Web3 is the current iteration of the World Wide Web. That’s a huge statement, and there’s no doubt it is. However, it doesn’t mean it will replace or uninstall the current web version. Instead, it focuses on the developments that enhance the Internet as we know it today. We can expect Web3 to impact all industries and how they are used today profoundly.
Web3 greatly emphasizes the decentralization, safety and transparency.
How the Internet has Transformed – Let Us Find Out.
To date, we’ve only seen two versions, Web1 and Web2. The very first iteration of the Internet was called Web1 (1989-2000), also known as the read-only Web. Web1 was introduced with the intent of sharing information with the world. The available online static HTML page did not allow for any communication. You could create a page and read others, but there was no way to communicate with other users in this online version.
Web2, or the read-write Web, was introduced in the Internet world in 2004 and continues to this day. The web version features comment sections, social media, and other platforms for audience participation in the content. Web2 allows users to access data from multiple devices like PCs, smartphones, tablets, and others.
What is Web3?
Web 3.0 is the latest iteration of the Internet that features cutting edge technologies such as blockchain, AI and machine learning.
The biggest revolution that Web3 offers over Web2 as we know it is allowing individuals to own their data.
The web3, through the blockchain, uses the interaction of data in a decentralized way to be censorship resistant, removing the need for a third party between exchanges and transparent by storing information in a public ledger.
Facebook, Google and Microsoft are just a few examples of market leaders that capitalize heavily on user data in the current iteration of the Web.
But in Web3, users will be paid for the time and information they contribute to the Internet.
How does Web2 Differ from Web3?
Web2: Centralized entities own and verify data.
Web3: Users own and verify data.
Mode of Access
Web2: Credentials are a must to use web2.
Web3: Only a wallet address is required.
Web2: Requires high computational resources due to centralized structure.
Web3: Requires low computational resources compared to centralized systems.
Web2: Represents a centralized infrastructure where participants are connected to authority.
Web3: Represents a decentralized infrastructure consisting of nodes and networks responsible for data validation.
Web2: Centralized authority approves the participants.
Web3: Participants are free to join the network.
Web2: Yes, since intermediaries are involved
Web3: No censorship
Single Point of Failure
Web2: Chances for a single point of failure resulting from easy entry to malicious participants.
Web3: No room for a single point of failure.
Web2: Lower performance
Web3: Higher performance
What Will Web 3.0 Mean for the Internet in the Long Run
- To counteract the threats of hackers, leaks, and over-reliance on centralized repositories, Web 3.0 seeks to make the Internet a diverse resource.
- More personalized interactions are possible with the help of web3.
- Web3 will provide more intelligent, pervasive, powered by semantics, blockchain, and AI humanized digital search assistants.
- Web3’s peer-to-peer connectivity will allow humans, businesses, and machines to exchange more data securely and privately.
What is web3 used for?
The Metaverse is a virtual world accessible through an internet browser in which people can work, play, and socialize with others from all over the world.
Every blockchain-based video game is different, from its mechanics to its underlying economics. Web3 Gaming allows players to take real ownership of game assets in the form of NFTs.
Blockchain games require development skills beyond those that a traditional studio is used to.
DeFi stands for “decentralized finance” and describes a financial ecosystem based on blockchain technology. Its main characteristic is that users exchange financial assets and services directly with each other, without intermediaries, for investment or financing.
DeFi represents the most significant Web3 use-case, with $40 billion in value locked.
Privacy and Security
On web 2, when you want to use TikTok or Youtube, you must fill in your personal information, e-mail, address, and even your name.
Thanks to Web 3, users can now connect to Dapps (decentralized apps) simply with their wallet, making their experience more privacy friendly.
Web3 empowers the new era of social media. The focus of Web3 technology is on the creator-driven economy, with users, not a third party, holding legal title to their content.
NFTs (Non Fungible tokens) are smart contracts that record who owns what. They do this by mapping an ID of each NFT in the collection to the user’s address.
When you transfer your NFT, this mapping is simply updated with a new owner.
But NFTs are more than just IDs on a blockchain. The most prominent use cases so far are PFPs, such as Bored Ape Yacht Club or Invisible friends NFT, which are collections of images that are promoted to a fan community.
But they can also be assets in blockchain games or serve as membership cards; in short, there is no shortage of use cases, and the NFT ecosystem is just getting started.
Overview of some Web3 Applications
Axie Infinity is a Play-to-Earn game. You can play, earn, and trade NFTs-based game assets like weapons, skin, vehicles, etc., and collectibles on the cutting-edge Axie Infinity platform.
The BBS Network is a public network of interconnected message boards (nostalgically called BBS, for Bulletin Board System), where all data is kept on-chain, and every post is an NFT. Think about BBS Network as a “decentralized Reddit”, spread across multiple domains to prevent censorship.
The Uniswap Protocol is an open-source protocol for providing liquidity and trading ERC20 tokens on Ethereum. It eliminates trusted intermediaries and unnecessary forms of rent extraction, allowing for safe, accessible, and efficient exchange activity. The protocol is non-upgradable and designed to be censorship resistant.
Steemit is a decentralized social blogging platform that functions similarly to Medium. As an example of a web3 app, one of Steemit’s most appealing features is the possibility of making money off people’s posts.
Brave Browser aims to protect users’ privacy by removing all website trackers. Brave is an open-source web browser created by the co-founder of Mozilla Firefox and built on top of Google Chrome’s Chromium project. Even though it is not built as a Dapp, Brave uses technology from the Web3 ecosystem.
Brave also reward users with Basic Attention Tokens (BAT) for watching ads and using their crypto wallet. Brave integrates a crypto wallet and lets you connect to IPFS (InterPlanetary File System).
Earneo.Tube is a new video-sharing platform that lets you earn cryptocurrency for watching videos. All media files are stored and distributed via blockchain technology.
Think of Earneo as YouTube on the blockchain.
Web3 is still young but very promising for the future.
Many companies have begun their transitions to web3 by launching their own NFT collections or by positioning themselves in the Metaverse.
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