Ever since Web3 appeared in 2014 to describe these new protocols that let people agree on things in a decentralized way, it's grown into something bigger. Now, Web3 doesn't just mean those protocols. It's become a whole world of public blockchains, apps, and ways of thinking about design. But, like other cool ideas, asking "What is Web3?" brings lots of different answers from lots of different people. Some might find all this new lingo confusing.
The World Wide Web, often called the "WWW," started back in 1991. But as technology got better, we got newer versions like Web 2.0 and Web 3.0. These newer versions are fancier and easier to use compared to the first one, Web 1.0. But many of us aren't really sure what changed and how things evolved. This article is here to help you understand the differences between the points mentioned below.
Moving from Web 1.0 to Web 2.0:
Web 1.0 was like an online info hub where people could only read stuff; they couldn't really comment or react.
People didn't interact much with websites back then.
Web 2.0 changed things – it got people involved, letting them share and work together. Think YouTube, Wikipedia, Facebook – those are Web 2.0 things.
It's all about sharing and joining in.
Moving from Web 2.0 to Web 3.0:
Web3 is like a futuristic web. In Web 3.0, computers can understand info just like us humans. They can smartly create and give out useful stuff that fits what users want. Tivo, a video recorder, is a Web 3.0 example. It hunts online, finds shows you like, and plays them based on what you like.
Web3 can read data like a person and can also share or change useful things for users.
How does Web3 work?
Web3 operates by merging the decentralization aspect of Web 1.0 with the interactive nature of Web 2.0, all within an easy-to-use interface. Essentially, it aims to grant individual users more authority over their online journey and enhance security through blockchain technology. Blockchain is a decentralized system that records transactions in blocks, visible to all users. Unlike Web 2.0, where you depend on tech giants for technology and security, Web3 gives you and every other user control. Those engaged in Web3 can earn tokens for contributing to its growth and evolution.
What Web3 is Necessary?
Web3 is important because it empowers internet users. It creates a decentralized web that allows data to move freely between services, reducing the dominance of big tech companies.
This relies on blockchain technology, which goes beyond cryptocurrencies. Blockchain is a secure and decentralized record of user transactions.
In Web3, this technology can create tokens, and serve as digital assets. These tokens can be earned by users for their contributions, like posting messages. This setup gives users more control over platforms and even provides rewards for active participation.
What's the Future of Web3
The future of Web3 is anticipated to bring widespread adoption as decentralized concepts become mainstream. Enhanced interoperability between blockchain networks will enable seamless data exchange. Decentralized Finance (DeFi) will expand to include a wider range of financial services. Non-fungible tokens (NFTs) will evolve, offering ownership of digital and physical assets, while IoT integration, privacy advancements, and decentralized identity solutions are set to reshape the digital landscape.
Advantages of Web3:
Control Shift: Web3's decentralized structure moves internet control from big tech to users, allowing communities to self-govern content and interactions.
Interaction Boost: Web3 offers more engagement opportunities between users and content, surpassing Web 2.0 and 1.0 platforms.
Ownership Rewards: Web3 users become community owners, gaining incentives for participation without compromising personal data.
Open Permissions: All users have access to network data and permission to use services.
Private Yet Open: Web3 attaches online actions to digital wallets, preserving privacy while sharing publicly.
Faster Relevance: Blockchain, AI, and smart contracts in Web3 deliver timely data to users.
Disadvantages of Web3:
Cost and Energy: Web3's blockchain technology is costly and energy-intensive.
Hardware Demands: Users may need newer devices for full Web3 benefits, as older ones might lack capabilities.
Regulation Challenges: Decentralization shifts content control to the public, potentially allowing questionable content to emerge.
Scaling Struggles: Blockchain-based peer-to-peer transactions require significant computing power, leading to high costs and limited participation, potentially favoring centralization. Conclusion:
The evolution of the third-generation Internet, Web 3.0, is undeniably transformative. Currently valued at US$2.86 billion, the Web 3.0 blockchain market is predicted to surge to an impressive US$116.51 billion by 2030. The global community's enthusiastic embrace of Web3 is evident, as more individuals and businesses enter this dynamic and evolving sphere.
For those seeking to delve deeper into the Web3 landscape, connecting with CosVm can offer invaluable insights. CosVm, a prominent player in this arena. Talk to us for more assistance.
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