Everything you need to know about Web 3.0

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Web3 is the new buzzword that everyone must have heard lately. It is nothing more than a new update to the World Wide Web, or simply the Internet. This new iteration promotes the shift in reliance from large tech companies to individual individuals. It may seem confusing at the moment, but we will see later how users can make changes to large digital applications themselves thanks to Web3.0!

To burst your bubble at the beginning of this blog, Web3 or Web 3.0 is an idea that is not yet fully implemented in the digital world. It’s more of a transformational process for now. Recently Meta CEO Randi Zuckerberg’s sister said:

“Web3 is a hypothetical future version of the internet based on blockchain technology – an ideal utopia.”

The idea of ​​Web3 was invented in 2014 by Gavin Bois, the founder of Ethereum. After which, the initiative gained popularity mainly in 2021 when cryptocurrency enthusiasts and venture capitalists championed its inventiveness.

To fully understand how Web3 works, we must first understand the fundamental pillars on which the phenomenon is based, these concepts are decentralization, Blockchain technologies and the token-based economy.

Decentralization is not a new term, rather it is the concept of distributing power from a centralized management body to several decentralized entities. The political concept also works in terms of technology when the user has the power to run self-hosted digital services on the Internet. A prime example is decentralized applications or Dapps, which run on a peer-to-peer network rather than a single server. This phenomenon reduces central authority and allows users to transact directly.

To understand decentralization, consider an example of an online document sharing system. When we send the link to different people, we are distributing the file rather than making copies of it. As a result, a decentralized distribution network is set up, allowing everyone to simultaneously access the same document. Everyone has access to the document and can make changes without being locked out while all changes are tracked seamlessly and logged in real time.

Decentralization helps in several ways; it improves data reconciliation by storing information in decentralized repositories accessible to each entity in real time. Another major benefit of decentralized networks is resource optimization with improved performance and consistency, as well as a lower risk of tragic outages. Decentralization is one of the fundamental pillars on which the Web3.0 architecture is based.

After discussing decentralization comes Blockchain, which many refer to as the technology that cannot be hacked. It is considered to be the most secure system for carrying out transactions on the networks. It is a distributed database or ledger system that collects and stores information in the form of blocks. These blocks have specific storage capacities and when filled they are sealed and connected to the block that was previously filled to create the chain of data known as blockchain. The blocks are interconnected via cryptography.

To use the example discussed in the previous section, i.e. an online document sharing system, in blockchain terms, we must consider these distributed documents as immutable and indestructible because the original information and data cannot be changed after being written in blockchain technology.

This proves the redundant and decentralized nature of Blockchain technology. Also, the reason is called Distributed Ledger Technology (DLT). Blockchain contributes to the building structure of Web3 initiatives.

A tokenization system refers to the substitution of a sensitive data component in an information layer with a non-sensitive element, called a token. This token having no exploitable value simply acts as a reference to the original data component in the tokenization system. This reduces the data security concerns of many companies around the world.

Before Ethereum made things easier for the token-based economic system, it was difficult to build tokenized networks as it required a comprehensive evaluation of the underlying blockchain protocols. Ethereum introduced a new cost-effective solution to generate tokens with a few lines of code, without having to create your own blockchain infrastructure. Tokens, also known as crypto tokens, are issued using a smart contract that runs on a distributed ledger or blockchain. The token-based economy establishes a fundamental core for Web3 by creating a much more secure network of interaction.

Now that we understand the fundamental pillars of Web 3, let’s quickly review what came before to fully grasp the need and idea of ​​a new decentralized Internet.

The Internet started with Web 1 in 1989, also called the first version of the Internet. A British scientist created the World Wide Web (WWW) generally for sharing information with other scientists around the world.

Web 1 consisted of a bunch of homepages and links. The websites weren’t very interactive, in fact the interaction was extremely limited. Other than reading stuff and posting easy-to-read content for others, there wasn’t much else you could do. Simply put, Web 1 was the read-only version of the Internet.

Web 2.0

After the introduction of the World Wide Web, Web2 made headlines in 1999. It was a much improved version that allowed users not only to read data but also to create their own content in the form of blogs and online discussion forums.

Web 2 enables user interaction, interoperability and a participatory culture between networks. Users started to read/write on the Internet with Web 2.0.

Web 2 allows users to read and write data over the Internet. Where did the idea of ​​Web 3.0 come from? Well, the proposed Web 3 initiative goes one step further, allowing users to read, write and “own” data on the network. With Web 3, users can participate in the governance and management of protocols themselves rather than simply using free technology platforms to exchange information. People can thus become shareholders and participants rather than mere customers or commodities.

As discussed at the start of the blog, Web 3 follows a decentralized network structure that eliminates the central body, which governs consumer data.

Blockchain technology makes sharing data across multiple networks much more efficient and reliable. The primary examples of a blockchain protocol are transactions of digital assets such as Cryptocurrencies and NFT.

With the idea of ​​Web 3.0, users will be able to symbolize almost anything, call it a meme, a social media post, or a work of art. A massive power shift will occur in every industry once Web3 hits the market.

For example, in the game industry, players will be able to contribute to the game and decide how things should go with Web3. This is great news for gamers who constantly complain about the issues the developers failed to fix in their favorite video game or how the balance of their favorite weapon was messed up by the patch on more recent.

Virtual worlds powered in part by Web3 are being developed by major Web 2 companies like Meta and Ubisoft. By allowing gamers to become the immutable owners of the items they acquire, non-fungible tokens (NFTs) will also play an important role in the evolution of the gaming industry.

Another important aspect of web3 is its permissionless nature, users can participate on an equal level without needing approval from a centralized organization.

Web3 contains many new paradigms that totally revolutionize the way people around the world interact. It aims to deliver a decentralized future that will be ubiquitous, with complete freedom to own digital content.

Token-based protocols will also reshape the way data is shared across networks using blockchain technology. This will improve overall information integrity and security.

Web3 is quite promising, but full use of this concept will be something for our children to discover, as it may take more than a decade to fully implement.

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