It's difficult not to get sucked into the Web3 blackhole if you monitor innovation - from WhatsApp groups to Twitter circles. Perhaps it has become a hot topic among tech innovators, so they are checking up on what's going on in this arena. A few people have already made the leap.
Have you come across the term "Web3" also spelled as Web 3 and Web 3.0? You must have had, right? Web3, also known as the third-generation web or new-age online world, has become a catchphrase in today's computer industry. Have you ever envisaged a future on the web where you could manage your data and go from purchasing to email to social media with only one profile? This is precisely what Web3 can offer you. Web3 integrates the finest features of Web1 and Web2 to make it easier for sites and social apps to obtain new statistics from the internet and deliver them to consumers. Let's begin by looking at what Web3 is before we get into the intricacies.
Let’s start from the beginning and in-depth introduction to the web. In 1990, the World Wide Web was born. Web1, the original or first version of the Web, was quite basic. You open a browser, type in a web address, and press enter. You can look around once the webpage has loaded on your screen.
There was no one in charge of Web1. You can read, explore, and buy anything from online pages as long as you have internet access. HTTP was the standard, universal, and open protocol that Web 1 followed. This web edition lasted until 2004. Then comes Facebook, which ushered in the social media boom, sometimes known as Web2. Instead of just surfing, Facebook, Twitter, and Youtube have made it possible for anybody to generate content. There were no programming skills required. People may use the platform to create posts, upload photos, share and enjoy videos, and interact with others. You are both a consumer and a developer on Web2.
Web2 is the era we live in. We have no discretion over our data under Web2, including where it is stored and with whom it is accessed. Platform owners acquire and sell our personal information to a variety of corporations, often without our knowledge or approval. What exactly do we get out of this wonderful deal? Except for personalized adverts and offers, there's nothing substantial. Because of the lack of ownership, there is a privacy violation and anonymity.
Web1: Read-only but is open to everyone.
Web2: You can read and create, but it’s centralized. You are not an owner. Power and ownership belong to a handful of companies and individuals.
Web3: The best of the two worlds. It’s decentralized and open. Browse, create, and own.
To overcome the problems of WEB1 and WEB2, some merchants and experts are developing Web3.
Web3 refers to the current iteration of the internet that most of us are familiar with. A web is driven by businesses that offer services in return for your personal information. Decentralized programs that operate on the blockchain are referred to as Web3 in the context of Ethereum. These are applications that allow anybody to join without their personal information being sold.
Web3 is a decentralized platform. This implies that the network is powered by thousands of computers throughout the world, rather than a few company-owned data centers. The blockchain, the innovation that underpins Bitcoin and other cryptocurrencies, inspired this decentralized network.
Dapps (decentralized apps) are Web3 protocol-based applications that cannot be shut down by organizations, businesses, or governments. Anybody with a computer may contribute to the network's operation.
Web3 allows both users and makers to earn money and build a career. This is feasible because cryptocurrency coins fuel Dapps and other Web3 applications. Tokens are earned every time you use, upgrade, or engage with the game. The more you play, the more tokens you will earn. The tokens you acquire will grow in value over time. You have the option of keeping your profits or exchanging them for fiat currency.
Most of us can't imbue in startup companies and early enterprises in today's business environment because we may not have enough money or because we reside in the incorrect countries - think Tunisia, Pakistan, and so on. This disparity is broken with Web3. Decentralization allows individuals from all walks of life to invest in initiatives at any stage of development.
All of us have "skin in the game" since Web3 is based on the notion of collective ownership. Everyone benefits when a Web3 platform expands and flourishes, not just a chosen few. You are a user, a developer, and, most importantly, a proprietor in Web3. Your content is yours in Web3. It's even possible to get rewarded to lease it. Digital private keys provide for this level of power. Your information is like a digital safe deposit box. You are the only one who has the keys to the safe.
An open-source tool is used to design Web3 apps. Anyone may view, modify, and enhance the code because it is open-source. This clarity is in stark contrast to the software developed by Web2 firms.
Entrepreneurs and programmers will not have to create apps from the ground up. Instead, users may put together open-source code to develop new software that meets their needs. Like lego bricks, the software connects to one another. Web3 projects advance at a breakneck pace due to their modularity.
The DAO (decentralized autonomous organizations) is Web 3's strongest significant feature. A decentralized autonomous organization is similar to a government based on Web3 protocols. There is no central authority, no prime minister, and no president in a DAO. Rather than limiting authority to a few, everyone has a say in how choices are made. DAOs allow individuals to work together to govern, recruit, develop, and allocate funds.
PRACTICAL COMPARISONS between WEB1, WEB2, and WEB3
Benefits of Web3
Many Web3 developers have chosen to build Dapps because of Ethereum's inherent decentralization
Anyone who is on the network has permission to use the service – or in other words, permission isn't required.
No one can block you or deny you access to the service.
Payments are built-in via the native token, ether (ETH).
Although Web3 looks very promising and is certainly the future, it has some limitations right now such as the following:
- Scalability –Since Web3 interactions are decentralized, they take longer. A miner must process state changes, such as a payment, and spread them all across the network.
- UX – Using Web3 apps may need additional processes, software, and instruction. Adoption may be hampered by this.
- Accessibility –Web3 is less approachable to most consumers due to its lack of integration with contemporary web browsers.
- Cost – Because blockchain is costly, most profitable Dapps only put a tiny percentage of their code on it.
The following are five key characteristics that might help us define Web 3.0:
- Semantic Web
- Artificial Intelligence
- 3D Graphics
Let’s look at some examples of web3 in practice:
- Bitcoin – The original coin has been around for over 10 years, and while the system is decentralized, not the entire ecosystem is.
- Diaspora – Non-profit, decentralized social network
- Steemit – Blockchain-based blogging and social platform
- Augur – Decentralised exchange trading market
- OpenSea – A cryptocurrency exchange based on the Ethereum blockchain for trading NFTs.
- Sapien – Built on the Ethereum blockchain, this is yet another decentralized social media platform.
- Uniswap – Decentralised cryptocurrency exchange
- Everledger – Distribution network, traceability, and credibility platform built on the blockchain.
What Impact Will Web3 Have on the Digital World?
There are a lot of theories on what the next developmental stage of the web will be like. Some believe it will alter how we connect with the internet, while others believe the changes will be ideological rather than pragmatic. But, regardless of what anyone says, one thing is certain. The next generation of the internet will mostly consist of open, transparent, and Decentralized systems of working
The most essential component of Web3 instances such as voice assistants like Siri and Alexa illustrates how computer vision may generate a new range of online services.
Web3 appears to be the clear victor on paper. However, in order for a Web3 future to emerge, executives and developers who desire a more just and equitable must take the initial steps. Software developers, investors, financiers, researchers, and policymakers are the people we're referring to. The majority will only follow after that.
To summarise, Web3 is Decentralized, community-driven, secure, and private. It's made of open-source and modular software. Its commodities will be of the same excellent quality and scope as those seen in Web2. Throughout all levels of society, Web3 fosters democracy. We are no longer abused in Web3 and everyone benefits. Web3 would improve your quality of life, whether you're an employee working full time, an impoverished artist, or a leader attempting to make the correct judgments. As a result, sooner or later, you and I, as well as everyone else, will inevitably abandon today's web in favor of a better one.