WHAT IS WEB3? THE DECENTRALIZED NEXT ERA OF THE INTERNET
“What is Web3?” is a question that many people ask. Well, one thing history has taught us is that the Internet is progressive. Today’s Internet is vastly different from 10–15 years ago.
Consider how you use the Internet internet daily. Take a look at how the Internet internet has impacted society. And now, as we speak, the Internet internet is undergoing a new paradigm shift.
This article will briefly discuss Web3 and its vision as the new decentralized era.
But before we dive into details, let revisit web1.0 and web 2.0
WHAT IS WEB1.0
The Web 1.0 era ran roughly from 1991 to 2004. Consider Web 1.0 to be the era of the read-only web.
Sites delivering inert material rather than dynamic HTML dominated Web 1.0. Data and content were supplied from a static file system rather than a database, and there was little interaction on the web pages.
It only allows news and information on its websites; Images were discouraged since they consumed too much bandwidth, and video was out.
WHAT IS WEB2.0
“Web 2.0 is the business upheaval in the computer industry driven by the migration to the Internet as a platform, and an endeavor to grasp the rules for success on that new platform,” says Tim O’ Riley, Co-Founder of O’Riley Media and the guy who popularized the term.
“One of the importance of these criteria is to create applications that make use of network effects to improve as more people use them.”
Web2 was genuinely revolutionary; it gave birth to social media platforms like Facebook and Twitter, dominating online social interactions. Web2 enabled cloud computing, eCommerce, financial services, and many more features that we now take for granted on the Internet.
PROS OF WEB2.0
1. It allows users to monetize platforms like Facebook, Instagram, and Google.
2. Users can post their views and comments.
3. Social networking
4. SEO and Marketing
CONS OF WEB2.0
1. Information overload
2. Spammers and fake IDs
Now let’s discuss Web3.
What is Web3?
Web3 centers on decentralization, focusing on user-created content. It distributes data is across networks, and no big companies such as Facebook, Google, or Twitter have access to any user’s information. ‘Web3 is the future of the internet which will power the next era of computing innovation,’ says Chandra, an emerging tech evangelist.
Some use cases of Web3 are;
1. Decentralized Autonomous Organization (DAOs)
2. Decentralized finance (DeFi)
3. Stablecoins and Central Bank Digital Currencies (CBDCs)
4. Private and digital infrastructure
5. Creator Economy Enablers, e.g., Blockchain-based games and NFTs
Web3 promotes peer-peer decentralized, borderless transfers of actual value. Web3 application (DApps) is built within the Decentralized networks, e.g., Ethereum and IPFs.
Web3 will power the new era of financial order on ‘Metaverse.’
It will unlock the tokenization of assets and online games, giving users complete control over their data and identity.
BENEFITS OF WEB3
1. Personalized user experience
2. A natural approach to search engine
3. Users will enjoy a better app experience
In conclusion, while Web3 proposes a better era of the Internet, there are concerns about how the general public will access the platform and the cost of creating a platform on web3. However, there are better benefits when compared to web2, but it can only be successful if its stakeholders tackle these arising concerns early.