Achieving a true Web3 or Web 3.0 economy might be much closer to us than we had imagined. For the past two years, the idea of transitioning into Web3 has been the talk of the crypto space. While the concept still seems utopian, projects like X.LA are leveraging the opportunity to bring Web 3.0 into reality.
Aleksandr Shurick Agapitov, who runs the multi-billion dollar video commerce enterprise Xsolla today, launched the X.LA Foundation project to bring Web 3.0 closer to the people. The X.LA Foundation intends to help people become equal beneficiaries for their creations, work, and contributions whilst leveraging cutting-edge technology and Web3.
The X.LA Foundation is a community-driven organization intending to foster corporate relationships and help people have absolute control over their work using Web3 technologies. This way, everyone is free to do whatever they want and utilize the tools at their disposal to shape the future of the Web3 economy.
The Web3 Concept and the Power of Democratization
Web3 is touted to be the future of the internet and shares the same concept with blockchain technology – decentralization. It’s not surprising, given that Web 3.0 is built on blockchain. Web3 promises to decentralize the internet and snap it from the control of large corporations like Google, which control the web2 economy.
Before the idea of transitioning into Web3 arose, there existed Web1 and Web2. Even though the world is already clamoring for Web3, the technologies to initiate such a transition are still incipient. Currently, the world is still stuck in Web2.
Web 1.0 is the first web that’s fundamental in several ways. There was no real interaction, and the internet consisted of read-only pages. Individuals and small companies controlled a significant portion of the sites since internet corporations didn’t really exist.
Web1 transitioned to Web2, and the internet improved. Sites became more interactive, but a problem ensued. It was the era big corporations such as Google and social media companies dominated the tech industry. The internet was under the control of these large corporations. So, only a few people controlled their sites.
Web3 is a bridge between Web1 and Web2 to decentralize the internet. It aims to take power away from these organizations and put it into the hands of the users. Big tech giants will have less control over the internet, and users will have unlimited, equal access to information on the internet from anywhere.
Blockchain, the same technology that underpins NFTs and digital assets, is the fundamental tech of Web3. By democratizing the internet, data would be spread over the internet in one piece instead of a set of server farms. So, information is evenly distributed and transparent.
The X.LA project will onboard content creators, inventors, entrepreneurs, and researchers and allow them to leverage the decentralized technology to foster development. The project will bring onboard everyone from all walks of life and enable them to enjoy what the web offers. Agapitov believes that with his team of video game industry veterans, X.LA will shape and develop the future of the Web3 economy.