This is my first article about web3 and I am writing this by gathering the best available information.
Firstly, you will glad to know by reading this article now you are one of the participant in the modern web. In the present age the kind of web we are experiencing is much more different then 10 years ago
Years ago , we introduced with web 1 first we know as internet and we all love. Then web2 came the user generated web, announced by the arrival of social media. The world is enter into the dawn of web3, The term Web3 was popularized by Gavin Wood, co-founder of Ethereum.
Now a days people are frequently talking about web3, supposed to be next big evolution to help forward the internet but what web3 is exactly? let me tell you an easy explanation.
What is web3
The web3 currently in the making internet infrastructure and probably heard plenty of chatter recently about Web3, if you’re still confused about web3 so don’t worry because a lot of people are still trying to define it clearly. Web3 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.
However, in very high-level terms, Web3 – the latest internet iteration – is a decentralized online network built and established through the blockchain
According to web3 proponents, the future internet hopes to provide a more tailored, intelligent and autonomous browsing experience than what we know today.
With Web3, there’s no central authority or governing bodies controlling the platforms or apps. Put another way, corporations aren’t collecting, hoarding, and monetizing the data of a user who wants to participate in a Web3 service or app. Users can instead engage and interact on Web3 platforms without exchanging their data for access. Additionally, complete transparency and trust are built into the services, with all data and updates stored on the blockchain.
Of course, this is just the tip of the iceberg for explaining Web3. Looking at what came before Web3 is the best way to understand this new phase of the internet.
According to web3 proponents, the future internet hopes to provide a more tailored, intelligent and autonomous browsing experience than what we know today. Web3 promises to use blockchain technology to create a decentralized internet ecosystem, creating a lot of interest within the business sector.
Let’s discuss Decentralization, Presently all of the infrastructure that the popular sites and hangouts we spend time on online are usually owned by corporations and, to some extent, controlled by regulations set out by governments. This is because this was the simplest way to build network infrastructure someone pays to install servers and set up software on them that people want to access online, and then either charges us to use it or lets us use it for free, as long as we abide by their rules.
Today, we have other options, and in particular, we have blockchain technology. Blockchain is a relatively new method of storing data online, which is built around the two core concepts of encryption and distributed computing.
Encryption means that the data stored on a blockchain can only be accessed by people who have permission to do so even if the data happens to be stored on a computer belonging to someone else, like a government or a corporation.
And distributed computing means that the file is shared across many computers or servers. If one particular copy of it does not match all of the other copies, then the data in that file isn’t valid. This adds another layer of protection, meaning no one person other than whoever is in control of the data can access or change it without the permission of either the person who owns it or the entire distributed network.
Put together, these concepts mean data can be stored in a way so that it is only ever under the control of the person who owns it, even if it happens to be stored on a server owned by a corporation or subject to the control of a local government. The owner or government can never access or change the data without the keys to the encryption that proves they own it. And even if they shut down or remove their server, the data is still accessible on one of the hundreds of other computers that it’s stored on.
Other important concepts that are often used in relation to the technical infrastructure of web3 are that it is open, meaning largely built on open-source software, trustless and permissionless.
Trustless means that interactions and transactions can take place between two parties without the need for a trusted third party. This was not necessarily the case on web2 or below because you would have to be certain that whoever owned the medium you were using to interact or transact was not manipulating your communications.
A good example of a web3 trustless transaction would be sending Bitcoin directly to another person – not via an online exchange or wallet stored on a centralized server. The entire process of making the transaction is controlled by the blockchain algorithm and encryption, and there is close to zero chance that anyone can step in and disrupt it.
Similarly, “permissionless” means that neither party in a transaction or interaction have to seek permission from a third party (such as a service provider or government) before it can take place.
By the way, if you think all this talk about avoiding government interference sounds a little bit anarchistic or libertarian, then you’re not alone! There are still big questions to be answered about the implications that this lack of oversight or control has for safety and legality. We’ve already seen governments attempt to create legislation that will allow them to retain some level of control over communications and interactions on the web 3. I also read the UK Government’s indications that it would like to regulate citizens’ ability to send end-to-end encrypted messages.
Importance of Ownership
Advanced technologies such as cryptocurrencies and (non-fungible) tokens will play a leading role in Web3, since they reflect a sense of ownership in decentralized blockchain networks. Think of the latest hype of NFTs, or non-fungible tokens, which shifts the ownership of a certain form of money, which is the case with cryptocurrencies, to the ownership of many other digital assets, from artworks to memes and tweets.
Web 3 enables the spread of cooperative governance frameworks for formerly centralized products. A joke, a piece of art, a person’s social media output, or tickets to your favourite events are all examples of tokenization. The gaming business is a fantastic example of the paradigm shift. Gamers often complain about the problems and bugs that keep popping up in their favorite video game. Web3 allows players to invest in the game and vote on how it should be run. It is a collaborative effort between game developers and the players themselves. Web3 is being used by large Web 2 firms like Meta and Ubisoft to create virtual worlds, like Facebook’s Metaverse. Non-fungible tokens (NFT) will also help to reshape the gaming business by allowing players to become the immutable owners of specific in-game items they acquire.
Web3 Key Features
Key features of web 3 will change the way we interact with internet and web applications.
Users have the option to engage openly and privately without the interference of an intermediary party. Their actions are taking place in a decentralized space, giving them more freedom and control to manage their data.
Without the necessity for approval from a controlling and centralized organization, everyone, including users and providers, can participate on an equal level in Web3.
Web 3 allows us to access the Internet at any time and from any location. Web-connected gadgets will no longer be confined to computers and cellphones at some time in the future, as they were in Web 2.0. Technology will enable the development of a plethora of new sorts of intelligent gadgets as a result of the Internet of Things (IoT).
Web 3 is ‘open’ in the sense that most of its assets are created using open-source software by an open and accessible community of developers, in full view of the public. Transparency is key here, creating a more trustworthy digital environment.
How web3 works
One of the goals of Web3 is to make Internet searches significantly faster, easier, and more efficient, so that even complicated search words can be processed quickly.
Nowadays, a user must engage with the frontend of a web2 application, which communicates with the backend, which then communicates with the database. The complete code is stored on centralized servers and delivered to consumers via a web browser.
Web3 lacks both centralized databases for application state storage and a centralized web server for backend processing. Instead, a blockchain can be used to create apps that run on a decentralized server and are maintained by anonymous nodes on the internet.
Examples of Web3 Applications
Let’s look at some examples of web3 in practice:
Bitcoin – The original cryptocurrency has been around for more than ten years, and the protocol itself is decentralized, although not all of its ecosystem is.
Steemit – Blockchain-based blogging and social platform
Augur – Decentralised exchange trading market
OpenSea – A marketplace for buying and selling NFTs, itself built on the Ethereum blockchain
Diaspora – Non-profit, decentralized social network
Everledger – Blockchain-based supply chain, provenance, and authenticity platform
Uniswap – Decentralised cryptocurrency exchange
In my view, it won’t be long before our interactions with the Internet will shift towards an enhanced and independent experience and Web3 has a lot of potential. If you want to know more about Web3 or want to have your own application developed by professionals and experts in the field, following the latest technologies and latest design trends? contact us on our website to receive a free digital consultation session.