Web3 is the new era of the internet. Centralized Network has a great influence on the development of Web2. However, web2 is not enough to own what we have on the internet. Here is Web3 for solving this problem.
Let’s see how the Internet is evaluated:
For the very first time, in about 1991, Web1 was the owner of the internet. Web1 was only about getting something from the web. In these times, the internet was consisting of only static pages, like an online library. It was all about read-only. There was a big server, which was only giving information to the users(computers). Even the advertisements were awful in these times because they were irrelevant to what you wanted to see.
However, in 2004, the new era, Web2 started. In Web2, it was not read-only, read-write. When the internet gives you some information, you also give them some. Web2 is learning from what we do on the internet. For example, Facebook is a social media in which you can get information about others. At the same time, Facebook also gets information about what you are interested in and what you want to see. As a result, Facebook gives you relevant advertisements. In these ways, both sides are learning and transferring information. But in Web2, there are still some drawbacks, related to its being centralized. For example, if you are a game player and you have bought some in-game items online, they are not yours. When you close the game or delete your account, all of them will be none. However, Web2 is still working very well.
Here is a new era and better internet becomes, Web3. In 2014, the term “Web3” was coined by the co-founder of Ethereum, Gavin Wood. In Web3, there is nothing centralized. Web3 is read-write-own or read-write-execute form of the internet. Artificial Intelligence, Machine Learning, and the semantics all will be used in Web3. Hence, it will give users the best relevant information.
The main features of Web3 are:
- It is decentralized.
Instead of storing data in big databases like Google, and Meta, in Web3 we can store data in several places, which is called distributed computing.
- Everyone has the same access
And especially, there is no centralized organization that decides everything. Alternatively, DAOs(Decentralized Autonomous Organizations) decide what should be done. In DAO, everyone has equal access to voting.
- It is trustless
There is no need for middlemen or third parties because everything is operated by sophisticated processes and programs.
- New way of payment
We don’t need banks and credit cards as in Web2, instead, everyone can buy and sell with cryptocurrencies.
In contrast Web2, if you have bought some in-game items, you can sell them even when you delete your game account. It is as same as NFT, cryptocurrencies, and so on.
- Less intermediaries:
There will be almost no governments, in case any, central governments that will receive a portion of the profits generated by electronic transactions.*
Most blockchains are open-source, which allows users to track how their data is transmitted and what is going on in the code part.
- Improved for Creators:
Creators will not need to create their profiles on every platform separately. A unique platform will be enough on any platform, and the creator will be the owner of their posts.
Blockchain provides the assurance of decentralized and better cryptography for securing data. Not like centralized databases, Web3 data will be distributed and hard to hack. However, 51% attack is still one of the possibilities to hack Web3, and the development of a new method will solve these challenges.
To use Web3, users will require a device that is of a high standard.
It can be hard to attract newcomers.
As a result of Web3-based websites and applications becoming popular, existing websites and apps are under the pressure of updating.
- Hard to control:
Some experts think that it will be hard to monitor and control Web3.