what is web3?

Barbara Bickham -

Introduction

Web3 is a term used in the cryptocurrency and blockchain industry. It refers to the third version of the internet, which is still in development. The first two versions were the World Wide Web (WWW) and the semantic web.

Web3 has the potential to revolutionize how we interact with the internet. It will enable us to transfer value and data without the need for intermediaries. This will make it easier for people to transact directly with each other.

Web3 is still in development, but there are a number of projects that are working on it. These include the Ethereum Foundation, the Web3 Foundation, and Polkadot.

  • What is web3?

Web3 is a term used to describe the third generation of the World Wide Web, which is based on blockchain technology. It's still in development, but it has the potential to revolutionize the way we interact with the internet. Web3 promises to be more secure, transparent, and efficient than previous versions of the web. It could also enable new types of online transactions and applications that were not possible before. Many people believe that web3 has the potential to change the world as we know it.

  • Why web3 matters?

Blockchain technology has the potential to revolutionize many industries, including finance, healthcare, and manufacturing. Web3 is the platform that will enable this revolution. It's still in development, but when it's finished it will be the most secure and efficient version of the web yet. This could have a major impact on our economy and society as a whole. The potential of web3 is still being explored, but it's clear that it has the potential to revolutionize the way we use the internet.

  • Background

Web1.0: The World Wide Web (1989)

Web2.0: The semantic web (2001)

Web3.0: ? (still in development)

The first two versions of the internet were the World Wide Web (WWW) and the semantic web. The WWW was created in 1989 by Tim Berners-Lee, and it allowed people to share information online. The semantic web was created in 2001 by Tim Berners-Lee and his team at the MIT Media Lab. It was a more advanced version of the WWW, which allowed people to share data online.

Web3 is the next step in the evolution of the internet. It's based on blockchain technology, which is a more secure and efficient way of sharing information online. Blockchain technology has the potential to revolutionize many industries, including finance, healthcare, and manufacturing. Web3 is the platform that will enable this revolution. It's still in development, but when it's finished it will be the most secure and efficient version of the web yet. This could have a major impact on our economy and society as a whole. The potential of web3 is still being explored, but it's clear that it has the potential to revolutionize the way we use the internet.

Terms to know about

  • blockchain technology: a distributed database that allows for secure, transparent, and tamper-proof transactions.
  • Web3: the third generation of the World Wide Web, based on blockchain technology.
  • non-fungible tokens: tokens that are unique and cannot be replaced.
  • decentralized applications: applications that are run on a decentralized network of computers.
  • digital assets: assets that are stored and traded electronically.
  • Decentralized networks: networks that are not controlled by a central authority.
  • peer-to-peer: a network in which each node is both a client and a server.

Pros and cons

Pros:
- more secure than previous versions of the web
- transparent and tamper-proof transactions
- enables new types of online transactions and applications

Cons:
- still in development
- potential for scams and fraud
- not yet widely adopted

Examples

- Decentralized social networks: platforms like Steemit and Akasha are powered by blockchain technology and allow users to share content and transactions without relying on a central authority.

- Decentralized exchanges: exchanges like EtherDelta and BitShares allow users to trade cryptocurrencies without depositing their funds in a centralized server. This makes them more secure and efficient than traditional exchanges.

- Decentralized marketplaces: platforms like OpenBazaar allow users to buy and sell goods and services without relying on a central authority. This eliminates the need for middlemen and reduces the risk of fraud.

- Decentralized file storage: platforms like Filecoin and Storj allow users to store files securely and cheaply on a decentralized network of computers. This is an alternative to traditional cloud storage providers like Dropbox and iCloud.

- Decentralized voting: platforms like Akasha and Follow My Vote allow users to securely and anonymously vote on issues and candidates. This is an alternative to traditional voting systems like paper ballots and electronic voting machines.

- Decentralized ID: platforms like uPort allow users to securely and anonymously store their identity on a decentralized network. This could be used for things like voting, signing contracts, and verifying the authenticity of documents.

- Decentralized cloud computing: platforms like Golem allow users to rent out computing power from a decentralized network of computers. This is an alternative to traditional cloud computing providers like Amazon Web Services and Microsoft Azure.

- Decentralized advertising: platforms like Mad Network and BAT allow users to buy and sell advertising space without relying on a central authority. This eliminates the need for middlemen and reduces the risk of fraud.

- Decentralized gambling: platforms like FunFair allow users to gamble on games of chance without relying on a central authority. This eliminates the need for middlemen and reduces the risk of fraud.

FAQS

What is Web 1.0?

It was marked by static content (rather than dynamic HTML), with data and content served from a static file (rather than a database).

What is Web 2.0?

Web 2.0, by contrast, is the web as most of us know it today.

What are the downsides of web 2.0?

First and foremost: It’s a nightmare for privacy. The other major downside of web 2.0 is that it relies on centralized authority.

What is the challenge with web 2.0?

The challenge with web 2.0 is users often have no control over whether their data gets collected, how it’s stored, or what tech companies do with it.

What is Web3?

Web3 is a still-developing idea for a third generation of the web.

What is a blockchain?

A blockchain is like a database, or what’s sometimes referred to as a distributed ledger, because each new entry is added atop the row below it, in a possibly endless chain.

What are the benefits of blockchain?

For this reason, it’s much more resilient against hacking.

What is the best way to solve these problems?

Innovation is happening daily, and the more developers switch to working in web3, the more these early-days problems will be solved.

What are the other issues?

In addition to the potential environmental impact and other issues we've already discussed, there is also a very vocal group of people that see Web3 as nothing more than the internet trading one set of overlords for another.

What are the benefits of Web3?

The primary benefit of this idea is that it would give control of a user's data back to that user.

What is Web3's solution?

It will do this by assigning you, and all of those assets, unique digital tokens that can be tracked across the entire internet by Web3's fundamental infrastructure.

What Will Web3 Do For The Future Of Online Content?

Although Web 2.0 undoubtedly gave the average person more ability to produce, and even profit from, their own content on the web, any such plans still required the involvement of a Big Tech company such as YouTube (owned by Google), Web3's proponents claim their vision for the internet can cut the Big Tech middlemen out of the picture by completely decentralizing the web in much the same way cryptocurrency is attempting to wrest control of world finance from large financial institutions and governments.

What are the drawbacks of web3?

It can be extremely difficult to understand, especially for newcomers, as the old analogies (your data is like files, a database like a file cabinet) no longer apply.

What are the risks?

It can be resource intensive and use massive amounts of energy.

What are NFTs?

While the level of tokenization that would power Web3 remains largely a pipe dream today, NFTs represent a very similar, very extant form of token that is already in wide scale use.

What are the benefits of NFT?

To these people, NFTs are the digital equivalent of a banana duct-taped to a wall: something literally anyone can own at little or no cost, while you pay for the idea of its ownership.

Resources

  • Web2 vs Web3 | ethereum.org - Ethereum is a global, decentralized platform for money and new kinds of applications. On Ethereum, you can write code that controls money, and build applications accessible anywhere in the world. (ethereum.org)
  • What is Web3? | Fortune
  • What is Web3 and How Do I Use it? | Brave Browser - Web3 is a whole new philosophy for how the web should be managed and how users should access it. It's based on the idea of a version of the Internet that is decentralized and based on public blockchains. (brave.com)

Links

  • https://web3.foundation/
  • https://ethereum.org/en/
  • https://polkadot.network/

Conclusion

Web3 is the third generation of the World Wide Web, based on blockchain technology. It is more secure than previous versions of the web, and enables new types of online transactions and applications. While still in development, the potential of web3 is clear and it is likely to revolutionize the way we use the internet.