What is Web3?
If you are a day-to-day social media user, You may have at least once heard about the term Web3 by now.
Lately, all my social media feeds were filled with the term Web3. This got me curious, so I decided to dig deeper and actually understand what Web3 is.
Aside from the obvious fact that it's the next evolution of Web2, What does it entail? and soon.
Web2, in a simple version, is the internet that we now see and use in the present day. Centralized. Read. Write.
Given the way our society is progressing with cryptocurrencies, NFTs, and decentralization technologies, I found it worthy to learn it. Bitcoin has played a major role in jumpstarting the Web3 ecosystem.
In an article by Chris Dixon and Packy McCormick in The Economist it’s mentioned,
"Because of the success of bitcoin, the pioneering cryptocurrency launched in 2008, many people associate blockchains primarily with money and finance. But the applications of blockchains are much broader."
So what is blockchain in simple words?
- A digital ledger is built by blocks; each block bundles date of a transaction,
- Whenever someone updates a piece of data, a request goes to every user for approval
- Updates get reflected in the system only after at least 50% of the users or people have approved the request
- Instead of all the information being stored on just one file, each person or user has an exact copy
As you can see already, it has strong benefits. It is a tamperproof and trustworthy way of keeping and storing information. The control lies in the hands of all the users using the application instead of one central database or intermediary that can be changed anytime, by anyone with proper access.
What started as solely Bitcoin for Web3 will grow so much bigger in the new decade. We’re talking about a multitude of applications that are applicable pretty everywhere in our society. Albert Einstein once said in his life that is pretty much applicable nowadays.
If you can’t explain it simply,
you don’t understand it well enough.
Part of actually learning is understanding a subject enough to be able to explain it in a simple manner.
In this article, we’ll do our best to explain Web3 for you in the simplest of ways, that even your kid will understand. Let’s get it on.
Key points about Web3
1.Web3 is a protocol for publishing and consuming data, first and foremost prepared to be distributed peer-to-peer.
02. It’s a software package designed to create interfaces, tools, and services
3. This radically simpler approach to elevating promising new models of the internet
in other words, Web3 is a decentralized web and unlike Web2 runs servers on multiple centralized servers, Web3 instead runs on blockchains, driven by peer-to-peer networks.
Time for a history lesson: Evolutionary stages
First, Let's go back to the past and review Web1.
Web1 which is diffused from the 90s to mid-2000s is an internet that is once dimensional. The 'World Wide Web" as it was known, those websites had one function, to display a list of information. So a user can read it. There's no posting, sharing, and interacting with other people, because it hasn't been thought out yet.
It was the era of reading.
Web2, which is diffused from the mid-2000s to late 2010s is an internet that is two dimensional. Example websites are Facebook, Instagram, Snapchat had multiple functions. Aside from reading information from their platform, you can also post your own content so other people or users can read yours too and vice versa.
It's the era of reading and writing.
Web3, which is now being diffused from the early 2020s up to the next decades is an internet that is not only three-dimensional but potentially, multi-dimensional. Thus, Meta with its Metaverse initiative.
Example technologies are NFTs and Cryptocurrencies like Bitcoin and Dogecoin. Take note, there’s one important backbone for Web3 to happen, decentralization. Decentralization means there’s not a centralized source of assets like money. An example would be our modern banks. With Web3, we don’t need banks because the technology allows itself to develop from users collectively.
It's the era of reading, writing, and owning.
Why is Web3 powerful?
Let’s just say Web3 gives power to people, not to institutions. You can’t be cheated, stolen, or broken. Web3 nowadays is becoming more of a philosophical and political innovation than technological.
This shows its true power to revolutionize the entire world. It’s what happens when you use technology in the right way.
Web3 is already being used to build powerful decentralized applications. These apps are removing middlemen from large industries.
There are no small projects. Decentralized applications are being used in areas from ride sharing to online shopping, from online news to online music, from real estate to energy trading, and many others. As the Web 3.0 rears into action, new platforms will emerge with a healthy level of competition not throttled by monopolistic service providers. It’s likely the best dApps and decentralized services we will use three years from now are no more than a glimmer in a developers eye.
The above explanation is the underlying concept of Web3 and the technologies that can be built on top of it. One thing we can say about Web3 is that it’s revolutionary and a life-changer for many people.
Basically, Web3 is the idea of the internet without servers. Web 3.0 is a way to use the Internet that doesn’t need any centralized servers.
How? It uses computers by all the users, altogether.
It’s like the Internet was in the beginning before anyone made websites.
Web3 will be bigger than Web2 because Web2 is all about companies trying to extract value from people, while Web3 is all about communities creating value for their people.
Just as the Web 2.0 didn’t automatically extinguish Web 1.0, the move to Web3.0 will take time and integration with existing online systems. The wheels have already been set in motion and the train has left the station. Web 3.0 is an revolution in motion, we are past the point of no return.
Hope you got the basic idea of Web3, The change can’t happened without your help: spread around the voice or share the article.