Welcome to ‘Web3.’ What’s That?
At the start of 2020, a Bitcoin was worth just over $7,000. Today, it’s trading at about $50,000, and the value of all cryptocurrencies, of which Bitcoin is one among many, is some $2.3 trillion. This rise has led many to envision a radically different future for finance and to question long-held beliefs about value. Bitcoin, the original established cryptocurrency, was devised as electronic money for direct exchange between people who need not trust each other, or anyone else, and instead put their faith in the blockchain — a public ledger maintained by decentralized, open-source networks of computers. There are now thousands of different blockchain-based tokens, circulating continuously on venues with varying degrees of regulation and oversight.