What is Web2 and Web3?
The buzz these days is around Web 3.0 (often called Web3), which came from the emergence of blockchain technology. Currently, in its development state, Web3 represents a groundbreaking idea — an open and decentralized internet, carefully designed to provide unparalleled benefits to its users. This marks the beginning of a new era in the World Wide Web (WWW).
Before the emergence of Web3, we experienced the era of Web 2.0 (Web2), following the early days of Web 1.0 in the late 1990s and early 2000s. Web2 is the version of the internet we use today (often referred to simply as “the web”). In this article, we’ll explore both versions of the WWW and understand how Centic bridges the gap between these two worlds.
What is Web2?
Web 2.0 revolutionized the internet, replacing static Web 1.0 with interactive, user-generated content. The rapid expansion of Web 2.0 was propelled by innovations like mobile internet and social networks, alongside the widespread availability of powerful devices such as iPhones and Android smartphones.
These advancements paved the way for dominant apps like Airbnb, Facebook, Instagram, TikTok, Twitter (now X), Uber, WhatsApp, and YouTube, transforming online interactions and utility.
In the realm of Web2 applications like Twitter, the structure typically consists of three fundamental elements:
- Data Storage: User details, tweets, likes, and retweets are seamlessly managed within a database, ensuring continuous updates.
- Back-End Code: Developed in languages like Node.js, Java, Python, and others, this code defines Twitter’s functionality. It orchestrates actions such as user registrations, tweet creation, and interactions.
- Front-End Code: Crafted in JavaScript, HTML, and CSS, this code shapes Twitter’s user interface, determining the site’s appearance and facilitating user interactions.
When a user engages with Twitter by composing a tweet, they interact with the front-end, which then communicates with the back-end, ensuring a smooth flow of data interactions with the database.
What is Web3?
Web3 is the upcoming phase in the internet’s evolution that is as groundbreaking as Web2. At its core, Web3 is known for dApps (decentralized applications) built on blockchain technology. Unlike traditional models, this evolution eliminates the middleman. There’s no centralized database storing the application state and no centralized web servers. Therefore, Web3 is all about decentralization, openness, and enhancing user experiences
With Web3 applications like dApps, the structure basically consists of four fundamental elements:
- Blockchain: The Ethereum blockchain functions as a globally accessible state machine, maintained by a decentralized network of nodes. It operates based on consensus rules, enabling anyone worldwide to access and write data. Importantly, no single entity owns the blockchain; it’s collectively owned by all network participants. Once data is written, it cannot be updated.
- Smart Contracts: Smart contracts, written in languages like Solidity or Vyper, define logic for state changes on the Ethereum blockchain. Stored on the blockchain, their code is transparent and inspectable by anyone. These contracts govern changes in the blockchain’s state.
- Ethereum Virtual Machine (EVM): The Ethereum Virtual Machine (EVM) executes smart contract logic and processes state changes on the global blockchain. It operates in bytecode, a low-level language, necessitating the compilation of high-level languages like Solidity into bytecode for execution.
- Front-end: The front-end defines the user interface and interacts with smart contract logic. While it seems simple, the communication between the front-end and smart contracts involves intricate processes, ensuring seamless integration and functionality.
Currently, there are over 1000 blockchain networks worldwide, featuring 215 platforms and nearly 3000 dApps listed on Defilama. These numbers are constantly evolving, underscoring the ongoing growth and development of Web3.
The Bridge between Web2 and Web3
Web2 and Web3 have their own benefits and drawbacks, however, we can leverage the advantages of Web2 and Web3 by connecting them.
The opportunities of bridging Web2 and Web3
Bridging Web2 and Web3 will open many opportunities, not only in user experience but also in business:
User Experience Enhancement:
Bridging Web2 and Web3 combines familiarity with security and transparency, offering a smooth user experience for those transitioning to decentralized apps.
New Business Opportunities:
Entrepreneurs can create hybrid applications that combine the revenue streams of Web2 (such as advertisements and subscriptions) with the decentralized financial opportunities offered by Web3 (such as Decentralized Finance services and NFT marketplaces)
Web3, including cryptocurrencies and Decentralized Finance (DeFi), enables global transactions without intermediaries. Integrating these capabilities into Web2 platforms ensures that financial services, content, and applications become globally accessible. For instance, participants in DeFi can borrow a loan from traditional banks with their credit score in Web3 and conversely, people can take crypto loans with their profile and traditional credit scores in Web2.
How to bridge Web2 and Web3
Currently, many Web3 Data API providers are offering a wide range of data related to Web3 entities, supporting enterprises in connecting Web3 data to their Web2 infrastructure.
However, the biggest challenge of integrating Web2 and Web3 is the identification of entities. This is because entities in Web3 are anonymous, it’s a challenge to identify the person in Web2 with their entities like wallet addresses in Web3.
To address this problem, a technology called “Zero-knowledge proof” (ZKP) has emerged. This is a cryptographic technology that allows the truth of a piece of information to be verified without revealing the information itself. It has gained significance in blockchain, cryptocurrency, and decentralized finance (DeFi), enhancing privacy and security in these domains.
The application of Zero-knowledge proof to Web2 and Web3 data holds significant potential to identify information of Web3 entities in Web2, and vice versa. This will fuel the integration of the blockchain world and the world we are living in.
Reference sources
- Preethi Kasireddy, “The Architecture of a Web 3.0 application” https://www.preethikasireddy.com/post/the-architecture-of-a-web-3-0-application
Centic is a data analytic platform that provides the scores of all entities on Web3 Space by integrating on-chain data in blockchain space and off-chain data in reality.
By providing a comprehensive evaluation system, we assist users in confidently making the right decision both in the traditional and digital world.
