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DFIN Glossary - FinTech and Web 3.0 Terms

 FinTech - DeFi - Web 3.0Future Use

This DFIN Glossary is to be used for informational purposes only and intended to assist the public in understanding some of the specialized words and phrases in FinTech. This Glossary is not all inclusive,. DFIN Assumes no responsibility for errors and omissions.

Web 1.0This DFIN web site is built in a Web 1.0 style. Content for reading.

Web 2.0 :  Web 3.0 elements have been around since the turn of the Century but are gaining steam at this time. This is not a new web only new technology. The end game is to remove intermediaries .

Web 1.0 and 2.0 Is Centralized
Web 1.0  Web 2.0  and Web 3.0

Web 3.0 is Decentralized
Advantages of Web 3.0
Efficiency in Search Results Better Access to Information
End user has complete control of data through
Intermediaries like Apple, Google and governments no longer control data services or sites
Digital Assets can be moved quickly Sharing information will be easier
No interruption of service since all data is stored in all nodes Harder to adopt a fake identity online
Easier to work on the Internet because it can be personalized Multiple backups will eliminates disruption of dataflow
Disadvantages of Web 3.0
Only advanced devises can handle 3.0. This will lockout many people Complicated for newcomers to grasp the concept
Privacy policies and controls are more important than ever It will be easier to find people personal and private information. Less anonymous than 1.0 and 2.0
Web 1.0 will seem obsolete and less appealing to users People will spend too much time on the Internet

Web 3.0 is upon us:  Web 3.0 elements have been around since the turn of the Century but are gaining steam at this time. This is not a new web only new technology. The end game is to remove intermediaries .  Clean access to secure and trusted data.  As stated by NKN the largest Blockchain in the world (76,394 Nodes on August 13, 2021)  the issue is Centralized vs. Decentralized. Decentralization provides a way to break free from the monopolies of FAANG (Facebook, Apple, Amazon, Netflix, and Google) while simultaneously preserving user data ownership and privacy. With Web 1.0 and 2.0, platforms gradually expand in their capability to extract data from users. On the other hand, the collaborative nature of Web 3.0 and participation of independent developers prioritizes user security. "  and

Semantic Web :  A key element of Web 3.0 From the WW3 Consortium = W3C is helping to bild a technology stack to support a “Web of data,” the sort of data you find in databases. The ultimate goal of the Web of data is to enable computers to do more useful work and to develop systems that can support trusted interactions over the network. The term “Semantic Web” refers to W3C’s vision of the Web of linked data. Semantic Web technologies enable people to create data stores on the Web, build vocabularies, and write rules for handling data. Linked data are empowered by technologies such as RDF, SPARQL, OWL, and SKOS.

Why You Need to Care About Decentralized Finance (DeFi) - also known as Web 3.0 :  In July 2021 Forbes address the power of decentralized Global financial services, powered by smart contracts and no personal intervention.

DeFi = Decentralized Finance :  A movement toward open finance including banking.   All products available today will be available through non-regulated parties in some cases with a goal of removing some if not all intermediaries.

Can Ripple Be a Player in the NFT World: "Monica Long described NFTs as something we are betting on" the XRP draw is low cost and it is already built on a Blockchain (Decentralized Exchange). "Ripple (XRP) is a decentralized cryptocurrency native to the RippleNet payment platform. RippleNet was created in 2012 to offer banks and financial institutions a real-time gross settlement system, allowing secure, instant financial transactions that can span the globe. XRP processes transactions extremely quickly, handling about 1,500 transactions per second compared to BTC's 15 per second."

Domino Effect on NFT DeFi and Web 3.0 Adoption: DeFi and Web 3.0 would not be possible without the current Internet Technology.

Digitlord : A Digitlord functions like a Landlord but for Digital Real Estate.

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