How Web3 Is Changing The Internet
Being called a new generation of the internet, Web3 is still a new concept to the majority of current internet users. So in this writing, Tokenize Xchange will clarify what Web3 is and how Web3 is changing the Internet! Let’s find out!
Understanding Web3
To begin with, we have to look back on Web1 and Web2 before understanding Web3. The term ‘Web1’, which describes the early development of the world wide web, was prevalent from around 1991 until 2004. It was also called the ‘read-only’ web because of its poor interaction ability. Users could use it as their own personal webpage. But they were charged for each page they saw. Users could also access specific pieces of information from its directories.
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The definition of ‘web 2.0’ was mentioned at the First Web 2.0 conference in 2004. And up to now, it has been widely used since the day it was released. Worldwide websites that emphasize user-generated content, usability and interoperability for end users are referred to as ‘Web 2.0’. So, it is also known as the ‘participative web’, which refers to changing the way web pages are created and utilized without any technical change.
Web3 is a new definition that refers to the development of web interaction and usage, which includes transforming the web into a database with the incorporation of blockchain technology. Besides, that data can assist in the creation of smart contracts customized to the needs of the individual. In this case, services will display several representations of the same site or the same data.
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How Web3 is changing the Internet
Decentralization
A new version of the internet called Web3 uses blockchain to “decentralize” management, which lessens the influence of major firms like Google or Meta and makes the internet more democratic. That means users have more power in managing personal data instead of companies, which currently have full control.
This is being realized as many projects worldwide are focusing on Web3 development. Especially, AAVE, the unicorn in DeFi, has launched a social media platform called Lens Protocol. Or another social project, SO-COL, gets huge attention related to its 1.75 million dollars raised in the seed round. Traditional social platforms are also preparing to jump on the boat.
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Data privacy
As mentioned above, Web3 will allow users will get more control over their personal data. Advanced data encryptions are intended to make it impossible for big names like Google and Apple to control or utilize people’s personal information for their own gain. This has been a controversial issue but most users cannot do anything to protect their data from being collected or leaked. But here comes Web3 where users’ data belong to the user. And they are also the ones that can fully control their information.
Equality and transparency
Open-source and transparency are two of the characteristics of blockchain. So the blockchain-based Web3 also has similar properties. Web3 data, which is stored on blockchains, can be accessible by anyone and from any location with an internet connection. By enabling frictionless payments, richer information flows, and secure data transfers, Web 3.0 expands data gathering and accessibility to individuals around the world.
In addition, unlike various applications on web2, which are usually designed for specific classes of users, Web3 apps are accessible to everyone. Users can participate in or even develop their own applications. Users of the 3.0 network are not subject to discrimination based on their gender, income, location, socioeconomic situation, or background.
Bottom line
There are other factors to take into account before general acceptance, thus Web3 might not live up to the fanfare it has received. Still, open questions include whether Web3 can scale sustainably. Will Web3 actually bring about online dominance? Can we change people’s attitudes and educate them to grasp Web3? There’re still many questions to answer. Keep following Tokenize Xchange to learn more about Blockchain Technology and its applications.
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Disclaimer
All content produced by Tokenize Xchange is intended solely for educational purposes. This should not be taken as financial or investment advice. Individuals are advised to perform due diligence before purchasing any crypto as they are subject to high volatility.
