The term Web3 is creating quite the buzz lately, especially among those interested in technology, cryptocurrency, and venture capital. Here’s an introduction to what some people are calling the internet of the future.
What is Web3? The future of the internet, cryptocurrency, and estate planning
The term Web3 is creating quite the buzz lately, especially among those interested in technology, cryptocurrency, and venture capital. Here’s an introduction to what some people are calling the internet of the future. No one knows yet what it will be, but in terms of estate planning, there are some predictions.
What is WEB3?
To understand Web3, it’s helpful to go back in time and look back at the history of the Internet.
In the 1990s, we called the Internet the “information superhighway.” It was confusing and overwhelming for most, but many Americans started dialing in anyway. You just learned how to perform a search for the first time. The Internet was a blank slate with a steep learning curve. But many knew that this was the next big thing that would change our lives forever. This Internet era is called Web 1.0.
In the mid-2000s, we entered the era of Web 2.0. Massive platforms such as Google, Amazon, Facebook, and Twitter have emerged. They started making the Internet a more convenient place to connect, socialize, and do business consulting solutions. But critics have begun to question whether these few companies have amassed too much power. In recent years, we’ve witnessed lawsuits in which tech giants have been fined billions of dollars for collecting personal data and violating privacy laws. While we enjoy using free services and centralized data, many question the role of these tech giants and whether they have too much control over their data. Should we democratize again and create information exchange silos on the Internet?
This is where his Web3 comes in and why it is controversial among tech speculators.
What does WEB3 look like?
In the future of Web3, the Internet will become a decentralized Suntech giant. You can think of the rise of new social platforms, search engines, and marketplaces built and owned by communities rather than corporations.
End His user regains authority and control over his data. Instead of logging into multiple different accounts for different companies and platforms, he could potentially use one personal account to move between platforms on the web.
You may receive tokens for participation. You can use it to vote on decisions about how to change or improve the platform, or to request which features should be provided. These tokens add real value and can even build our wealth.
How is that possible? How can this be considered secure? Web3 is created using blockchain opportunity. Yes, it is. This is the same technology currently used in cryptocurrencies. One of the reasons cryptocurrencies and decentralized finance are so popular today is that they eliminate the need for middlemen to evaluate and execute transactions over the internet.
Web3 can be a way to separate the intermediaries from the Internet, data and information exchange itself. The Internet could become a place run by groups that use digital tokens as their currency.
Web3’s idea may sparkle in the eyes of the average person, but cryptographic ahead of the curve are betting on his Web3 with excitement.
Blockchain-based real estate plan?
Do you remember the beginning of the Internet? In the 1990s, we dialed in through America Online (now AOL) and were only able to access our friends’ Geocities pages. Everything felt awkward and awkward, and many of us didn’t even know what the internet could do for us.It turns out the experts weren’t wrong, and today the internet pretty much rules our lives.
Web3 could be similar to this. It has yet to be seen and there is no general understanding of what Web3 is or what it will look like. It may take decades for Web3 to become a reality, but we need to think about how custom blockchain solutions could revolutionize the way we run our private businesses.
His one aspect of this is estate planning. It is entirely possible to have a blockchain-based real estate plan. In theory, you could set up a smart contract development services that dictate it on certain trigger events. B. Your death automatically passes to your spouse or beneficiary. These assets will not go through probate court like they do today.
In other words, in the Web3 era, you might be looking for a way to decentralize the execution of real estate planning.
Digital Assets and Real Estate Planning
New realities like Web3 may be decades away, but the real estate planning industry is already moving in that direction.
For example, California has enabled small real estate affidavits that allow real estate valued under $166,250 to bypass the probate test. Other states may follow. On a larger scale, more and more states are enacting laws to allow digital executors. This is made possible by electronic signatures and electronic notary legal authorization. Such regulatory changes will allow the automation and digitization of wills.
The digital age has arrived. One thing you can do now is protect your assets (both physical and digital) with your real estate plan. Too many shocking stories are heard over the airwaves of hundreds of millions of cryptocurrency properties being lost due to lack of real estate planning. Cryptocurrencies are popular with young people, indicating that wealth planning should also be done early in life.
Have a plan for how you will protect your digital assets, how you will share them in case something goes wrong, and leave instructions on how to access and use them. Real estate planning is key in the digital age.