For some time now, we’ve been hearing about an improved version of the Internet, Web3. However, the concept remains vague for some. What is Web3? How to identify Web3’s Reli3f initiative?
What is Web3?
Web3 is what we call the Internet of the future. It is in fact a more advanced version of Web 2.0 that we knew. In other words, it is a participatory evolution of the Internet. This was born in the 2000s with the social networks through which we interact, the encyclopedia Wikipedia, etc. Web3, or Web 3.0, was conceived by Ethereum computer scientist and co-founder Gavin Wood. It is based on NFT and cryptocurrencies. In short, about blockchain technology.
Web3 is especially aimed at decentralization of information. This decentralization will be done by eliminating large technology companies, which centralize and control web platforms, while collecting tons of personal data from users. With Web3, a new Internet will be built using blockchain technology that, as you know, is secure and decentralized. In fact, with the blockchain being based on a cryptographic validation system, each exchange must be validated by the user. Users will then be able to control the information they share.
However, the concept is far from convincing everyone. Many skeptics do not hesitate to denounce it and warn of the dangers it can cause.
Web3 Reli3f Initiative
The Reli3f project is a humanitarian initiative created around the Web3 after the Russian invasion of Ukraine. The project was born thanks to several Web3 entrepreneurs: Satvik Sethi, Andrew Wang, Giovanni Gussen, Aleksandra Artamonovskaja, Raskalov and the developer SignorCrypto. He has been highly praised by the Web3 community and has done so has already raised more than $ 1.5 million to help the Ukrainian population.
Reli3f brought together 62 artists from around the world who have decided to put their talent at the service of a humanitarian cause. Thus, collections of works of art in the form of NFT have been created and sold. A first collection of works was launched and the funds raised were distributed through a series of donations of 46.25 ETH each to Razom Ukraine, the Serhiy Prytula Foundation, the headquarters of Valery Sozanovsky and the CEO Club. In addition, an additional 40 ETHs were donated to Outright Action International and Web3 For Africans in Ukraine. Of the thirty-seven artists in the first collection of works, five have chosen to retain their copyright and transfer them to their relatives in Ukraine or to improve their personal situation. The remaining funds were redistributed to the organization’s treasury.
Seeing the commitment of the people to support the cause, a second collection was launched. There are a multitude of works of art. It featured artists such as pop star Sia and the creator of the universe Funny man. In addition, the throw 2 raised 86 ETHs, equivalent to $ 260,000, during the minting period and has since been negotiated for an additional 21 ETHs to OpenSea.
The competition that new concepts based on the blockchain, such as decentralized finance and Web3, bring to the traditional financial system is a challenge. In addition, Web3’s Reli3f initiative has shed light on the ability of digital assets to serve worthy causes.
Receive a summary of the latest news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
Behind the generic signature “Redaction CT” are young journalists and authors with specific profiles who want to remain anonymous because they are involved in the ecosystem with certain obligations.