The Web3 Foundation, one of the larger blockchain projects working out of Zug, takes up residence here since 2017.
What exactly is Web3? When we surf today's internet, the so-called Web2, we generate data that behemoth companies like Google or Facebook collect to feed us advertising. They enwrap us in our own filter bubble, in which we only see information online that corresponds to our profile and our surfing habits. Web3 wants to put an end to this. It promises to return control of personal data to users and make web use safer with blockchain technology. Web3 also simplifies trading and custody of cryptoassets.
But there is a challenge: Which of the over 1,000 different blockchains with different functions and properties should Web3 use? Quite simply: all of them. Projects such as Polkadot connect different blockchains and enable synergies between them. This also makes decentralized applications (DApps) possible across different blockchains. As such, the financial sector, digital identity or supply chains can become more efficient without having to commit to a specific blockchain. By the way, the term “Web3” was coined by Gavin Wood, a co-founder of Ethereum.
