Web3 Explained : Everything You Need To Know About Web3

Web3 ( Web 3.0) Meaning: What is Web3?

Put simply, Web3 is referred to as the third Generation of the Internet, focusing on Decentralization with the use of technologies like Blockchain. At the same time, enabling the creation of decentralised applications (also known as dApps) and smart contracts.

If you want to go by the Definition, “Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web, which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.

Evolution Of Web – Web 1.0, Web 2.0, and Web 3.0

To better understand how Web3 works, let’s put the evolution of the Web into these three categories :

• Web 1.0 – static and one-dimensional Web (Read Only)
• Web 2.0 – interactive and user-centric Web (Read-Write Only)
• Web 3.0 – finally, a decentralized and autonomous web (Read-Write-Own)

Lets Deep Dive into all of these:

Web 1.0: Static Read-Only Web (1990-2004)

Web 1.0 (also known as WWW at that time) was invented by Sir Tim Berners-Lee in 1989 at CERN, the European Organization for Nuclear Research in Switzerland. The vision was to create a Semantic Web, which wasn’t implemented due to hardware and technology limitations.

The Web 1.0 era was Static Pages and Websites owned by companies and Content creators with zero to no user interaction. For example, Think of it as reading a newspaper or a magazine. Content is static, and only the publisher can choose what or what not to publish. Users, on the other hand, can only read it.

Because of this limitation, Web 1.0 Can only be used for passing information with images or text using Static HTML. Making money out of it wasn’t viable.

Web 2.0: Dynamic Read-Write Web ( 2004-Present)

The emergence of Social Media platforms like Linkedin, Orkut, Twitter, and Facebook paved the way for Web 2.0 ( Web2 ). Now Users are able to create and share their content over these platforms. Web 2.0 created a boom in the Internet as more and more users started joining the Internet and connecting socially.

Facebook and youtube are the best examples of web 2.0 sites. They are also called Social Web. Another example would be Web Forums where different users have discussions or debates. This is how Web 2.0 works.

Over time this shift gave rise to new earning opportunities for creators. They could now monetize their content over platforms like Google and Youtube. This certainly gave rise to the Advertising Revenue model.

Problems With Web 2.0 ( Web2 )?

Privacy: Like I stated earlier, the major issue with existing web technology is privacy and personal data. Companies collect and use our data to gain money from advertising, sometimes selling out personal information. There have been many allegations of data theft and privacy breach on companies like Facebook, Google, etc.

Ownership: Suppose you are the content creator on Youtube or any Money making platform. You give your time and energy to grow your audience and earn income. One day Youtube decides to ban or Delete your channel. All your hard work and time become useless. Another big problem with the current Web is that we do not have control over our data.

Addictions: Remember what I said about “Big companies collecting our data.” The role comes into play. Collected data targets ads and filters content based on one’s particular interest. This further leads to brainwashing someone’s choices and beliefs or even mental health issues.Spread of misinformation, Cyberbullying, Filter bubbles, and So on.

The list is long, but these were significant issues I had faced personally.

Web 3.0 – Decentralized Read-Write-Own Web

To tackle all the above challenges in the modern Web, Web3 is introduced. Web 3.0 helps in the Decentralization of the assets. Unlike previous generations, Web3 does not store data on a single database, server, or central entity. Data is stored on nodes or in different blocks connected through chains (called blockchains).see the below.

Why is Web3 important, and How will Web3 benefit our lives?

Users will no longer need to use aged authentication methods such as 0auth and email + passwords or other Web 2.0 social logins, where they had to rely on third-party for identity verification.

In Web3, each user’s identity is tied to their specified wallet address, such as Ethereum wallet, Metamask, Trezor, Trust Wallet, etc.

This enhances trust and user privacy. That is why Web3 is known as the Future. There is no fixed answer to When web3 will be launched as it’s not a single product but a next generation of the Internet.

Its mass implementation and adaptation still need to overcome many hurdles, like substantial capital investments and a need for more developers and Web3 technologies.

How is Web 2.0 Different from Web 3.0 (Web3)?

Web2, also known as the “static web,” is the current version of the internet we use today. It’s characterized by centralized servers, limited user interactivity, and a lack of privacy and security for users’ data.

Web2 is dominated by big tech companies like Google, Facebook, and Amazon, who control the majority of online content and user data.

Web3, on the other hand, is the next evolution of the internet, often referred to as the “decentralized web.”

It’s built on top of blockchain technology and is designed to be more secure, private, and user-centric.

Web3 enables peer-to-peer interactions and transactions without the need for intermediaries or middlemen, which reduces costs and increases transparency.

Additionally, web3 provides users with more control over their data and online identities.

To sum up, the key differences between web2 and web3 are centralization vs. decentralization, limited interactivity vs. peer-to-peer interactions, and lack of privacy and security vs. enhanced security and privacy.

To understand the difference, Follow the below Web2 vs. Web3 Chart :

Key features of Web3

The Key features of Web 3.0 technologies include :

Decentralization: Web3 is a decentralized network that any single entity or organization does not control. Instead, it is built on top of a decentralized blockchain network maintained by a global community of users.
This means no governance over customer data.

Being Secure and Trustworthy: Web3 is built on a foundation of trust, with transactions recorded on a transparent public blockchain that cannot be altered.

This creates a more secure and trustworthy online environment. Web3 uses advanced encryption techniques and protocols to protect user data and prevent hacks and other security breaches.

Use of Smart Contracts: Web3 allows for the creation of smart contracts, self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. This enables automated transactions and eliminates the need for intermediaries.

Interoperability: Web3 allows different applications and services to communicate and interact, creating a more seamless user experience. This interoperability also enables new types of dApps to be built on top of existing ones.

It is an open network, with anyone able to participate and contribute to its development, thus creating a democratic online ecosystem.

Tokenization: Web3 allows for the creation of digital tokens that can be used to represent assets or value on the network. This enables new decentralized finance (DeFi) application types and innovative use cases.

Metaverse and Virtualisation:AR and VR technologies in Metaverse With Web3 architecture make virtual environments more realistic and engaging, increasing commercial possibilities.

Conclusion

Web3 is the third generation of the internet that will change our online experiences forever. Whether we will completely shift to decentralized web or not is a question of the future. But one thing is sure that web3 is here to stay.

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