network maintenance. This means that a blockchain protocol needs to have a sound economic model. On top of that, the primary purpose of a blockchain is to facilitate transactions between its users and keep a shared transactional history of its network. Learn more about what are blockchain nodes.

Governance

Another one of the core principles of Web3 is decentralized governance. A big part of the blockchain architecture design is determining how a protocol is governed and how decisions are made. And it doesn’t stop there as in recent years the focus on decentralized governance has extended to products and services built on top of Layer 1 networks. By implementing robust tools and technologies like governance tokens, staking, DAOs and voting mechanisms, Web3 projects can enable users to play an active role in the governance process and have a say in how the project is being developed.

A new vision

There’s no doubt that the core principles of Web3 align with a groundbreaking new vision for a new wave of online services that put the user front and center. They inspire a new way of thinking and provide a blueprint for fulfilling the lofty promise and ambition contained in the ‘Web3’ moniker. 

Read more about Road to Web3

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Researched and written by

Savina Todorova
Marketing @LimeAcademy

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