Ever since the discovery of the internet, there has been drastic evolution to the internet that we have now-the web2. With much pomp and noise, the new buzzword of the century is the web3.
Although still in the nascent stage of its creation, the web3 has garnered interest and investment from all major stakeholders of the world wide web. It is actually interesting to observe that the promise of upgraded worldwide web connectivity has garnered so many talks and attention even before its creation.
So, what is this web3, and what does it offer. Is it a mechanism to con the people, or is it real? This article will try to answer some of the questions and shed light on new information about the buzzword web3.
In the digital space, the creation and launch of the web3 are expected to change the course of the internet. Most importantly, it promises the end of monopolies of big players like Google, Facebook, etc., on the internet. Will web3 stay true to its buzz; will it bring the much-awaited decentralized division of the internet; how will web3 work? Let us read through the article the answer these questions.
Lets us start by addressing what is web3?
What is web3?
The web3 is the new-age internet. However, it is not to be mistaken as an internet already in use because, let us be clear, the web3 has not been launched or is functional. It is rather even safe to say that it will take another 5 years to see any progress in building the web3.
Further, web3 already has applications and sites that are already running dedicated to itself. So how do we try to define something that has not even been created and is still an idea but has gathered the attention of the likes of Elon Musk, Mark Zuckerberg, Microsoft and other personalities?
Web3 meaning can be closely linked to its predecessors, web1 and web2. It is the third stage or phase of the internet that can be expected in the future. The creation of web3 can be traced to the distribution problem of web2. Big companies’ control and the rights policy of the internet led rise to the coming of the web3.
The web3 promises to decentralize the internet to break the chain of the monopoly of giant technology corporations. It means it will give rights to every stakeholder and individual who uses the internet.
The idea of web3 gained so much attention due to its decentralization promise that the concept of decentralization is often used alongside web3.
A little bit of the history of web3
The web3 that we know of has its inception to web1. The web1 phase is characterized by limited internet, and its usage was also limited. America Online or AOL is the feature of this stage of the internet.
Stage two or web2 of the internet was a real game-changer, often referred to as the “read/write” version. During this stage, people consumed content on the internet and started creating content. Social media platforms like Instagram, Twitter and Facebook took this stage to new heights on creating content and mass usage of the internet.
Web 3 stage of the internet is a “read/write/own” phase. Now, every content creator is the owner and governs the entire protocol of the products they own. Decentralized networks, blockchains and cryptocurrencies are the dominating features of the web3 phase of the internet. Gavin Wood, the co-founder of Ethereum, coined the term web3 and still runs the web3 foundation.
How web3 works?
As mentioned above the web3 is all about decentralization and gives individuals the right over its content and product. It is the actionable intelligent web. How web3 works can be understood through the use of blockchain technology? Blockchain technology will ensure that no second or third party will control the app, your content, or your product.
In the web2 version of the internet, websites, servers, and apps use users’ information, identity, and data and leave a trail of our digital use. This highly infringes on the private space of the users, and such pieces of information are then leaked to third and fourth-party users.
With web3, the user’s information and the digital trail will remain confidential through the use of blockchain technology. The possibility of hacking and leak of information is reduced to almost impossible. The user’s information and identity remain confidential.
Web3 will not depend on a centralized system of servers to send or receive messages. One can send and receive messages without using messenger applications like Whatsapps, and one can do it directly. The web3 gets rid of the centralization apps that we have in web2.
Web2 vs web3
In terms of its meaning and service, web2 and web3 are both the same. However, in terms of ownership and privacy, the two have pretty many differences. Web 2 is the version of the internet we are using now, and web3 is the new age internet that will be the successor of web2.
Web2 runs on the philosophy of centralized mechanism, while web3 runs on decentralized mechanism.
Personal data are shared, and your digital trail is tracked on the web2 internet. On the web3 internet, your personal data and information are protected through a system of blockchain technology. You are the owner of your content and whatever you put on the internet.
In web3, the centralized systems require the use of second or third-party servers to send and receive messages. While in the web3, you can send and receive messages directly from the internet. You will not require the aid of third-party servers to either send or receive information.
Web2 version of the internet stands for the read and write phase, while the web3 version of the internet stands for the read, write and own phase. Web2 applications can fall, but web3 applications will not fall. They cannot be hacked or broken as it is secured by blockchain technology.
Payment services in web2 require the individuals’ details and do not allow certain kinds of payments. On the web3 internet, payments are made without giving personal data, and all payment services are allowed.
Advantage of web3
The advantages and benefits of web3 are very clear and direct. They are as follows.
- While using the internet, you will not have to take permission from anyone.
- Accessibility to the internet is free, and it means that you can have free access to the internet without interference.
- Sharing of knowledge and messages is easier.
- Internet browsing becomes more personalized as you are secure that your browsing history is secured.
- web3 ensures that everyone who uses the internet becomes the owner and the stakeholder.
Web3 sites and web3 app
You might be surprised to know that web3 sites and web3 apps are functional without web3 actually being functional. The web3 sites are available for search engine traffic.
The web3 apps are called decentralized apps or Dapps. DAPPS stands for Dated, Achievable, Personal, Positive and Specific goals to be achieved.. According to the Blockchain examiner survey, the Dapps market is expected to grow by around $21,070 million by 2025. There are already more than 1000 Dapps in use or in nascent stages. The growing market ad development of Daaps ensures the reality of the web3.
There are contentions that Dapps will replace centralized apps, but it is highly unlikely as replacing them will mean quite a shift. The future of Dapps is something that can only be anticipated.
The web3 apps are used for various digital transactions, and hence there are different apps for different transactions. There are various applications for browsers, wallets, art marketplaces, music, lending and borrowing, pooling and investment, token exchanges etc. Some web3 examples for applications are Wolfram Alpha and Apple’s Siri.
Web3 companies and web3 project
Several web3 companies are functional, and these companies use decentralized apps and use blockchain technology. Here is a list of ten web3 companies– Coinbase, Binance, Crypto.com, Gemini, Consensys, Okcoin, Chainlink Labs, Chainalysis, Ripple, Bit Go etc.
Under the web3 foundation, several web3 projects are underway. The foundation supports the web3 project by collaborations, funding, research and advocacy.
What is web3 browser?
Web3 browsers are essentially browsers that will allow you to browse the internet with the web3 feature. By web3 features, it means that the browser will work with decentralized features and Dapps.
While using the web3 browser, what you browse remains confidential; your information or data remains secure and does not get leaked. You can be assured of a secured use of the browser while using a web3 browser.
By using the web3 browser, you can connect to other decentralized applications automatically when using the browser. You can also easily scan the QR of decentralized apps to connect to them through the browser. Connecting to the ethereum wallet and other ethereum networks can be easily done through the use of the web3 browser.
What is web3 infrastructure?
The web3 infrastructure facilitates the decentralization process of the new age internet. They help in facilitating the production material and building production relations.
Like applications used in the web2 internet to provide a centralized system of the internet, web3 infrastructure does so for the decentralized internet. Dapps are web3 infrastructure that facilitates web3. Although Dapps are still at the development stage, Ethereum itself has already developed 3000 Dapps which includes gaming apps, finances and others.
Getting acquainted with the web3
Getting acquainted with the web3 internet will require you to get a web3 tutorial. Not that understanding the web3 is a challenging or daunting task. However, if you are new to the decentralized web, then you might find it daunting.
Don’t worry; there are ample web3 tutorials that will ease you into the whole concept of web3. Since there are already web3 sites and web3 applications functioning and available, you can easily get the hang of it.
For web3 tutorials, you can check learning resources such as Whitepapers, Buildsspace, Ethereum Development Tutorials, Crypto Zombies, Blockchain Basics etc. These resources are free learning spaces that can help you learn as well as develop Dapps.
The foreseeable future of the web3
The future of web3 has been hyped and talked about so much already. Big technology corporations have so much interest in the development of the web. For example, the recent move by Facebook founder Mark Zuckerberg to rename Facebook into metaverse is itself a move towards the virtual world and web3 creation.
Companies like Microsoft and personalities like Elon Musk have made huge investments towards the creation of the web3 universe. It is expected that the amount of investment and interest will only grow in the future, with smaller companies also bandwagoning with the technology corporations giants.
However, there are also reservations on how the web3 will be developed and how it will work out to be the successor of web2. If and when web3 becomes a reality, web1 will become a completely outdated internet.
There is also the question of how web3 projects and infrastructures can be achieved when talking about decentralization. In the end, there needs to be a specific medium through which knowledge or transactions can be carried out in web3.
The web3 is also criticized on the grounds that there may not be a smooth transition from web2 to web3. The integration of the two or the upgradation to web3 could be not smooth. There is also additional fear that the lack of integration might make web3 inaccessible for a lot of users.
Conclusion
All said and done, the fact that web3 has garnered so much attention and talk about it even without existing is itself a remarkable feat. Web3 might take another few 5 to 10 years to see any form.
At present, it is still an idea, but one which is promising of a huge change in the use of the internet and the course of the future of the digital world. Getting a head start and equipping oneself with the knowledge of blockchain, web3, ethereum and cryptocurrencies will give you an edge and help you get ready when we have web3 for disposal.