As cryptocurrency and blockchain technology continues to achieve popularity, so does the demand for web3 platforms. For those who are asking what web3 is, to put it simply, it is the term used to describe the next generation of the Internet. It has allowed crypto platforms, such as Earnity to bring about a more equitable and democratic cryptocurrency marketplace.

Earnity’s Domenic Carosa: Creating a Safe and Secure Place for Users

The present iteration of the world wide web is much more centralized and controlled by large corporations and mass media models. However, the emergence of web3 has helped fintech veterans Dan Schatt and Domenic Carosa to co-found and lead Earnity, a decentralized finance (DeFi) firm, which aims to create a platform that will provide users with more sovereignty over their financial data.

To better understand web3, it is essential to understand what preceded it.

The first version of the internet, Web1, was introduced in the late 1990s. It allowed computer users to consume what was fed to them by the internet. However, websites were not really interactive, and users could only publish basic content.

Its successor, Web2, has offered more freedom in that users can not only read the content but also own and publish it on different sites, social media channels, forums, and marketplaces. Even though sharing online has been taken to new heights, the available platforms are still mostly owned by big companies. It has even led to controversy because these tech giants, like Facebook, can harvest users’ data.

Web3 will allow—and has allowed—individuals and groups to move on from just using free tech platforms to owning their content and data and participating in the governance and operation of the web protocols. The latest version of the web is run on blockchains, decentralized networks of several servers, or a combination of the two. Financial incentives or tokens are given to incentivize network participants or developers. For this reason, cryptocurrency is a relevant and indispensable part of web3.

For Dan Schatt and Domenic Carosa, the emergence of web3 has given them a way to create a safe and secure place for users to collect many types of crypto assets and have increased control of their finances.