Web3 is an idea for a new version of the World Wide Web based on blockchain technology, which uses concepts such as decentralization and token-based content sharing to make your data more secured and in control. Some experts says that web3 will provide increased data security, scalability, and privacy for users and reduce the influence of large technology companies in our daily life.
So what is Web3 or Web 3.0?
Okay, before we get to Web3, What is web 1 & 2!
- Web1 was the first iteration of the internet, which is public data that anyone can visit static pages freely.
- Web2 is the version we currently use, which is a user authentication-based process (social media for example) where interaction between users & platform owner happens upon a user is authenticated.
- Web3 could be the next level which refers to a decentralized online ecosystem based on blockchain. Platforms and apps built on Web3 won’t be owned by a central organization/ monopoly, but rather by users, who will host their own content and Web3 tokens could be used to authenticate users.
Proponents envision Web3 as an internet that does not require us to hand over personal information to companies like Facebook or Google in order to use their services. The web would be powered by blockchain technology and artificial intelligence, with all information published on the public ledger of the blockchain. Similar to how cryptocurrency operates, everything would have to be verified by the network before being accepted. Online apps would theoretically let people exchange information or currency without a middleman. A Web3 internet would also be permissionless, which means anyone could use it without having to generate access credentials or get permission from a provider.
Instead of being stored on servers as it is now, the data that makes up the internet would be stored on the network. Any changes in the data would be recorded on the blockchain, establishing a record that would be verified by the entire network. Just like cryptocurrency, a blockchain-centric internet would make it harder to manipulate and control data. Since data would be decentralized, no gatekeeper would have control of it, meaning they couldn’t bar anyone’s access to the internet.
Why is it trending?
- Data ownership - End users will take full ownership of the data. You will be able to choose what information you want to share with businesses and advertising companies and make money from it. Also, Web3 will not be controlled by a single entity. As a result, decentralized apps would not be censored nor will their access be restricted.
- Less Intermediaries - There will be very few or no central authorities that will receive a share of earnings from electronic transactions.
- Transparency - The decentralized web will enable users to track their data and look over the source code of the platforms they decide to utilize. All the stakeholders will always be aware of the value and commerce they are associated with. You will not need to rely on a middleman for access to this data.
- More personalized surfing experience - It will offer a more personalized internet surfing experience as websites will be better able to recognize our preferences. Web applications analyze our internet usage and habits to customize themselves to fit best to our device, location, etc.
There are a few challenges also:
- It may be a bit complicated to understand for everyone.
- Decentralization might make it difficult to monitor and regulate Web3 as it is not controlled by an entity.
- Advanced technology requirements.
- Require more time to adapt.
- The user experience could be poor till it gets advanced.
Web3 is anticipated to help people have more control over their data, creating a decentralized version of the internet. It’s also set to be more user-specific, which will aid data security and privacy while avoiding the risk of hacking. But it’s vital to remember that not everything needs to be decentralized or built on a blockchain. As always, businesses should use the right tool for the job to achieve the best results and drive long-term success. Chances are the regular web which we have now and the blockchain will coexist in the future!