What Is Web 3? Everything You Need to Know About Web 3.0

By consolidating resources, the Internet has welcomed billions of users and built a solid foundation upon which to thrive. However, a few centralized companies have a stranglehold on significant portions of the Internet and may make their own decisions about what is and is not acceptable.

The solution to this problem is Web3. Web3 is produced, maintained, and controlled by its users as opposed to the centralized WebWeb dominated by giant technological firms. With Web3, users, not businesses, are in control. Let’s examine how we arrived at this point before discussing Web3.

The early uses of the Web are hardly identifiable comparing to their modern-day equivalents since WebWeb has developed significantly over the years. Web 1, Web 2, and Web 3 are widely using to describe three distinct eras in the development of the Web.

Web 1.0

Tim Berners-Lee began work on the protocols which would eventually form the Web in 1989 at CERN in Geneva. What inspired him? The goal was to provide globally accessible, decentralized mechanisms for exchanging data.

“Web 1.0,” as it is often referring to today, was initially conceiving by Berners-Lee between 1990 and 2005. It was characterizing by a preponderance of company-owned, static websites with little user engagement and content creation.

Web 2.0

Most persons have only ever used the current iteration of the WebWeb, sometimes alluded to as web2. Web2 is the next generation of the Internet, emphasizing interactivity and socialization.

Anyone may contribute to the creative process in the web2 era; programming expertise is not requiring. Today, many app frameworks are made so that everyone may contribute to their development.

As a result, you can formulate an idea and publish it online if you want. In the same way, you can share a link to a webpage with thousands of people. Likewise, you can share a video with millions of people and have them watch it, engage with it, and also comment on it.

Web2 is easy to use, and this ease has encouraged an increase in the number of individuals all around the globe who are making their content. In many respects, the present iteration of the WebWeb is superb. However, there are a few places where significant improvements are requiring.

Web 3.0

Conceived by Ethereum founder Gavin Wood not long after Ethereum’s 2014 debut, the term “Web 3.0” describes the concept behind Ethereum’s groundbreaking blockchain platform. Many of the first crypto users shared Gavin’s concern that using the Internet demanded too much trust; he articulated a remedy to this issue. In other words, public confidence in the majority of the Web like that we know today depends on the good faith of a small number of private corporations.

What, Exactly Is Web 3?

In web3, programmers seldom create and release programs that reside entirely inside a server or use a solitary database. Instead, web3 apps use blockchains, peer-to-peer (P2P) networks with multiple nodes, or a hybrid of the two to implement a cryptoeconomic protocol. In the web3 sphere, you’ll often hear the word “dapps” (short for “decentralized apps”) used to describe these programs.

These protocols may provide a wide range of online services, including those traditionally offered by cloud providers. People may earn a career doing a wide range of technical and also non-technical work related to the protocol. Users often pay a fee to access the protocol, just as they would utilize a cloud service like Amazon Web Services (AWS) today. Except for web3, all network members get their rewards directly.

It is similar to other kinds of decentralization in that it eliminates intermediaries who are typically inefficient and bloated. Filecoin, Arweave, Livepeer, and The Graph are online infrastructure protocols that have provided utility tokens that dictate how the protocol operates. Likewise, these tokens are using as incentives for users at various network tiers. It is how blockchain systems like Ethereum work at their core.

Importance of Web 3

The key features of Web3 aren’t discrete and don’t fall into tidy categories, but we’ve attempted to categorize them for clarity’s sake.

✅Ownership

Unlike any other platform before it, Web3 allows you to keep complete control of your digital possessions. For example, imagine you’re participating in a web2 game.

In-game items are uniquely associated with the user’s account. You risk losing things if the game developers decide to terminate your account. Or, if you ever decide to quit playing, all of your hard work and money spent on in-game stuff will be for nothing.

✅Decentralized autonomous organizations

In Web3, users may collectively own the platform via tokens that function like a firm’s shares and individuals owning their data. In addition, decentralized autonomous organizations (DAOs) provide collective, decentralized platform ownership and governance.

✅Identity

Once upon a time, you had to sign up for each service you used separately. It’s relatively uncommon to have many social media profiles, such as on Twitter, YouTube, and Reddit. Do you want to alter your online identity by changing your username or profile picture? It must be done for all accounts.
Web3 addresses these issues by putting your Ethereum account and ENS profile in your own hands. Ethereum addresses may be a universal, private, and untraceable login for all your online accounts.

✅Native payments

Web2’s financial infrastructure is based on banking systems, so people who don’t have bank accounts or who live in countries where Web2 isn’t available can’t use it. Tokens, such as ETH, may be sent through the browser directly for monetary transactions on Web3 without needing a trustworthy third party.

Limitations of Web 3

⛔️User experience

As it is, the learning curve for Web3 is too steep for the average person. Users need to be aware of security issues, be able to read and grasp technical material and utilize cumbersome interfaces. In particular, wallet providers are working on a solution, but more work has to be done before Web3 is embraced widely.

⛔️Accessibility

Sign-in with Ethereum, an essential Web3 feature, is free for anybody to utilize now. However, for many people, the transaction costs still need to be lowered. In less developed countries, where people don’t have as much disposable income, Web3 is less probable because of the hefty transaction costs involved.

⛔️Centralized infrastructure

Web3 framework is new and developing fast. Therefore, it relies heavily on centralized infrastructure (Discord, Twitter, GitHub etc.). There is a frenzy among Web3 startups to fill these voids, but it takes time to provide a solid foundation.

Final Thoughts

Web3 is a name you’ll frequently hear in the coming years as people attempt to understand the new experiences, systems, and moneymaking possibilities crypto enthusiasts are creating.