What is Web3? Explained Simply To a 12-Year-Old
Web3 on Instagram. Web3 on Clubhouse. Web3 on Twitter. What’s this Web3? Aside from the obvious fact that it’s the next evolution of Web2, what does it exactly entail?
Web2, in a simple version, is the internet that we now see and use in the present day. Centralized. Read. Write.
Lately, my LinkedIn and Twitter have been talking nothing but Web3. Of course, this got me curious, so I decided to dig deeper and actually understand what Web3 is.
Given the way our society is progressing with cryptocurrencies, NFTs, and decentralization technologies, I found it worthy to learn it. Bitcoin has played a major role in jumpstarting the Web3 ecosystem.
In an article by Chris Dixon and Packy McCormick in The Economist it’s mentioned,
Because of the success of bitcoin, the pioneering cryptocurrency launched in 2008, many people associate blockchains primarily with money and finance. But the applications of blockchains are much broader.
What is Blockchain again in simple words?
- A digital ledger composed of blocks; each block bundles date of a transaction
- Whenever someone updates a piece of data, a request goes to every user or person for approval
- Updates get reflected in the system only after at least 50% of the users or people have approved the request
- Instead of all the information being stored on just one file, each person or user has an exact copy
As you can see already, it has its powerful advantages. It is a tamperproof and trustworthy way of keeping and storing information. The control lies in the hands of all the users using the application instead of one central database or intermediary that can be changed anytime, by anyone with proper access.
What started as solely Bitcoin for Web3 will grow so much bigger in the new decade. We’re talking about a multitude of applications that are applicable pretty everywhere in our society. Albert Einstein once…