Web3 or Web3.0

Web3 and Web3.0 are terms often used to refer to the evolving decentralized web, also known as the “Internet of value.” The main difference between the two is the level of decentralization and the capabilities of the technology.

Web3, also known as the decentralized web, refers to the current state of the decentralized web where decentralized applications (dApps) and smart contracts run on blockchain networks like Ethereum. These dApps and smart contracts can be used for various purposes such as financial transactions, digital asset management, and decentralized autonomous organizations (DAOs). In this version of the web, users have more control over their data and can interact with the web in a decentralized manner, without the need for intermediaries.

Web3.0, on the other hand, refers to the next evolution of the decentralized web. It is a vision of a fully decentralized web where not just applications but also the underlying infrastructure of the internet itself is decentralized. This means that web3.0 will have more advanced capabilities such as decentralized storage, decentralized naming systems, and decentralized computing power. Additionally, Web3.0 will be built on a more advanced blockchain technology such as sharding, which will make the network more scalable and efficient. This will allow for more advanced decentralized applications and use cases such as decentralized finance (DeFi), decentralized autonomous communities (DACs), and decentralized marketplaces.

A key example of a Web3.0 application is the decentralized storage platform, IPFS (InterPlanetary File System) which is a peer-to-peer method of storing and sharing hypermedia in a distributed file system. It aims to make the web faster, safer, and more open by allowing users to host files on their own devices and share them with others, rather than relying on centralized servers.

Another example is the decentralized naming system, Handshake, which aims to replace the current centralized domain name system (DNS) with a decentralized alternative. This will allow for more censorship-resistant and secure internet infrastructure.

In conclusion, Web3 refers to the current state of the decentralized web and its capabilities, while Web3.0 refers to the next evolution of the decentralized web with more advanced capabilities and infrastructure. As the technology and the ecosystem continue to evolve, we can expect to see more innovative use cases and applications that will change the way we interact with the internet.