At present, the two terms that cause a lot of hype and excitement in the field of business technology are Web3 (sometimes called Web 3.0) and Metauniverse. From some reports, many people think they are the same, but this is understandable. In fact, although they are related in several important aspects, they describe different concepts. So, let's see the difference between the two.

What is web3 and the meta universe?

Web3 is a decentralized Internet - based on the distributed technology of blockchain and decentralized autonomous organization (DAO), rather than concentrating on servers owned by individuals or companies. The idea is to create a more democratic Internet. No single entity controls the flow of information or unplugs and destroys a network.

Theoretically, the servers, systems and networks that run applications and store data will be owned by users, who have the right to vote on what rules and regulations to formulate and how to use them. Because it is believed that this will be the third major change of the Internet after the World Wide Web (web1) and user generated networks (web2 or social media), it is called web3.

On the other hand, Metaverse, or Metauniverse for short, is actually the abbreviation of virtual. In virtualization, users can interact with applications and services in a more immersive way.

A survey found that 70% of the respondents believe that by 2030, we will be able to enter the virtual world that looks completely real. More broadly, the term is used today to refer to any online space that strives to create an immersive environment. Therefore, games such as Fortnite are used as venues for virtual concerts, as well as Roblox, which provides enterprises with the opportunity to build brands and is also considered as a meta universe experience.

Why do some people think they are the same thing?

This problem can be divided into several reasons:

First, and perhaps most obviously, no one is really sure what they are. Both are being built by many different people and organizations, who have different ideas about what they will look like after completion. For example, Meta has said that it will spend at least 10 billion dollars to develop the concept of meta universe in 2021. But its vision of the future of the meta universe is very different from those who believe that the meta universe should be decentralized and not controlled by large companies.

Second, the decentralized network (web3) and the meta universe were once called web 3.0. This word is only used to indicate that they represent the third iteration of the Internet. Some people describe web 3.0 as an immersive network, calling it a new generation network, which is mainly different from the "immersive" network that existed before. In other words, it's the meta universe!

Third, another reason why they are often confused is that they are similar in some very important aspects. The technologies used to build web3 - including blockchain, blockchain based cryptocurrencies, such as Bitcoin and Ethereum, and unique digital objects stored on the blockchain - have had a huge impact on the way we use the virtual universe to work, play, socialize, and learn.

How do they converge?

Perhaps most obviously, cryptocurrency can become the foundation of the meta cosmic economy and monetary system. If the meta universe is the digital equivalent of reality, people are likely to want to shop, make money and start businesses there. It provides an off the shelf platform for this purpose; There is no need for traditional banks, clearing houses, brokerage firms or exchanges to allow people to trade and invest in the currency tokens they own. In order for your avatar to advance and prosper in these brave new situations, you just need to store a wallet on your computer (or in the cloud).

Why do people want to buy digital products that are not even real? There has been a market for in-game items in video games, most of which are cosmetics. Players wear them just to decorate their avatars, or their homes in the game, or just to show off their rights. This is where the irreplaceable token (NFT) comes into play.

NFTs, another key element of the web3 vision, make it possible for unique items to exist in numbers. This is because, unlike most of the digital data that make up the Internet, social media and virtual reality, it is represented by tokens on the encrypted blockchain, so it cannot be copied indefinitely only by copying and pasting. That's why we've seen companies like Nike create NFT supported shoes and clothes that only exist in numbers.

Web3 provides the possibility of building a digital foundation on a decentralized platform. In decentralized virtualization, governance can be achieved through smart contracts - these rules are embedded in the blockchain for autonomous execution - and users can vote and exercise democratic rights to affect the way the universe operates.

conclusion

Some people may think that the terms and conditions are not enough to protect users from online bullying or hate speech, and launch a campaign to get people to vote for the change you want. This is very different from digital dictatorship, in which companies make laws and either accept or leave. This is why web3 and the meta universe are fundamentally different concepts, but they are closely related in many aspects. More importantly, they have the potential to help each other become better.