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What Exactly is Web3, and Why is it so Essential Today?

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What Exactly is WEB3, and why is it so Essential Today?

What Exactly is Web3: Centralization has aided in onboarding billions of people to the World Wide Web and developing the stable, robust infrastructure that supports it. Yet, at the same time, a small number of centralized organizations control large parts of the World Wide Web and decide on their own what can and cannot be done.

Web3 is the solution to this dilemma. Web3 embraces decentralization and is built, operated, and owned by its users, unlike a Web monopolized by large technology companies. As a result, individuals, rather than corporations, wield power in Web3. Before entering Web3, let’s look at how we got here.

Web3 is a term that has gained increasing popularity in recent years, especially in the world of blockchain and cryptocurrency. But what exactly is Web3, and how is it different from Web2? Before understanding Web3, it’s essential to comprehend earlier web versions. Web1 was the web’s original version, primarily focused on static content and simple interactions.

Web2, on the other hand, is the current version of the web that we use today, characterized by dynamic content, social networking, and user-generated content.

This article will provide you complete information about web3 and you should know about:

Early Web

Since it was made and has been around ever since most people have considered the Internet a regular part of modern life, the creators’ initial vision for the Web has been altered over time. To better understand this, divide the Web’s brief history into Web 1.0 and Web 2.0.

Web 1.0: Read-Only (1990-2004)

Web 1.0: Read-Only (1990-2004)

Tim Berners-Lee worked at CERN in Geneva, Switzerland, in 1989 on the protocols that would become the World Wide Web. His concept? To develop open, decentralized protocols that allowed information to be shared from anywhere on the planet.

Berners-invention, Lee’s now known as ‘Web 1.0,’ was first implemented between 1990 and 2004. Web 1.0 consisted primarily of static websites owned by businesses, with little to no interaction between users – individuals rarely produced content – leading to it being dubbed the read-only web

Web 2.0: Read and Write (2004-now)

Web 2.0: Read and Write (2004-now)

The introduction of social media platforms in 2004 began the Web 2.0 era. Instead of being read-only, the web evolved into a read-write medium. Companies started providing platforms for users to share user-generated content and engage in user-to-user interactions rather than simply delivering content.

As more people went online, a few large corporations began to control a disproportionate amount of the web’s traffic and value. Web 2.0 also gave birth to the revenue model based on advertising. Users could create content but couldn’t own or profit from it.

Web 3.0

Web 3.0

Gavin Wood, the co-founder of Ethereum, coined the phrase “Web 3.0” shortly after Ethereum launched in 2014. Gavin articulated a solution to a problem many early crypto adopters perceived: The Web asked for too much faith.

Most of what people know and use on the Internet today is based on trusting a few private companies to act in the public’s best interests.

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What is Web3?

Web3, also known as the decentralized web, is the next evolution of the internet. It is a more secure, private, decentralized web version powered by blockchain technology. Web3 is based on the principle of decentralization, meaning that no central authority or entity controls the network.

In Web3, users have more control over their data and digital identity and can interact with applications and services more securely and transparently. This is achieved through decentralized protocols like the InterPlanetary File System (IPFS) and the Ethereum blockchain.

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Exploring the Key Features of Web3: Decentralized Applications and Web3 Wallets

The ability to develop decentralized applications (dApps) that operate on the blockchain is one of Web3’s key features. People can use these dApps to create new types of digital assets, such as non-fungible tokens (NFTs), which represent unique digital assets for anything from art to virtual real estate.

Another critical aspect of Web3 is the concept of Web3 wallets, which are digital wallets that allow users to securely store their cryptocurrencies and interact with dApps on the blockchain. Web3 wallets differ from traditional wallets because they enable users to access and interact with multiple dApps without needing various logins and passwords.

Why is Web3 Important?

Although Web3’s killer features are not isolated and do not fit neatly into neat categories, we have attempted to separate them for clarity.

Ownership

Web3 gives you unprecedented control over your digital assets. For example, let’s say you’re playing a web2 game—your account links to the in-game item when you purchase it. You will lose these items if the game’s creators delete your account. Alternatively, if you stop playing the game, you will lose the value you have invested in your in-game items.

Web3 enables direct ownership via non-fungible tokens (NFTs). No one, not even the game’s creators, can remove your request. Furthermore, if you stop playing, you can recoup the value of your in-game items by selling or trading them on open markets.

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Censorship Resistance

A significant power imbalance exists between platforms and content producers. Over a million content producers use the user-generated adult content platform OnlyFans, many of whom do so as their primary source of income. OnlyFans announced plans to prohibit sexually explicit content in August 2021.

The announcement sparked outrage among platform creators, who felt cheated out of payment on a platform they helped build. After people spoke out against the decision, it quickly changed. Even though the creators won this battle, it shows that Web 2.0 creators have a problem: if you leave a platform, you lose your reputation and followers. The blockchain stores your data in Web3. When you decide to leave a platform, you can take your reputation with you and plug it into a different interface that more accurately represents your principles.

A Web3 platform has censorship resistance built in, whereas Web 2.0 demands that content producers have faith in the media that the rules won’t change.

Decentralized Autonomous Organizations (DAOs)

In addition to owning your data in Web3, you can hold the platform collectively using tokens that function similarly to stock options. DAOs enable you to manage a platform’s decentralized ownership and decide its future.

Smart contracts that automate decentralized decision-making across a pool of resources (tokens) define DAOs as mutually agreed upon. Then, the code automatically executes the voting outcome by users with tokens on how to spend resources.

DAOs refer to many Web3 communities. These communities all have varying degrees of decentralization and code automation. We are currently investigating what DAOs are and how they might evolve.

Identity

Traditionally, you’d set up an account for each platform you use. For example, you may have a Twitter account, a YouTube account, and a Reddit account. Would you like to change your display name or profile picture? Again, you must do this for each account.

Using social sign-ins can sometimes raise the old problem of censorship. These platforms can lock you out of your online life with just one click. Even worse, many websites demand you give them access to your data to create an account.

Web3 solves these issues by giving you control over your digital identity via an Ethereum address and an ENS profile. Using an Ethereum address provides a secure, censorship-resistant, and anonymous single login across platforms.

Native Payments

Web2’s payment infrastructure excludes people who do not have bank accounts or live within the borders of the wrong country, as it is based on banks and payment processors.

Web3 sends money directly to the browser using tokens such as ETH, eliminating the need for a trusted third party.

Web3 Limits

To flourish, the developers of Web3 must resolve several drawbacks, despite the wide range of advantages it currently offers.

Accessibility

Important Web3 features, such as Sign-in with Ethereum, are already accessible to anyone. However, the relative cost of transactions remains prohibitive for many.

Due to high transaction fees, Web3 is less likely to be used in less-affluent developing countries. The Ethereum community is actively addressing these issues through network upgrades and the development of layer 2 scaling solutions. The technology is ready, but higher levels of adoption on layer 2 are required to make Web3 available to everyone.

User Experience

The technical barrier to using Web3 currently needs to be lowered. Users must understand security concerns, navigate unintuitive user interfaces, and comprehend complex technical documentation.

Wallet providers, in particular, are working to address this, but more progress is required before Web3 is widely adopted.

Education

Web3 introduces new paradigms that necessitate the acquisition of mental models that differ from those used in Web 2.0. A similar education drive occurred in the late 1990s as Web1.0 gained popularity; proponents of the world wide web used various educational techniques to educate the public, varying from straightforward similes (the information superhighway, browsers, and web browsing) to television broadcasts.

Web3 is relatively easy, but it is unique. Therefore, educational initiatives that educate Web2 users about these Web3 paradigms are critical to its success. Ethereum.org supports Web3 education through our Translation Program by translating crucial Ethereum content into many languages.

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Centralized Infrastructure

The Web3 ecosystem is new and rapidly evolving. Because of this, it currently depends a lot on centralized infrastructure (GitHub, Twitter, etc.).

Many Web3 businesses scramble to close these gaps, but developing reliable, high-quality infrastructure takes time.

A Decentralized Future

A new and developing ecosystem is called Web3. Although Gavin Wood first used the term in 2014, many of these ideas have just recently come to pass.

For instance, there has been a sharp rise in interest in cryptocurrencies, improvements in layer 2 scaling solutions, extensive testing of novel forms of governance, and revolutions in digital identity just in the past year.

Web3 is still in its infancy, but the future of the Web appears bright as long as we keep enhancing the infrastructure that will support it.

Conclusion

Web3 is a significant change in how we use the internet because it gives us a version of the web that is less centralized, safer, and more open. With the development of new technologies and the growing adoption of blockchain and cryptocurrency, we expect to see Web3 continue to evolve and transform the internet in the future.

FAQs

Web 2.0, the current version of the internet, is based on centralized platforms and services that a small group of companies controls. Web 3.0, on the other hand, is more decentralized and allows for peer-to-peer interactions without intermediaries.

Web 3.0 applications include decentralized social networks, marketplaces, and storage systems. Examples of Web 3.0 projects include Ethereum, IPFS, and Filecoin.

Blockchain technology is a critical component of Web 3.0, providing the infrastructure for decentralized applications. Blockchain technology enables trustless, peer-to-peer transactions and ensures the integrity of the data on the network.

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