Web3 or Web3.0 is refocusing on a peer-to-peer and decentralized network of participants, moving management of people’s affairs away from the centralized entities that are currently running everyone’s life in the existing web2 we are in.
Before proceeding, it is essential to briefly describe the evolution of the internet — from the progenitor web1 to the developing web3 — the major topic of this article.
Web1.0, a one-way platform that allowed users to consume information primarily composed of straightforward text and image-based web pages, marked the beginning of the internet’s history. The initial sets of company websites that simply published material or information for individual use mostly dominated this period.Common users did not have the ability to generate own content and interact in web1.0.
As time passed, it was possible for people to socially interact and publish their content on the internet, thanks to the advent of web2.0. This placed more emphasis on human interaction and resulted in the ability of everyone, from anywhere, with an internet connection to promote their own content of all forms on the world wide web.
In short, web2.0 placed the tools for publishing user-generated content on the internet and it’s the current incarnation of the Web as we know it today. Even though this generation of the internet gives some rights to common users–there are still some platforms or firms that have full control of users’ data. This is where web3.0–the successor of web2.0 is making a radical difference.
Understanding The Core Concepts of Web3.0
Web3.0 is a new, decentralized version of the internet that operates on distributed ledger technology (DLT). As anticipated, Web3 will give users more data protection, scalability, and privacy while limiting the influence of powerful technological firms.
The core features of web3 majorly include, among other things, decentralization, resistance to censorship, and permissionlessness. These three components will guarantee that people own and govern the internet and also enable everyone to participate in the dismantling of Web2’s limiting restrictions.
It should be noted that, although all the videos and shorts you posted on TikTok or YouTube were originally created by you, they are not entirely owned by you, as most of the platforms we use today are considerably centralized in nature. These centralized platforms can do anything they want to your data, including deleting them at any point in time.
Web3 has the ability to increase everyone’s access to the internet’s full worth. Instead of platforms and companies having control of the content generated by users, the users will now own any content they create because they are all secured by blockchain technology.
How Does Web3 Change Society And Business?
The possibilities and benefits of web 3.0 cut across several aspects of human lives, with numerous potentials to be rolled out. A few ways through which web3 will change society include the following;
More Control Over Data and Properties
In a Web3 world, users’ information is held in web3 digital wallets (like Metamask and Trust Wallet), rather than in centralized data servers. These wallets let users access Web3 apps, which leverage blockchain technology. As a result, anytime a person wishes to disengage from the internet, they may do so by simply logging off, disconnecting their digital wallet, and taking their data with them. The best part, none of this information will be connected to a person’s true identity.
Consequently, web3 will eliminate all platforms that sell users’ data to third parties for advertising and other uses in favor of a system that gives consumers COMPLETE CONTROL over their data and absolute PRIVACY. Content creators who use sites like Facebook, Instagram, and TikTok will also have more control over their creations.
Easier Monetary Transactions
Web 3.0 will enable users to conduct transactions to and from any location in the globe more quickly, easily, affordably, and effectively. Moreover, certain crypto assets allow for peer-to-peer (P2P) trading, which helps users to directly purchase and sell all types of digital assets without a centralized platform to supervise transactions.
Nowadays, applying for a loan and lending money in the form of cryptocurrency to earn interest and incentives is simple and doesn’t require submitting any papers or verifying oneself. Users have access to “flash loans,” which are short-term loans that are not typically provided by conventional financial institutions.
In addition to making transactions simpler, web3 has allowed content producers to engage with their audience on an unrestricted basis and earn money directly from the interaction. This is because a disparate network of millions of individuals, instead of platforms like Facebook, Google, or Microsoft, will run the internet.
Decentralization and Permissionless
Web3 applications or platforms will be managed by decentralized autonomous organizations (DAOs). Decisions are thus made by users with governance tokens, which may be acquired by taking part in the operation of these decentralized programmes or by simply purchasing them on exchanges, rather than by a central authority.
This will revolutionize how corporate businesses operate. Token holders vote on any proposed changes in a DAO, which are immediately put into the DAO’s code through a smart contract, if approved. In a conventional corporation, shareholders vote on changes in the firm which the CEO must execute.
So, anyone can become a member of any organization from every part of the world, provided they have the tokens (either NFTs or crypto) required. As DAOs are democratized, decentralized, and permissionless, individuals inside the ecosystem have access to the DAO’s source code.
The internet is moving quickly to transition from web2 to web3, notably with regard to crypto, NFTs, and Metaverse, where use cases for web3 are exploding. Although, for the time being, it is unlikely to totally replace existing web 2.0, nobody will avoid being engaged if it finally develops to the point of toppling the current internet generation. We must now get ready for this revolutionary transformation.