Hello readers, today we are going to introduce you to what is Web3. If you like this information, please share it with your friends.
Web 3 represents the next generation of the internet, one that focuses on shifting power from big tech companies to individual users.
Web 3 is a term you may have heard thrown around a lot lately. It simply refers to the next iteration of the internet that promotes decentralized protocols and aims to reduce dependency on large tech companies like Youtube, Netflix, and Amazon. But what is it?
What is Web 3?
To understand Web 3, it is necessary to understand what came first. The first version of the Internet, known as Web 1, arrived in the late 1990s and contained a collection of links and homepages. Websites were not particularly interactive. There is more you can do than just read things and publish basic material for others to read.
Web 2 came next. Some call it the 'read / write' version of the Internet, in reference to computer code that lets you open and edits files instead of just looking at them. This version of the Internet not only allowed people to use content but also created their own content and published it on marketplaces like Tumblr, Internet forums, and Craigslist. Later, the rise of social media platforms, including Facebook, Twitter, and Instagram, took content sharing to new heights.
Over time, the general public became aware of how tech giants extract their personal data and use it for advertising and marketing campaigns. Facebook, in particular, has been fined numerous times for violating data privacy laws.
While Web2 has brought amazing free services to the world, many people are fed up with the new "wall gardens" created by these huge technology companies and want more control over their data and content. Here comes Web3.
Web 3 can be understood as the 'read/write/own' phase of the Internet. Instead of using the free technology platform to exchange your data, users can participate in the administration and operation of the protocol themselves. This means people can become participants and shareholders, not just customers or products.
In Web3, these shares are called tokens or cryptocurrencies and represent the ownership of a decentralized network known as a blockchain. If you have enough of these tokens, you can say on the network. Holders of governance tokens can spend their assets voting on the future of the decentralized debt protocol.
At a basic level, the idea behind Web3 is to take the world wide web as we know it and add blockchains of the technology behind cryptocurrencies like bitcoin to everything.
Why would you want to do that?
The web was once seen as a utopia in which anyone could do anything, but proponents of Web3 say it is now dominated by big corporations and proprietary algorithms. Blockchains could give people equitable ownership of their presence on the internet. 'Web3 is a way to deal with the trauma of the loss of a once possible great future for the internet,' says Niels Ten Over at the University of Amsterdam.
So, what does it actually involve?
At the core of Web3 are distributed applications built using the Ethereum blockchain, which pays out to users who help keep its network online. Dapps will play a similar role for Web3 that the App Store did in unlocking the potential of the iPhone, says Zoe Scaman, founder of London strategy studio Bodacious and a Web3 proponent.
So, here's the question,
What are Dapps?
Decentralized applications are also called 'dApps' or 'dapps' which are digital applications that run on a computer's blockchain network without relying on a single computer. The advantages of dApps include protection of user privacy, lack of censorship, and flexibility of development.
dApp allows users to personally pay for up to 10 services, including accredited investor checks, crypto fund screening, ID verification, and document authentication. The service allows users to check client crypto wallet costs to check against known-risk indicators and to comply with anti-money laundering regulations.
What are the daps at the moment?
Of the current top five daps, one is the most popular one that allows people to exchange cryptocurrencies, while the other is for trading non-fungal tokens (NFTs). There are three other games, similar to the initial breakout success on the App Store, but with the main difference: you can earn money in cryptocurrency to play them.
So how will the way of using the internet change?
Proponents say this is a bold new future designed to take control away from the big tech platforms and put power in the hands of everyday citizens: a decentralized Internet, where people conquer individual companies. That was the concept behind last month's failed bid to buy a copy of the US Constitution.
Some of the claims behind Web3, such as distributed architecture and decentralization, are best achieved without blockchain, some say. While the web infrastructure is nominally decentralized, in practice most of the Internet runs on servers hosted by a handful of companies, such as Amazon and the same is happening with Web3, they say, people only run dapps hosted by a few providers.
Things aren’t much better within decentralized finance protocols. They’re rife with voter absenteeism, often rely on centralized infrastructure and the barrier to entry in creating them is still high, given that creating blockchains seems to be arcane magic reserved for only the most highly specialized engineers.
But despite its problems, Web 3 has a lot of potentials. Whether it’s too idealistic to put into practice will be something that everyday users will discover over the next decade.
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