Web 3 is defined by many as the next great Internet innovation, aiming to wrest control from the centralized societies that dominate the Web today. This article will look at what is, potentially, the next significant Internet innovation. Innovation through which users regain web control. Nowadays, the world is immersed in Web 2.0, as mentioned, or the Internet-based on CSS, HTML, JavaScript, and interactive platforms such as Facebook.
It has existed since the early 2000s and is becoming more and more evolved, so much so that thanks to the new tools, it leaves room for a new generation of the World Wide Web called Web 3.0 or Web3. The main reason why many developers are working hard to redesign the Internet today is that most Internet platforms most used today are controlled by only a handful of powerful companies, who derive profit from the data generated by users. Web 3 is essentially a new way to use the Internet without giving up your privacy and valuable data.
The History Of The Web
To understand what Web 3 is, you need to have a broad view of previous versions of the Internet. The first phase of the Internet is characterized by how users initially interacted with the Web. Web 1 concerned reading and not writing. Users mostly used it passively. We can define it as a static Internet.
This has changed with Web 2 offering interactivity for users—the paradigm changes. Users are active components of the network. Content on platforms such as YouTube, Facebook, or Twitter. More social and collaborative, but often with a price. The discounted price from content creation lets users provide information and personal data to the companies Owner of the platforms.
Web 3
Web 3 is the next step of the Internet. Currently, still under construction, some predictor tools of what will be are already being used, but there is still no single and consolidated definition of what is or will be. Web 3 refers to an Internet made possible by decentralized networks, thanks to the Blockchain, such as Bitcoin and Ethereum.
Key innovations of these networks are not controlled by a single entity and can transfer value or money between the entities. These two things, decentralization and the exchange of weight on the Internet, are the keys to understanding this issue.
Made By
Like previous versions, there was no single creator. It has grown thanks to the collaboration of different individuals and organizations that build on each other. In general, those involved in blockchain innovative contract platforms, such as Ethereum with web3.js, the Web3 Foundation by Polkadot, EOS, and TRON, are recognized as leaders in Web 3.
Benefits
Web 3 tackles a giant Web 2; private networks’ collection of personal data is used for profit and violated as in cases of a data leak. With Web 3, the network is decentralized, no entity controls it, and the applications are decentralized (dApp). A decentralized web means that no single party can prevent data or restrict access. Anyone can create and connect with different dApps without having to have permission. In addition, on Web 3, the transfer of crypto assets is native.
There is no need to rely on traditional financial networks tied to limited governments. The transfer of value on Web 3 is instant, global, and without authorization. Any asset traveling between blockchain addresses can design entirely new business models and economies, a field increasingly known as tokenomics. For example, decentralized web advertising will reward users with a token for viewing ads. This Web 3 application was developed with Brave Browser with Basic Attention Token (BAT).
What Are Its Characteristics?
The foundation on artificial intelligence, the expansion of immersion based on AR / VR, the decentralization given by the Blockchain and cryptocurrencies, and, finally, greater transparency and omnipresence of the network and its contents.
How To Use
There are already a large number of Web 3 apps currently available. One of the most popular and promising products involves Defi (decentralized finance) tools through which users can lend and borrow (e.g., Aave ), tokenize tangible world assets ( Synthetix ), make predictions, invest and trade assets ( Uniswap ). But it is not just about economic systems or financial products; it is also about playing, gambling, and collecting cards through NFT.
Decentralized games are increasingly used in Web 3. Everything is already almost functional with browser wallet support such as Metamask or hardware wallets such as a Ledger. But still, even without a wallet, a web 3 is not bound to interaction but could also be the simple use of decentralized systems to produce new generation sites through the IPFS protocol.
What Opportunities For Existing Projects/Products/Services
“The real Web 3.0 is yet to arrive, but it could erase the idea of separating content from presentation by removing the need for servers. Let’s take a look at some of the underlying technologies that the Ethereum project aims to provide:
- Contracts: decentralized logic
- Swarm: decentralized storage
- Whisper: decentralized messaging
It has been decades since the Internet was first founded. The future will likely bring a transition period between traditional and decentralized technologies, where applications live in a hybrid universe and users are unaware of everything behind it. This metamorphosis offers developers the opportunity to build the next generation of decentralized platforms, private, safe, and resistant to censorship that return control to the creators and consumers.
Anyone who has an idea is free to build on this new generation of decentralized web services without owning a credit card or having to sign up for an account. Blockchain technologies and Ethereum as the leader will allow a simplification and cost reduction never seen since the introduction of infrastructure as a service ( IaaS ). By extending the idea beyond a simple web project, Ethereum demonstrates how DAOs can live entirely self-sufficient, eliminating the need for centralized servers and trusted third parties.
Future Scenarios
The future of the Web is increased usage, usability, and scalability. For the Web 3 vision to become a reality, many more people will need to start using Web 3 dApps. dApps that are easy to use, attractive for mass adoption, and non-technical users. Finally, with Ethereum, Web 3 networks will need to expand and handle millions of transactions quickly to compete with their Web 2 counterparts.
This is happening over time; we have seen numerous Layer 2 projects that we have talked about. Such as rollups. The adoption also grows more and more. Web 3, hand in hand with the IPFS protocol, is making great strides. For all dApps, IPFS services are becoming increasingly important, making the site hosting the application resistant to censorship.
Weakness: Scalability
Ethereum has always had scalability issues. Several scalability solutions are being worked on, including network sharding (a division of the ledger into smaller blocks) and different Layer 2 keys, similar to Lightning Network for Bitcoin. But still of fundamental importance will be communication protocols and interoperability between blockchains that will benefit the whole world of dApps, web3, Defi, and everything born on the Blockchain.
What Is The Difference From Web 2.0?
The differences between Web3 and Web2 are therefore already evident:
- The Web 2.0 is purely social, while the third generation focuses on the interconnections between online resources to bring out meaningful and relevant content resources intuitively;
- The Web 3.0 is decentralized, ergo not governed by a Big Tech oligopoly, and is sustained thanks to the architecture with a balanced economy;
- The new Web focuses on reaching individual users, understanding their preferences and providing tailored experiences, reducing disinformation, and still maintaining the necessary transparency;
- We move from two-dimensionality to hybrid with three-dimensionality, given by virtual reality, augmented reality, and Metaverse;
- Web3 will be completely open-source, meaning it will have a more transparent, responsible, and accessible architecture.
In short, Web3 represents a revolution in progress. When will it complete? Nobody knows, but the first steps have already been taken, and now we are moving towards achieving them.
Conclusion
The sudden advancement of web 3 is closely linked to blockchain technology, so we see the sectors growing in parallel. We can imagine a day, not too far away, where all the services we use every day are created on the web 3, where not only our devices can interact with us, but everything around us.
An IoT (Internet of things), the Internet of things where our Smart Cities are connected, our cars, public services, street lamps, streets, and everything around us can work together to offer a better world to live, through the web 3. The vision may seem very futuristic, but it is not too far away. All of this is happening, thanks to excellent minds in the world of programming, economic, civil, legal, engineering, and the icing on the cake is the Blockchain.
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