The future of the web
The term “Web3” (sometimes referred to as “Web 3.0”) refers to a proposed new version of the World Wide Web that would combine ideas like decentralization, blockchain technology, and token-based economy.
Some journalists and engineers have compared it to Web 2.0, where they claim that data and content are centralized in a limited number of businesses that are occasionally referred to as “Big Tech.”
Gavin Wood, a co-founder of Ethereum, first used the term “Web3” in 2014, and by 2021, venture capital firms, major technological companies, and cryptocurrency enthusiasts were all taking an interest in the concept.
The Open Rights Group and other commentators contend that Web3 will boost user data security, scalability, and privacy while reducing the sway of powerful technological firms.
What is Web 3.0
It makes sense to comprehend Web3 by first understanding what came before. The early Internet, also referred to as Web 1, debuted in the late 1990s and consisted of a list of links and homepages. The interaction on websites wasn’t very good. Apart from reading items and posting simple information for readers, you weren’t able to accomplish anything.
In a speech to the US Congress in December 2021, Bitfury CEO Brian Brooks expressed it sagely: People who remember their original AOL accounts can browse at a selection of non-interactive content in a “walled garden” that has been specially selected for them, similar to how Time Magazine used to showcase the items they wanted you to view.
The next was Web 2. A computer code that enables you to open and change files rather than merely seeing them is the reason why some people refer to this as the “read/write” version of the internet. On this version of the web, users may publish their own material on blogs like Tumblr, online discussion boards, and classified ads sites like Craigslist in addition to consuming others’ content. Later, content sharing was elevated by the introduction of social media sites like Facebook, Twitter, and Instagram.
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After a while, the general public learned how big internet companies were collecting their personal data and using it to develop customized marketing campaigns and commercials. Particularly for violating users’ data privacy, Facebook has frequently been in the limelight.
Despite the fantastic free services that Web 2 has provided the world, many individuals are tired of the new “walled gardens” that these large tech companies have established and want more control over their data and content. Web3 can help with this.
The “read/write/own” phase of the Internet is what is meant by Web3. Users can take part in the governance and management of the protocols themselves rather than just using free tech platforms in exchange for our data. People can thus become shareholders and participants rather than just clients or commodities.
Tokens or cryptocurrencies, as they are known in Web3, are shares that signify ownership of the decentralized networks known as blockchains. The network is subject to your control if you own a sufficient number of these tokens. The future of, say, a decentralized lending protocol can be decided by the holders of governance tokens using their assets.
Advantages of Web 3.0
Data ownership, to start. The information you choose to divulge to companies and advertising agencies will be up to you, and you will be able to make money off of it.
2. Less use of middlemen There won’t be many, if any, central governments that share in the revenue from electronic transactions.
(3) Openness. The value and business with which they are associated will always be known to all stakeholders.
4. Quick connections and access to information. The semantic web will help make internet data connections better.
5. A personalized web browsing experience. A more individualized internet browsing experience will be possible because to websites’ improved ability to recognize our preferences.
6. Non-interrupted services A distributed network of Web3 nodes will store data.
7. Enhanced Marketing If merchants made advantage of Web3 powered by AI, they would be better equipped to understand the needs of the buyers.
Disadvantages
1. Users will need a device with above-average hardware in order to access Web3.
2. For newbies, it could be a little challenging to understand.
3. Difficult to regulate: According to some experts, decentralization will make Web3 monitoring and regulation more challenging.
4. Easy access to user’s private and public data: Because the Web3 is so big and connected, anyone can have access to the information you supply online, both private and public.
5. Current websites will need to be updated: As Web3-based websites and applications become more popular, current businesses will be under pressure to change.
Criticism of web 3.0
That Web3 technology falls short of its ideals is the principal criticism leveled against it. Early adopters and venture capitalists hold the majority of ownership stakes in blockchain networks, which are not distributed fairly. CEO of Block Inc. Jack Dorsey and other venture investors recently engaged in a public Twitter battle over Web3, which brought this discussion to the fore.
