In today’s world, the internet has taken up a lot of space in daily life. The World Wide Web is a phenomenon known to all, even the ones who are not closely associated with the working, programming, and development of the web. The Web is a term and concept known to all. But what is Web3 that has taken the internet and the e-commerce market by a storm?
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In this article, Edureify will discuss Web3, the new talk of the town web platform.
What is Web3?
Web3 is the technology that is considered to be the new kind of internet service that is built using decentralized blockchains. Packy McCormick, an investor who aided in the popularity of Web3, defined it as “the internet owned by the builders and users, orchestrated with tokens.”
Web3 is considered to be the future of the internet. It is the vision for the new blockchain-based web that includes cryptocurrencies, NFTs, DAOs, decentralized finance, and more. To give a clearer understanding, Web3 is the solution to the problem of a Web that is monopolized by large technology companies. Web3 is built, operated, and owned by its users, and embraces the idea of decentralization. This form of the internet gives the authority to the individuals and not the corporations.
Web3 was not conceived in just a day. There is a journey of the development of such a web.
Development of Web3
The early Web
Before knowing the web as we know it today, it came into existence from what is termed Web 1.0 and Web 2.0.
Web 1.0: Read-Only (1990-2004)
Tim Berners-Lee in 1989 at CERN, Geneva was developing the blueprint of what was to become the World Wide Web. His main idea for the development was to create open, decentralized elements that allowed data sharing from any place on Earth. This gave birth to Web 1.0.
Web 1.0 was a static website that companies owned and there was no interaction between the users for individuals rarely produced any content. This led Web 1.0 to be known as a read-only web.
Web 2.0: Read-Write (2004-present)
With the emergence of social media platforms, the Web 2.0 period began, roughly since 2004. Earlier, Web 1.0 was read-only, but this time, Web 2.0 is read-write. Earlier only the companies were providing content to the users. Now, the users got a platform to share user-generated content and engage in user-to-user interactions.
As the popularity grew, more people joined. Given the opportunity, some companies began to control a disproportionate amount of traffic the value generated. Web 2.0 also gave rise to the advertisement-driven revenue model. Here, users could create content but not own it or benefit from its revenues generated.
Web 3.0: Read-Write-Own
Here comes the talk of the town, Web3.0. The term ‘Web 3.0’ was given by the Ethereum co-founder Gavin Wood. He coined the term shortly after Ethereum was launched in 2014. Wood put forward the solution that many Web users and crypto adopters felt, i.e., the Web required too much trust. The Web that is known and used by the people today has to rely on trusting some private companies who will act in the public’s best interest.
Therefore, Web3 is the term used for the vision of a new and better internet. At its core, Web3 makes use of cryptocurrencies, blockchains, and NFTs to give authority to the users in the form of ownership.
Fundamental Ideas of Web3
Some of the fundamental ideas or features of Web3 are-
- It is decentralized– unlike the internet controlled and owned by the centralized entities, the ownership in Web3 gets distributed amongst its builders and users.
- It is permissionless– everyone has equal access to use Web3
- It has native payments– it makes use of cryptocurrency to spend and send money online, and does not rely on the outdated infrastructure of banks and payments processors.
- It is trustless– Web3 does not rely on trusted third parties but rather operates with incentives and economic mechanisms.
Benefits of Web3
Some of the qualities of Web3 that make it beneficial for use are-
- Ownership- Web3 gives direct ownership of the digital assets in an unprecedented way. Such direct ownership is allowed through Non-Fungible Tokens (NFTs).
- Censorship Resistance- On Web3, the data lives on the blockchain. It is up to the user to take the data with them when they leave a platform and plug it into another interface that will align with their values.
- Decentralized Autonomous Organizations (DAOs)- Along with owning one’s own data, Web3 also allows one to own the platform as a collective with the help of tokens that act like the shares of a company. This allows decentralized ownership of a platform.
- Digital Identity- With the use of an Ethereum address and ENS profile, users can control their digital identity. Ethereum address provides a single login across all platforms that are secured, censorship-resistant, and anonymous.
- Native Payments- Web3 uses digital money or transactions with tokens like ETH to send money directly to the browser without any involvement of a third party.
Limitations of Web3
All good things cannot be entirely perfect. Following are certain drawbacks of Web3.
- Accessibility- There is a high transaction fee levied on Web3 uses.
- User Experience- The technical barrier is too high for entry in Web3. The user interface is a bit complicated for users need to comprehend security concerns, understand complex technical documentation, and then navigate unintuitive user interfaces.
- Knowledge- Users need to have some more knowledge than the Web2 languages. Web3 has new models that require one to know more.
- Centralized Infrastructure- Web3 is a new and evolving model. At present, it relies on centralized infrastructure.
Web3, with its fair share of certain drawbacks, is the web for a decentralized future.
Edureify identifies such lucrative models that will help students learn more. Along with knowing about such new developments, students can also take coding courses that will help them learn about these developments.
Students can also read Edureify’s articles on Blockchain, Bootstrap, HTML, JavaScript, PHP, SQL, Node.js, and more to improve their technical skills for a better future.
Some FAQs on Web3-
1. What is Web3?
Web3 is the technology that is considered to be the new kind of internet service that is built using decentralized blockchains. Packy McCormick, an investor who aided in the popularity of Web3, defined it as “the internet owned by the builders and users, orchestrated with tokens.”
2. What is Web 1.0?
Web 1.0 was a static website that companies owned and there was no interaction between the users for individuals rarely produced any content. This led Web 1.0 to be known as a read-only web.
3. What is Web 2.0?
Earlier, Web 1.0 was read-only, but this time, Web 2.0 is read-write. Earlier only the companies were providing content to the users. Now, the users got a platform to share user-generated content and engage in user-to-user interactions.
4. Mention the fundamental ideas of Web3.
The fundamental ideas of Web3 are-
- Decentralized
- Permissionless
- Native Payments
- Trustless, i.e., no third party involvement
5. Where can I learn more about Web3?
Edureify comes up with various coding and programming courses and articles to help students who are interested to learn about such web development tools. Stay tuned to Edureify to learn about more web development tools.
