Introduction
Regardless of whether you are interested in altcoins or non-fungible tokens, you have likely heard of Web3. Although your tech acquaintances may claim it’s the big thing, the idea is a little unclear. Cryptocurrencies or the blockchain, which is it? You must be aware of the following.
Let’s go backwards. Web 1.0 refers to the Wide Web, which was the initial version of the web which was made accessible to the general public. It was mostly made up of static websites interconnected by web links and dates to the beginning of the 1990s.
Next followed the Web 2.0 era, when the internet became a medium. Online shopping and social network websites such as Facebook and Instagram have grown significantly. People now have the option to interact with internet platforms and publish original content. Major growth drivers in this area included mobile and cloud technology.
The issue today, in the eyes of many, is that web users must give up their personal information in order to enjoy “complimentary” services offered by computer behemoths like Google and Amazon. All of these activities — social networks, and articles keep data about our interests and usage patterns, which are eventually sold to outside entities and used to deliver relevant advertisements.
Web3 Explained
Gavin Wood, among Ethereum’s founders, first used the phrase Web3.0 in 2014. Since then, it has come to be used as a blanket phrase to refer to everything relating to the future iteration of the web becoming a decentralised digital architecture.
Wood and Web3 proponents contend that technology, and this in return is subject to legislators who might be successful in preserving the public’s confidence in the web or data protection, controls Web 2.0. In a discussion with a popular news site, Wood claimed that the existing web necessitates faith in organizations that we are unable to make responsible.
He said: “Perhaps [businesses] act with integrity out of a fear that doing otherwise will seriously damage their brand. But occasionally businesses aren’t given the chance to act with integrity, as we witnessed with some of the Snowden leaks. Intelligence services often can simply place a unit in their backroom and instruct employees to sit silently without having to glance at it or mention something about it.”.
Why Use Web3
Web3 supporters want us to be able to utilize services on the internet without giving our personal information to organizations such as Facebook. All data would be recorded on the blockchain’s shared database, and the internet would be driven by AI and blockchain tech.
Anything would be subjected to the network’s verification process before being accepted, much like how cryptocurrencies function. Essentially, with no need for a mediator, people may share information or money using online apps. Additionally, a Web3 web might be free for users, allowing anyone to utilize it without the need for access privileges or operator authorization.
The information that comprises the web would be housed upon this network instead of on hosts, as is currently the case. Any modifications or transfers of that information would be noted on the chain, creating a trail that the network infrastructure could verify. Theoretically, this deters dishonest individuals from abusing data while creating a transparent record of its intended use.
A blockchain-based internet could, in principle, make it more difficult to alter and control data, similar to how bitcoin blockchains are designed to prevent “multiple spends.” Since information would be decentralised, no intermediary can have control over it, making it impossible for them to impose restrictions on who may utilize the world wide web.
On paper, that would increase internet access for a large number of people, and AI would be used to limit robots and sites. A settlement software that utilizes a blockchain could be considered a Web3 app. People could use a decentralised application designed for payments in place of utilizing a bank to purchase a product or service.
Payment would need to be network-verified and then inscribed into the blockchain’s ledger before it could be considered complete. People who are unable to set up financial accounts, do not have access to them, or are prohibited by major payment systems from offering specific services may profit from such payment services.
Why Web3 Might Not Be “There” Yet
The adoption process for Web3 is quite steep and it is still largely hypothetical. Everyone who wants it right now needs to become knowledgeable about bitcoin and chain tech. Not all need to go through that process merely to utilize a different version of the software they already have, particularly since there are programs like personal browsing that allow them to avoid privacy problems.
There are also concerns about censoring and privacy. Everything would be permanently recorded in the blockchain if the whole internet operated on the Web3 blockchain network. Nothing could be completely anonymous. Some people would be okay with that, but not others who must keep it private as a form of protection.
In principle, it would be equitable if nobody could be banned from the world wide web, but there would still need to be some means of limiting the propagation of hate speech and dangerous false information. It’s difficult to predict whether Web3 would be safer or more unsafe with the internet being so terrible at containing these problems.
The largest move is undoubtedly removing authority from technology behemoths like Google and Amazon. Furthermore, that’s “a political issue, not an actual technological problem,” according to some. Because Meta opposes a decentralized internet, the greatest of Web3 is unlikely to be realized if these businesses are not restrained or demolished by law.
Conclusion
Overall, there is still so much that we do not know about Web3 and blockchain technology as a whole. As it continues to grow and develop, it is likely that we can more firmly see its set direction for the future. Overall, there are also a lot of politics that are involved in Web3, and we cannot say for sure if Web3 is safe as of now. What we know is that it is a technology that is continuously growing and developing.
