Why We’re Pioneering Web3.0

You may have heard the term Web3.0 tossed around in conversation — “the future of the internet”, “a democratic vision!” But what exactly is this new vision of the internet and how will it affect users and developers? Why are we pioneering web3.0?

Web3.0 is indeed a reworking of the internet as we know it.

Currently, we live in the world of Web2.0, which has evolved from the original Web1.0 of the early 1990s. Web1.0 was the “read-only” internet where users could access content built by a select number of creators, read it, and send emails. User experience ended just about there. Around 2006 Web2.0 emerged with applications like youtube and social media platforms, shifting to an interactive user experience where anyone with an internet connection creates and contributes content.

But, the centralized nature of Web2.0 has led to serious security and censorship issues, which has catapulted Web3.0 into the forefront, paving the way for a decentralized future.

What does Web3.0 bring to the table?

Trust

Web2.0 users place their trust in large corporations and data stores. Therefore, Web2.0 requires users to assume that most entities are well intended.

Web3.0 assumes the opposite: that users are ill-intended and selfish. With this preconception in place, blocking malicious activity is built into the Web3.0 system with blockchain technology.

Web3.0 is based on the blockchain, which strikes the balance between security and transparency. Blockchain uses encryption to keep your information private while providing a public digital trail of all transactions.

Instead of being stored on a central server, information is kept on multiple computers. Attackers would not be able to change the records, because the blockchain does not exist in any one location.

Rewards for Users

Web3.0 applications function with cryptocurrencies. So payment for services is transparent. You pay in coin, not in the unrestricted monopolization of your browsing history.

The trade-off is simple:

• Web3.0 apps create and adopt a coin or protocol token
• Users earn tokens based on their activity in the app
• Users with a specific token have the incentive to make that token more popular so that its worth will increase

This coin-based system allows Web3.0 apps to organically grow traffic and reward users for their contributions.

Freedom of Speech

The censorship of opinions across social media has exposed the autocratic nature of Web2.0.

Web3.0 promises an automized system built on code and blockchain to allow for an unfiltered multitude of opinions and world views. Political agendas are not the guiding force of the blockchain world; they are completely irrelevant to the decentralized system where the people are truly empowered.

The Problem with Web3.0

As with any new idea or technology, there are still problems with Web3.0 which are barring the widespread adoption of this new system. These problems predominantly relate to usability — speed, performance, ease of use.

We are still at the very beginning of the Web3.0 era, and a multitude of minds are currently working full-time to solve these issues and build a bridge over the blockchain swamp for laymen to pass over.

Making Web3.0 Accessible

We are on the brink of a new internet era. Web3.0 has already begun, and platforms like Magic Square are working to bring this better version of the digital world to widespread users in a neat package.

Magic Square is spreading Web3.0 to users around the globe. With the Magic Store at the forefront, the first true app store designed for crypto, there is no limit to the influence Magic Square will have. Stay tuned on our blog for more information and updates!

Originally published at https://magicsquare.io on November 11, 2021.