CryptocurrencyTechTechnology

What is Web 3.0 and how does it work?

Web3, also known as web 3.0, is a term that has become more popular recently than ever among web users. Most of the discussion in the tech world is focused around it and it cut across various spheres as well such as finance, music, fashion, games, arts, etc. You might be wondering, what then is web 3?
Before we discuss fully what web 3 is, we need to first look at the general history of the web.

Web 1.0 and Web 2.0

The first generation of the internet is referred to as the static web because it does not allow interaction between creators and users. This version of the internet lasted between 1989 and 2005. In web 1.0, users could only surf the net but couldn’t participate or make any change on it. Apart from this, it is also very slow.

Web 2.0 is the common second version of the internet that the majority of companies are using presently. It is commonly referred to as the social web because it was this version of the internet that gave birth to major social media companies such as Facebook, Twitter, YouTube, etc. Web 2.0 is characterized by user-generated content because it allows users to create and interact with content and also, it is more user-friendly than web1.

The downsides of web 2 were what brought about web 3. Web 2 is a centralized web and this implies that there is a form of control over the way users use the applications built on it. This weakness is where web 3 comes in with the aim of making the web decentralized.

What is Web 3?

Web 3 is an encompassing term that brings together some buzzwords such as cryptos, blockchain technologies, and even Metaverse together. While cryptocurrency and blockchain technology is not an entirely new term, some of the Web 3 applications like Non-fungible tokens (NFTs), Decentralized applications (Dapps), Decentralized finance (DeFi), Decentralised Autonomous Organisation (DAO), etc. started becoming mainstream in 2021.

Web3 is backed by blockchain technology. The blockchain introduces a new method to the way data are being stored and it functions on two concepts: encryption and shared computer.
Encryption implies that the data stored on the blockchain can only be accessed by those who have permission to it and a shared computer implies that the file is shared across multiple servers or computers.

Benefits of Web 3.0

Now, let’s look at some benefits that come with using web3

  1. Ownership: A decentralized web would mean that the users won’t just be content creators, but will also have the absolute right to the content that they create.
  2. Decentralized data storage: Web2 companies have the access to their users’ data and information. Some of these companies like Facebook, Google have been highly criticized for the way they manage users’ data like selling them to advertisers. With the advent of web3, there will be an end to such access.
  3. Maintain a single profile: Each of the web 2 application always require that you create a profile whenever you want to register with them. In web3, all you need to connect to a DApp is a web3 wallet such as MetaMask.

Web 3 Criticism

Just like any other technological advancement, web3 has received its own fair share of criticism. Some big names in the tech industries are not buying into the latest development. The founder of Twitter, Jack Dorsey web3 is just a way of repackaging the present version of the web, he tweeted: “You don’t own web3. The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label”.
Elon Musk has also described it as a marketing buzzword than reality.

 

Examples of Web 3 Applications

Some of the popular web3 applications are listed below:

MetaMask – A browser extension that functions as a crypto wallet and allows users to connect with the Ethereum blockchain
Augur – An Open-source, prediction market platform built on the Ethereum blockchain
Brave Browser– An Open-source web browser based on Chromium and it functions like Chrome and Firefox
OpenSea – A decentralized marketplace for buying and selling NFTs. The platform also allows users to create their own NFT collection.

 

Conclusion

Web 3 is still at an early stage and has not taken full shape yet, there are different projects being created daily. Some of these projects will likely fail but there will also be successful ones. Looking at the fact that transitioning from web 1 to web 3 took about 10 years, it might take more than that for web 2 users to fully adopt web 3.

As to the question of what to expect from web3, our best answer will be to watch out as the transitioning unfolds.

 

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button