WHAT IS WEB3? Is it the same as Web 3.0? What is DECENTRAL WEB?
These are just some questions that pop up when we speak about Web3. Sure, it’s slightly confusing, but we’re here to clear all those doubts!
So, Web3. Why 3? Because it is an evolved version of the web, that’s why.
Is it the same as Web 3.0? Well, sort of, but mostly No. Why? Because they have some differences. Web 3.0 is a web with AI and machine learning, while Web3 is an idea of a decentralized web where ownership of information is secure & breach of privacy does not occur.
In short, Web 3.0 is a semantic web run by machines, while Web3 runs by nodes, miners, validators, and Proof-of-Stake on a blockchain.
What is a Blockchain? It is a technology that records transactions and activities in the web space. Messages on the blockchain between users use encryption for security. Any data sent across the blockchain gets validated by people who function as Nodes.
Furthermore, Web3 has a concept of a ‘Decentral Web’. What is a Decentral Web? It’s a version of the internet that allows you to own your identity and information. Internet with no central organizations or institutions to record your data.
The Conception & Definition
Being coined by Dr. Gavin Wood shortly after the release of Ethereum, Web3 is an idea of the internet where the web space is decentralized, i.e., not governed or operated by centralized parties or organizations. It’s a free web space where the user owns their information.
Features of Web3
While the term got introduced back in 2014, Web3 was a defined idea with some features such as:
- Decentralized – A web that is run together by all users in the virtual space. With management distribution and ownership of user information is secure.
- Permissionless – Seek no permission anymore! The web is for everyone, and everyone gets to be a part of Web3. All you need is a decentralized identity.
- Native payments – Web3 uses cryptocurrency and tokens such as Bitcoin and Ether for buying items or making purchases online. One can send money to someone’s Web3 wallet directly instead of depending on banks and centralized financial services.
- Trustless – Web 2.0, the read-and-write version, gave us a lot of trust issues when hacks happened. A random, anonymous programmer would get into your account (e-mail, Facebook, Bank, etc.) and use your information against you or to their benefit! Hacks still occur, and we now employ hackers to teach us “ethical hacking”.
A decentral web is a trustless internet because everything runs by Smart Contracts on the blockchain network. Here, validators of information and nodes get incentivized and rewarded for their performance.
Therefore, you get rid of the need for third parties.
Web3: Use Cases
The usefulness of Web3 is broad! A major use case is the domain of Decentralized Finance, where financial transactions occur directly without relying on banks.
And not to mention decentralized identities for all accounts. Your profile syncs with all the applications you use, from Twitter to Meta Mask. Your identity belongs to you in a decentral web space.
Moreover, you can call your cat community or your book club to talk about books, authors, characters, and cats in an open, transparent space away from judgment, spies, or cookie bots that slyly record information you unknowingly consent.
Also, artists can use the Web3 platform to meet and greet their fans. They can do shows, sell their art as NFTs, or merchandise in a space just for their fangirls and fanboys.
And if artists can sell, then a commercial business is not far away from picking up sales at a Web3 arena. Online businesses can rid of the need for web2-based agencies like Shopify or Amazon.
They can directly host it on their platform, and users can connect to their Web3 wallet, make a purchase and pay in the blockchains’ native tokens like Ethereum or Cardano.
So, Is a decentral web a threat to Web2? Maybe. Maybe not. It depends on how one perceives it. But Web3 is an advanced, secure, transparent, and better version of the internet.
In summary, let’s recall that Web3 is a decentral open web space that is secure with encryption and runs on the blockchain. What are your thoughts about Web3? Do you think it is a threat or a revolution? Let’s discuss this in the comments below!