Hello friends, welcome to money bingos. Today you will get to know about Web3 technology and a true Web3 social platform of the Pi network that is “Fireside Forum”. Before starting, you are requested to like and share this article for more financial updates in the future. Let’s start.
The World Wide Web’s dependable, resilient infrastructure was made possible by centralization, which also assisted in bringing billions of people online. At the same time, a small group of centralized organizations for example google, which control 85 percent of the searches, and Facebook control a sizable portion of the World Wide Web with a reach of 3.6 billion people each month and make unilateral decisions over what should and shouldn’t be permitted.
Solution provided by Pi Network
The solution to this problem is Web3, which works on reading, writing, and the user’s own phenomena. Gavin Wood, a co-founder of Ethereum, came up with the concept of “Web 3.0” immediately after Ethereum launched in 2014. The Web3, which embraces decentralization and is being produced, controlled, and owned by its users, is not a Web that is monopolized by big tech firms. Web3 gives people the ability to make decisions rather than companies. Therefore, Web 3.0 is the future as opposed to Web 1.0, which was read-only. For example, a website owned by a company published an article and users can only read that without the right to react or comment on that article. And web 2.0 works on reading and writing phenomena but control is still in the hand of big companies. The business model based on advertising was also created by Web 2.0. Users may generate material, but they didn’t own it. Here, I hope you understand the basic concept of Web3 technology.
How does Pi Network work on Web3 technology?
Pi Network, which is the future of cryptocurrency, has launched a pi app called Fireside Forum, a real Web3 social platform that promotes authenticity, fruitful discussions, and better online social connections by incorporating tokenomics into the heart of social interactions. With Fireside Forum, millions of Pioneers may connect and communicate in a human-led, responsive environment using a cutting-edge tokenomics system that rewards positive interactions and discourages negative ones. Pioneers are able to naturally regulate information and control behavior using this method, which is supported by the Pi cryptocurrency, giving our community the means to control the environment without a central authority.
The Fireside Forum is just one of the early iterations of Pi Network’s innovations based on blockchain technology and our theories about the potential of the next generation of online social interactions. It will continue to be improved and developed in line with its design objectives based on usage data.
What makes Fireside Forum different from others?
Well, using blockchain-based technology to define the future of Web3 social experience, Fireside Forum aims to address problems with the present widely used Web2 social networks. Pi Network contends that a genuine Web3 social network should not only be a blockchain-based copy of Web2 social network goods. The shortcomings of many Web2 social networks, such as the spread of false information and disinformation, trolling, online violence, information overload, low signal-to-noise ratio, information silos caused by the excessive use of machine learning algorithms, etc., should be addressed instead. According to Pi Network, Web3 seeks to advance and set itself apart from Web2 social networks in three key ways;
- Ownership and self-sovereignty.
- Distribution and decentralization,
- Improved social interactions and experience.
While the majority of Web3 projects distinguish themselves from Web2 on the first facet for example, allowing ownership, storage, and non-custodial access to digital assets on the blockchain, some projects distinguish themselves on the second facet that is decentralizing the distribution of network resources, such as allowing users to monetize the online resources they own, there hasn’t been much innovation within the Web3 space on the third facet, where blockchain and cryptocurrency technologies are concerned.
To set itself apart from Web2 in all three areas, Pi Network has been developing cutting-edge designs and products. Through its blockchain, non-custodial wallets, extremely widespread worldwide distribution of Pi to over 45 million committed users, its meritocratic mining method, and its ongoing growth in these areas, Pi Network solves the first two components, ownership, and distribution. Pi Network is simultaneously developing blockchain-based innovations to meet the third aspect, which is enhancing social connections and experiences. Fireside Forum was developed based on Pi’s ideas on how Web3 should operate earlier scholarly investigations into the problems of social networks and online behavior, and our own theories about how blockchain technology and cryptocurrencies may help solve these problems in the traditional web.
Finally, The Fireside Forum is yet another example of Pi Network’s dedication to creating utility-focused applications, in which blockchain technology and cryptocurrency are used to address pressing social issues, invent solutions to smaller problems, and foster deep interpersonal connections around the globe. So, that’s all in this article, if you want to know more about any topic, please comment below and let me know. Thanks for being our precious readers. Have a prosperous life.