Can Ethereum And Lynqyo Bring Web3 Into Existence?

Web3 is a new version of the internet that was introduced by the co-founder of Ethereum (ETH), Gavin Wood. Web3 was created as a way to find a solution to a concern shared by many early cryptocurrency adopters: the Web demanded too much trust. In other words, Web2, which is what is most commonly used, requires users to put their faith in private companies. Thus, Web3 will be a new, improved internet.

At its foundation, Web3 leverages cryptocurrencies, blockchain technology, and NFTs to return ownership and authority to consumers. With Ethereum igniting the idea of Web3 and the help of a new crypto project, Lynqyo (LNQ) focusing on Web3 and using it to make life easier for users, there is a chance Web3 may become our reality sooner than expected.

Ethereum's Impact

Ethereum has introduced the core foundations of Web3:

• Decentralisation: Ownership is distributed amongst its builders and users rather than centralised entities.
• Equal access to all on Web3.
• Native Payments: Web3 relies on cryptocurrencies for spending and sending money.
• Trustless: Web3 operates using incentives instead of relying on third-parties.

The predominant purpose of Web3 is ownership. Web3 offers you control of all your digital assets. For example, if you're playing a web2 game, any in-game item that you buy is immediately linked to your account. However, if your account is terminated or if you choose to stop playing the game, all of your purchased items will be lost.

Non-fungible tokens (NFTs) lead to direct ownership. Not even the designers of the game have the authority to revoke your ownership. It's possible to sell or trade in-game possession as a means to recoup any costs while playing.

How Lynqyo Develops Web3

Lynqyo is a new crypto project entering the market and aims to adopt Web3 even further. The future adoption of the web3 technology stack depends on four factors:

–       Readiness of layer-1 infrastructure (both on-chain and off-chain)

–       Comprehensive application-specific protocols (layer-2)

–       Tools for building web3 applications and platforms on top of layer-2

–       Go-to-market strategies for web3 protocols, applications, and platforms.

In empowering creators to own, scale, and monetize their content and communities, Lynqyo offers a suite of web3 protocols, tools, and applications. Lynqyo incorporates a number of protocols, the main one of which is the Content Economy Protocol. This will implement collective ownership. Lynqoyo's governance token, LNQ, can be used for subscription payments, lending, rewards for users, and more. Additionally, if you sign up for Lynqyo through Ethereum, you can earn 11% as a reward.

What This Means For Web3

Ethereum has built the foundation for Web3, and now with the help of Lynqyo, it is likely for Web3 to become accepted by society as it adapts further. Many crypto users may not know much about Web3, however, with the help of Lynqyo, its awareness will spread far and wide. Whilst it is unknown if and when Web3 will be introduced as our new improved internet, there is some strong potential to support it.