Introduction to Web3
Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.
Gavin Wood, a founding member of Ethereum, first used the term “Web3” in 2014.
A few people on the internet believe that Web3 will improve user privacy, scalability, and data security
Web 1.0 and Web 2.0 refer to eras in the history of the World Wide Web as it evolved through various technologies and formats.
What is Web 1.0
Web 1.0 broadly refers to the years between 1991 and 2004, when the bulk of websites only included static pages and the great majority of users were content consumers rather than producers.
The original version of the web was called Web 1.0. The majority of participants were content consumers, and the creators were largely web developers who created websites with information that was primarily offered up in text or image format. Web 1.0 existed from roughly 1991 until 2004.
Instead of publishing dynamic HTML, Web 1.0 sites provided static information. Sites were lacking in interaction, and data and content were delivered from a static file system rather than a database. Web 1.0 is often referred to as the read-only web.
What is Web 2.0
The majority of us have mostly only used web 2.0, or the latest version of the web. Web 2.0 is often referred to as the social and interactive web.
You didn’t need to be a developer to take part in the creation process of web2 world. Many apps are built such that anyone may easily become a creator.
You have the ability to create an idea and spread it throughout the internet. You can create a video and make it available for millions of people to view, interact with, and comment on.
Web2 is actually quite simple, and easy to use and, as a result, more and more people all over the world are becoming creators.
Although the web is amazing in many ways as it is, there are several areas where it can improve significantly. Some of which are; Monetization and Security.
Most of the apps in web2 follow a typical pattern throughout their life cycles. Consider a few of the apps you use frequently (Facebook, WhatsApp, Instagram, etc.) and consider how the examples that follow may relate to those apps.
Monetization of Apps
Imagine the early days of popular applications like Whatsapp, Instagram, Twitter, Facebook, LinkedIn, or YouTube and how different they are today. The process usually goes something like this:
- Company launches an app.
- It onboards as many users as possible.
- Then it monetizes it’s user base.
Security and privacy
Applications running on Web 2 frequently suffer data breaches. Even websites that track these breaches and notify users when their data has been hacked.
You have no control over your data in web2 or how it is stored. In fact, businesses frequently collect and store user data without the users’ permission. The companies in charge of these platforms then become the owners and controllers of all of this data.
Users who live in countries where the adverse consequences of free speech must be considered are also at danger.
If a government believes a person is expressing an opinion that contradicts their propaganda, they frequently shut down servers or seize bank accounts. Governments can easily intervene, control, or shut down applications as required due to centralized servers.
Governments frequently get involved in finance since it is also digitized and centralized. When there is instability, high inflation, or other political unrest, they can block access to bank accounts or restrict access to money.
By completely redefining how we build and interact with applications from the ground up, Web3 seeks to address many of these issues. Now let’s looka t what Web3 is about.
What is Web 3.0
There are few fundamental differences between web2 and web3, but decentralization is at its core. With a few extra features, Web3 improves the internet currently in ways like;
- Verifiable
- Trustless
- Self-governing
- Permissionless
- Distributed and robust
- Stateful
- Native built-in payments
When creating and deploying web3 applications, developers rarely use a single server or database to house their data (it’s usually hosted on and managed by a single cloud provider).
Web3 applications, on the other hand, either run on blockchains, decentralized networks of several peer-to-peer nodes (servers), or a combination of the two that creates a cryptoeconomic protocol. These apps are often referred to as dapps (decentralized apps), and you will see that term used often in the web3 space.
Additionally, tokens enable a seamless, entirely borderless native payment system. By allowing electronic payments, businesses like Stripe and Paypal have generated billions of dollars in value.
These solutions are extremely complicated and yet do not allow for true participant interoperability on an international scale. Additionally, in order to use them, you must provide your private information and sensitive information.
You can include quick, anonymous, and secure international payments and transactions into web3 applications using crypto wallets like MetaMask and Torus.
Networks like Solana offer several hundred digit millisecond latency and transaction costs of a small fraction of a penny. Unlike the current financial system, users do not have to go through the traditional numerous, friction-filled steps to interact with and participate in the network. All they need to do is download or install a wallet, and they can start sending and receiving payments without any gatekeeping.
Conclusion
Web 3.0, also known as Web 3, is the idea for the next generation of the Web, in which most users will be connected via a decentralized network and have control of their own data. Web 3.0 is introducing several new technologies, including intelligent systems, semantic web, decentralization, metaverse, digital assets, and more.
Web3 technologies will develop more quickly than ever as data privacy concerns rise daily. It is crucial that you equip yourself with a fundamental understanding of this field because it will influence the way we work.
Contents distributed by Learn.Block6.tech
👉 Discord — Live Talks
👉 Twitter — Latest articles
