What is the meaning of Web 3.0 (Web3)? In the area of blockchain and decentralized technology, it’s a trendy concept, but is it just a jargon or something we should be paying attention to? In this blog, we’ll explain what web3 is, how it works, where it’s headed next, and why it’s important.
What is Web3?
Web3 is “the trend of democratizing the internet,” according to Mason.
All of the present protocols and services that we see on the internet today will be included, but they will be built on permission less blockchain with open protocols and open standards. Individual users, content providers, and initiatives will have far more freedom, decentralization, and democracy as a result of this.
We’re still putting the infrastructure in place right now. Blockchain, bitcoin, smart contracts, and other technologies that will serve as the foundations for Web3 are still evolving. However, the future appears bright.
Why does it (Web3) matter?
One of the reasons Web 3.0 is such a big deal is that it provides people ownership and control over the stuff they generate. Individual content providers, such as YouTubers, Spotify musicians, and Medium authors, are the foundation of today’s internet platforms. Despite the fact that these platforms have gotten extremely affluent as a result of this material, the authors are not compensated fairly. They are compelled to use platforms to reach their audiences, yet they are not fairly compensated for the value they generate.
Another problem is data centralization. When our data is held by a few centralized corporations, such as social media platforms, it’s tough for new firms to compete with these entrenched forces, which makes innovation harder. Furthermore, these cyber behemoths may misuse consumers’ data, infringing on privacy standards. Our data should be ours, and we should be able to choose who uses it and profits from it.
Finally, there are numerous areas of the internet that are frequently used and adored by everybody, but are underutilized in terms of monetization. Sites like Reddit, Stack Overflow, and Wikipedia are examples of “internet jewels.” Web3 and cryptocurrencies bring up a slew of new ways to monetize these platforms, ensuring that we continue to reap the benefits for years to come.
How does it work?
Web 3 aspires to be a decentralized form of today’s Internet. This essentially entails handing up control of the “internet behemoths”. According to the Web3 Foundation, which supports Web3 initiatives, internet users will only be able to “manage their data, identity, and future” if they adopt Web3.
So, how does it accomplish this?
Only one technology should spring to mind when the phrase “decentralized” is mentioned: Blockchain. Web3, like other buzzwords like Bitcoin and NFTs, is built on blockchain technology. The majority of it is now based on the Ethereum blockchain. In reality, the name Web3 was invented by Ethereum co-founder Gavin Wood in 2014. He is presently the director of the Web3 Foundation.
There is no one controller of a Web3 app, also known as Decentralized Applications or dApps, while building an internet on the blockchain. The way today’s websites and applications function is through their servers. Information is sent to the server and received from the server. Your online activity receives a response, and only the platform provider knows what happens in the interim. The user is frequently unaware of the security mechanisms in place, as well as privacy protection measures and other data-related acts. One of the reasons for Web3’s existence is to address this issue.
Web3 uses blockchain to revolutionize this procedure. For those who are unfamiliar with blockchain technology, it is a digital and distributed ledger system in which all participating systems operate as nodes. In simple terms, it is a method of storing data that use a network of computers rather than a single computer.
This makes hacking or cheating the system extremely difficult, if not impossible. What is more, and more notably in the context of Web3, it doesn’t rely on a centralized server to function. This implies that, in theory, you’ll be able to send a message to a peer on Web3 without having to go via WhatsApp’s servers.
Is Web3 a solution to our Internet’s problems?
Even experts vary on this, so don’t be discouraged if it all becomes too much for you to handle right immediately. Try to grasp this simple concept: Web3, as a decentralized system, seeks to return control to the user. This implies no service authorization is required (censorship, prohibitions), no information transmission is monitored (privacy violations), and there is no single point of failure in a network (multiple servers).
The point being made here is that not the entire Internet is now experiencing these issues. Every widely used service contains elements of decentralization. There are several security safeguards in place, and the regulation that Web3 proposes to eliminate may be beneficial to the general population. What if Web3 spreads disinformation, or if nasty or incisive content gains traction? Who is going to be held accountable? For the time being, we may blame the platforms, which are then prosecuted by the law. Web3 is unaware of jurisdictions, at least for the time being.
“The degree to which a network is centralized/decentralized lies on a continuum; no network is totally centralized or entirely decentralized,” Ethereum.org emphasizes.
Another major concern about the use of Web3 is what happens if it isn’t as decentralized as it claims to be? Yes, the technology that it will rely on will evolve. It will undoubtedly be decentralized. But how is this decentralization going to happen? Will this be one of 100 PCs in a single workplace space? Will it be built on a worldwide network of systems, or will it be something else entirely? It will be plain old Web2 in the first example.
In a recent interview with Wired, Gavin Wood brought this up – “We need to know more about the blockchain network’s node infrastructure: is it truly peer-to-peer, or is it controlled from a single data center by a company that manufactures and sells hardware and must be consulted before a new node can be added? The specifics determine whether it’s merely a Web 2.0 clone or a truly open, transparent, decentralized, peer-to-peer system.”
Simply because Web3 platforms are receiving huge money, in the billions of dollars, from numerous investors throughout the world, these investors will undoubtedly be at their helm as these platforms mature into general use. These platforms will then become the internet behemoths they were designed to replace, albeit in a new era.
There are also more issues that Web3 is now facing, such as making it more accessible to the general public and lowering the cost of developing a platform on it. Its function in the future will be defined by how its stakeholders address these concerns. Of doubt, Web3 has several significant advantages over the current Internet, but it will only be effective if its implementation is done correctly.
Advantages of Web3
The Web 3.0, also known as the decentralized Web, is the next big thing, according to the industry. With enhanced privacy, data sanctuary, and more human-like interaction, it will take a wistful turn to the vision of Web 1.0 and 2.0.
The idea of a more transparent Web was first proposed in 2006. However, the necessary technology and techniques were not accessible. Bitcoin was still three years away, but it had already introduced the niche notion of distributed ledgers, or blockchain technology, for peer-to-peer digital storage. The concept was decentralization, and the technology was blockchain. The ‘Human-Centered Internet’ is what we presently have. Let’s have a look at the main advantages of Web 3.0.
- Information or Data Ownership
- Elimination of the Command and Control Center
- Information Access
- The Blockchain with No Permissions
- Continuity of Service
To summarize, Web 3.0 knowledge management should result in the Social Semantic Web, an exciting and game-changing environment. However, the technology is still in its infancy.