Web3’s potential lies in its capacity to offer decentralized trust and governance, which has the potential to democratize access. Examining the fundamental ideas, use cases, and difficulties related to Web3 can help you comprehend this.
In what is now known as Web 1.0, all participants on the internet were roughly on an equal footing. Users primarily consumed information during this time, which roughly spanned 1990 to 2005, and very little material was created. It was made up of hyperlinked static web pages.
Things began to change around 2005 as centralized companies like Facebook, Google, and Amazon expanded, partly due to the use of cellphones and cloud computing capabilities. On internet platforms, users started producing and publishing their own content. These big businesses then started selling user data, amassing an excessive quantity of data and power. Although they first offered user value to encourage adoption, they gradually changed to focus on capturing as much attention and value from users and rivals. The phrase “if you’re not paying for it, you’re the product” perfectly captures this era, which is referred to as Web 2.0.
The term “Web3”
The term “Web3” has recently become popular as a buzzword with multiple meanings. In the end, the phrase “Web3” refers to a future version of the internet that incorporates blockchain technology as well as other cutting-edge technologies like artificial intelligence and virtual reality. The objective is to aid in the re-democratization of internet ownership, creating a more equitable system where users have more control over their data and privacy.
The purpose of the following essay is to define Web3 and its differences. To make points apparent and demonstrate why this is a vision worth caring about, it will use examples. Remember that major changes take time to take place, and that this field is continuously developing. Web3 today most certainly means something very different in five years.
Web3: What is it?
Instead of just increasing speed and performance, the Web3 movement seeks to boost trust and democratize internet governance. It imagines a time when using the services of large digital companies won’t necessitate providing personal information to those companies. In addition, Web3 wants to prevent financial exclusion by empowering individuals around the world to manage their own finances rather than depending on an antiquated financial infrastructure.
Web3’s fundamental concepts:
Decentralized Ownership
Web3 gives people power over the creation and distribution of content as they see fit, rather than placing this control and monetization in the hands of big companies like Google. For instance, a person could transfer their social network profile information from one platform to another using Lens Protocol.
Trustless
Web3 is more reliable and secure because it doesn’t require a centralized middleman to operate.
Permissionless
There are no restrictions on use; therefore anyone can use it. The 1.7 billion unbanked individuals around the world should take note of this in particular.
Native Payments
Because Web3 is based on blockchain technology and cryptocurrencies, payments are seamless and far more effective than they are with conventional banking infrastructure.
A Web 2.0 browser that controls your data is Google Chrome. Your profile is known to advertisers, who pay for your attention, but you gain nothing in return. The Brave Browser, in contrast, lets you pick how much advertising you want to see. Your privacy is guaranteed if you decide to see adverts, and a share of the advertising fees are paid to you.
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