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What is Web 3 and Why it is called the Internet of Future?

Web 3 is a concept backed by blockchain technology. Decentralization and self-sovereign identities are the main components of this technology. It is moving full steam ahead to introduce the world to a more user-owned web than a third-party-owned web. Developing Web 3 will help the internet become more connected, decentralized, secure, authentic, and user-centric in the coming years.

Do you remember the first time you heard about Web3? Back then, it might have sounded like a faint buzz to you, but lately, it has turned out to be true. Web 3 technology is a game changer with all its next-gen features. Big tech companies have already shifted their power while seeking all its potential. The hype may have introduced you to this new tech trend but doesn’t explain much of what this concept entails. That’s where our conversation begins. Whatsoever you may want to learn about this internet technology has been discussed in this blog.

Hang in there, reader! Today will be a new learning experience.

What is Web 3?

Before we dig deep inside, let’s first define this latest internet iteration. Even though there is no clear consensus on the definition of Web 3 or Web 3 development, there is broad acceptance that decentralization based on blockchain technology is the central concept. However, the grassroots of the term came up in 2014 when Ethereum co-founder Gavin Wood coined Web 3 to emphasize the better version of the web.

As mentioned earlier, the core concept is based on a distributed mechanism, which resulted in the introduction of a more user-owned web than a third-party-owned one. For the first time since the information superhighway’s inception, users now seem to have the power to decide when and who can access their data and identity as well. This has been achievable by utilizing today’s most secure and transparent blockchain algorithm. Blockchain forms the backbone of Web 3, adding an extra layer of security with no central oversight. Once stored, this means that the data can’t be arbitrarily changed even in Web 3. Thus, increasing its trustworthiness.

If you have been reading about Web 3 lately, you might have crossed several articles referring to Web 3 as Web 3.0. Are they similar? Let’s discuss that in the next section of our blog.

Web 3 and Web 3.0: Are they similar?

No, they are not! A lot of information on the internet might stress that they are, but both have their unique existence. We will help you find those key differences between the two so that you can ignore the information overload next time.

Web 3.0 can be defined as the evolution of the web from read-write-web to its read-write-execute version. While Web 3 is about blockchain, Web 3.0 has its grassroots from the semantic web. Thus, a large part of it can be summarized as all the information you scroll over the internet when connected at the data level. The major difference between the two lies in their distribution mechanism. The information linked together in Web 3 follows a decentralized structure, whereas the information on Web 3.0 is stored on a server through Links/URLs.

Simply put, you can take Web 3.0 as the alternative to WWW and Web 3.0 as the new version of it.

Web 3: The Internet of the Future

Many call this implicit innovation the Internet of the Future. This is because it has the potential to change economies and introduce digital inclusion to the world. You might wonder, the internet’s current system looks perfectly fine; why do we need to decentralize our internet or support Web 3 development? Well, there are as many benefits as one can even think of.

The very first one is the Privacy benefit. Come on! We’re from the internet generation, and we know that data privacy is a delusion. Perhaps, there are high chances of fraud and the breaching of our data stored. But decentralizing the same would lead us to a safer environment for our collected information. The information would be stored in multiple networks making tampering with our data impossible. Thus, privacy is no longer a myth but a truth that one must constrain. Another is direct transaction benefit which means the transactions, when will happen to utilize Web 3, would be independent, automatic and transparent. There would be no third-party involvement, and the user and the owner will interact directly. This interaction will happen through a secure blockchain mechanism using a smart contract to enable the transactions.

The advantages of the decentralized internet aren’t limited to the above-raised benefits but are far beyond this. All such capabilities and strengths make Web 3 a welcoming alternative for any purpose shortly. It won’t be surprised if we here mention that some Web 3 elements are already incorporated into our modern internet. These include cryptocurrencies (currency to transact digital transactions only), metaverse ( highly advanced virtual world to escape reality), NFTs (a digital version of our physical assets) and more.

Final Thought

Now that many big industries widely adopt the concept, there is still an enormous amount of room to grow. Into years from now, the gaining traction of the Web3 will scratch the surface of its potential more and more. What does that mean? We can expect the Internet world to become more connected and decentralized. Secure, authentic and user-centric in the coming years. As a result, the world would witness the next revolution and unparalleled opportunities to endeavor.

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LeewayHertz

LeewayHertz

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Fullstack software and web3 development company building custom software solutions, dApps, metaverse platforms, etc. https://www.leewayhertz.com