Web3. We are hearing the term all over the place, but what does the revolutionary idea mean for tech enthusiasts? Web3 has aimed to revolutionize the method we connect with each other today, and it will pave new ways in front of us with peer-to-peer interactions and by employing cutting-edge technologies.
Web 3.0: Can We Build A Decentralized Internet?
• Web3 is going to retire centralized platforms to achieve decentralized business and transaction models.
• Web 3.0 was coined in 2014 by Gavin Wood, one of the co-founders and designers of the Ethereum network.
• The concept of Web 3.0 is based on the decentralized blockchain, users own their content and data, and we have new business models and interactions with peer-to-peer connections.
• There are no intermediaries and every user contributes to the structure of the system and shares content and data.
More About Decentralized Blockchain
Prior to understanding the term web 3.0, we need to find out which system will power up the technology and which concept it uses to deliver a highly reliable web network. Blockchain technology and the decentralization of the internet are essential parts of the new term that is referred to as Web 3 today. As Gavin Wood says “Web3 is an alternative vision of the web”, we can get a new version of the internet that isn’t controlled only by service providers and technology companies.
• Blockchain is a distributed system in which each user contributes to the development of the entire infrastructure.
• The data in such a system is duplicated and distributed across the network and every user possesses the data and content and assists the security of the entire system.
• With blockchain technology, there is no need for a centralized authority and transaction fees, and security risks are significantly reduced and eliminated.
What is 'Web3'?
What is Web3? Source: https://www.weforum.org/agenda/2022/02/web3-transform-the-internet/
When speaking about Web 1.0 and Web 2.0, there is considerable criticism that only a few tech companies own the authority and power to control the internet and transactions online. Platforms like Amazon, Google, Twitter, and Facebook have transformed the way we connect into a modern era, providing high-speed connections and file-sharing protocols.
But, critics like Gavin Wood say this couldn’t be a democratic and fair deal as we need a new platform that is much more trustful. When dealing with a centralized system, if one of these services goes wrong, you don’t have any other option to access online services.
When it comes to using Web 2.0, everything is based on trust and we have to trust service providers and big tech companies. We give permissions to tech giants and trust them to hold and protect our data and content. Web3 is a relatively new term that emerged to provide us with peace of mind and reduced risk of data loss. In the concept of Web 3.0, you can access services and platforms that are completely hosted by a decentralized system, and all users play an important role in hosting the content and data shared on the blockchain platform.
• Web 3.0 relies on the blockchain network to connect people and internet users in a more advantageous manner.
• Blockchain technology and decentralization is the very basic part of Web3 and it has been improving at a high speed.
• Web 3.0 applications are limited today, but wise businesses are making use of this technology to reduce transaction fees by eliminating intermediaries and unnecessary costs.
• Web 3.0 and related applications and services will play an increasingly crucial role in the future of technology, and the new norm will largely be used by SMEs and enterprises. It is expected that tech giants like Google and Amazon will work hard to offer Web3 applications and services to retain their users.
Will Web3 stand in place of Web2?
Experts Say No. Web 3 and blockchain-based technologies will grow and improve significantly in the coming years. Blockchain and decentralized technologies deliver remarkable benefits and capabilities and they have provided reliable solutions for the big challenges we faced years ago. Web3 could be the major change in the history of the internet, providing businesses and enterprises with a more trusted and distinctive transaction platform.
According to experts, Web 3.0 can thrive and keep moving forward in the market alongside Web 2.0, but it cannot pull over Web 2.0 and retire tech giants like Google, Twitter, and Amazon.
• Tech companies constantly change their priorities and policies. So, you could see they shift to leverage the power of the blockchain and Web3 to remain on top of the market.
• Web 3 fundamentally needs approved regulations and it is in development at the moment. We need regulatory laws and protocols to be able to say the new vision of the internet is practical to use and can be functional to trust.
Web 3.0: Can We Build A Decentralized Internet?
Simply put, Yes. We can create a new norm for the internet we use today to connect to each other. In decentralized internet connectivity where everybody has a key role in conducting and maintaining the platform, the central authorities and tech companies don’t step in and decide which users have permission to use the services. This is an important point that leads Web 3 enthusiasts to spend more time on developing the platform and helping experts to make the idea real.
Blockchain and related applications are changing the way we run business transactions and the technology provides the idea of a decentralized platform to create cryptocurrencies. Cryptocurrency and digital tokens are continuously improving and such digital assets will be at the heart of the new internet norm; This is what we call Web 3.0. In these services and applications, users can access various capabilities ranging from storage, hosting, and computation to online streaming services.
• In the new internet concept, users can take part in the security of the entire system and they can make money by providing content and data.
• Unnecessary costs and intermediary fees will be eliminated and the fees you give to service providers can be paid to actual users and contributors of the network.
• Web 3.0 is aimed at empowering individual users that have an important role in the trust, security, and privacy of the entire platform.
• We can implement Web 3 smart applications that are based on AI and ML features and deliver noble capabilities to precisely compute, analyze, and store data throughout the internet.
• Data and services will not be controlled by a single service provider or a single entity. So, every user can access the services without restrictions and limitations. More importantly, you will not encounter problems in accessing data and content.
• You may face service interruptions and data lag during using Web 2.0 services and applications. This may incur significant costs to small to medium businesses and enterprises and put obstacles in the path of progress. Web-version 3.0 offers uninterrupted services without any disruptions that are caused by technical and coding issues.
• AI and ML-powered applications and services allow us to make use of 3D graphics, providing businesses with better marketing and world-class features to get new customers and retain existing customers.
The Web3 can be completely deployed using blockchain technology and related applications. In such a situation, businesses and grown-up enterprises need to come up with new transaction concepts and methods to reduce or even eliminate unnecessary and intermediary costs. Web version 3.0 is remarkably focused on innovation and artificial intelligence, providing professional security and privacy for business sectors. Ubiquity and the elimination of central authority to control the web are two essential benefits of Web version 3.0. The important part of the story is that, as a user of Web 3.0, you will be able to take part in empowering the platform and make money by helping the entire platform grow.
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