Heard on The Street: The Rise of Web3
The World Wide Web’s dependable, resilient infrastructure was made possible by centralization, which also assisted in bringing billions of people online. At the same time, a small group of centralized organizations control a sizable portion of the World Wide Web and make unilateral decisions over what should and shouldn’t be permitted.
The solution to this problem is Web3. The Web3, which supports decentralization and is being produced, operated, and owned by its users, is not a Web that is monopolized by big tech companies. Web3 gives people the ability to make decisions rather than companies. Let’s look at how we got here before we discuss Web3.
Web3 is being considered the future of the internet. Cryptocurrencies, NFTs, DAOs, decentralized finance, and other concepts are part of the vision for this future blockchain-based web. With a read/write/own model, users have a financial stake in and greater power over the online communities they are a part of. The online experience is expected to change significantly with Web3, much as PCs and smartphones did. But it is not without peril. Some businesses have entered the market only to encounter opposition due to the Web3 projects’ negative effects on the environment and financial speculation (and possibilities for fraud). And while blockchain is promoted as a solution to issues with privacy, centralization, and financial exclusion, it has actually exacerbated many of these issues. Businesses must weigh the advantages and hazards.
Although it’s difficult to give a precise definition of what Web3 is, the following guiding concepts serve as its foundation:
- Decentralized. With Web3, ownership is divided among its creators and users rather than being controlled and owned by sizable portions of the internet.
- Permissionless. Everyone has equal access to engage in Web3 and nobody is excluded because it is permissionless.
- Native payments. Web3 does away with the antiquated infrastructure of banks and payment processors and uses bitcoin for online purchases and payments.
- Trustless. Web3 runs without the use of reliable third parties; instead, it makes use of incentives and economic principles.
Breaking the brief history of the Web into two broad time periods — Web 1.0 and Web 2.0 — will help you comprehend this better. The original version of the web was called Web 1.0. The majority of participants were content consumers, and the makers were largely web designers who created websites with material that was primarily offered up in text or image format. Web 1.0 existed from roughly 1991 until 2004. Instead of supplying dynamic HTML, Web 1.0 sites served static material. Sites had very little interaction, and data and content were supplied from a static file system rather than a database. Web 1.0 is often referred to as the read-only web.
Web2 is often referred to as the social and interactive web. You don’t have to be a developer to take part in the creation process in the web2 universe. Many apps are made so that anyone may easily create them. You have the ability to create an idea and spread it throughout the planet. You may post a video and make it available for millions of people to view, interact with, and comment on. Web2 is actually quite simple, and as a result, more and more people all over the world are starting to create.
With that being said, here are the Importance of Web3 we can conclude:
- Ownership. Through non-fungible tokens, Web3 provides you control of your digital assets in a previously unheard-of way (NFTs).
- Censorship resistance. Your data is stored on the blockchain in Web3. You can take your reputation with you when you decide to leave a platform and plug it into a different interface that more closely reflects your ideals.
- Decentralized autonomous organizations (DAOs). Technically speaking, DAOs are predetermined smart contracts that automate decentralized decision-making over a resource pool (tokens). Users who possess tokens can vote on how resources are allocated, and the code executes the results of the vote automatically.
- Identity. These issues are resolved by Web3 by enabling you to manage your online identity using an ENS profile and an Ethereum address. A single, secure, censorship-resistant, and anonymous login across platforms is offered by using an Ethereum address.
- Native payments. Web3 eliminates the need for a reliable middleman by using tokens like ETH to send money straight from the browser.
References
https://hbr.org/2022/05/what-is-web3
https://www.nytimes.com/interactive/2022/03/18/technology/web3-definition-internet.html
https://dailysocial.id/post/inilah-saat-yang-tepat-bagi-anda-mendalami-teknologi-web3
