In a world where our lives are increasingly intertwined with the digital realm, a new revolution is unfolding before our very eyes. Welcome to the era of Web3, a paradigm shift that promises to transform the internet as we know it. But what exactly is Web3?

Olivia Onyekaba

·

Follow

4 min read

·

Jul 8, 2023

--

Listen

Share

You might be wondering, since we have Web3, do we have other versions of Web? The answer is yes; we do have other versions of the web. We have Web 1.0 and Web 2.0. Simplilearn described Web 1.0 as the read-only web, Web 2.0 as the participative social web, and Web 3.0 as the read, write, and execute web. In other articles, we will explore Web 1.0 and Web 2.0; right now, we are exploring the extraordinary world of Web3.

What is Web3?

Web3 (or Web 3.0), also known as a decentralized web or a semantic web, refers to a new and improved version of the internet that aims to give users more control, privacy, and security.

Still not clear? Okay, let’s start with the current version of the internet, Web 2.0.

In Web 2.0, the majority of the services are centralized. This implies that the websites, applications, data, and even information that we consume are all controlled by businesses and organizations. For instance, you depend on the infrastructure and servers of social media sites like Facebook and Twitter to access and interact with information.

Web3.0 on the other hand, takes you away from these centralized platforms and introduces you to the idea of Decentralization. So instead of having its users depend on a few central authorities, the sole aim of Web3 is to share power and control among its users. It might also interest you to know that Web3 is built on blockchain technology. If you are familiar with the context of cryptocurrencies, then you might understand this better. Instead of being governed by a single firm or organization, Web3 makes the internet more like a network of interconnected devices and computers owned by individuals.

Additionally, Web3 supports the notions of user privacy and data ownership. With Web3, people have more control over their data and can choose how and when to share it. Blockchain technology can ensure the security and integrity of this data, making it less vulnerable to hacks or manipulation.

KEY FEATURES OF WEB3.0

Web3 has a lot of features, which of course include the decentralized system that allows the distribution of power and control among users. But there are some key features that Web3.0 possesses that make it very different from every other version of the web. Let’s take a look at a few of these features:

• Decentralization: We discussed this earlier. Web 3 aims to be a decentralized system (like blockchain technology), where its users won’t be relying on any central authority.
• Smart Contracts: These self-executing contracts with preset rules encoded in code are now included in Web3.0 to enable automated and trustless transactions.
• Interoperability: Web3.0 stresses open governance and platform compatibility, allowing users to participate in decision-making processes and influence the norms and course of the decentralized web.
• Privacy and Data Ownership: Web3 prioritizes user privacy and data ownership, giving its users greater choice on how their data is used and shared.
• Blockchain Technology: Web3 uses blockchain technology to guarantee data and transaction security, transparency, and immutability.
• User-Centric Experience: Web3.0 is focused on using technology like artificial intelligence (AI) and machine learning to create a more customized and user-centric online experience.
• Peer-to-Peer Networking: Direct peer-to-peer interactions and transactions are made possible by Web3.0, minimizing the need for middlemen and enabling faster and more direct trades.
• Open and Transparent: With data and transactions being transparent and auditable by anyone, Web3.0 encourages openness and transparency while boosting accountability.
• Trust and Security: Web3.0 strengthens trust and security through the use of cryptographic tools and consensus procedures, making it more resistant to fraud, manipulation, and hacking.
• Web3 Governance: New forms of governance are introduced by Web3.0, allowing users to engage in decision-making and influence the rules and course of the decentralized web.

All of these features collectively aim to transform the internet into a more open and transparent space. Numerous efforts and companies are attempting to realize the goals of Web 3.0, which is currently under development.

In Conclusion, the Web3 era marks a period in which decentralization rules supreme, trust is woven into the very fabric of our digital relationships, and people are in control of their own destiny. It is an environment where openness prevails, where financial barriers are dismantled, and where cooperation knows no bounds. Let’s embrace this remarkable transformation, where blockchain, smart contracts, and decentralized applications come together to provide a symphony of invention.

Accept Web3 as it emerges because it is a sign of optimism, advancement, and boundless promise. Are you prepared to take part in the revolution that has already begun?