- The Web3 focuses on the ownership of content found on the Internet.
- Web3 refers to a decentralized online ecosystem that is based on blockchain technology.
- Web3.0 aims to be verifiable, autonomous, distributed, and permissionless.
Throughout 2021 the use of the term Web3 has spread, but what is it? ¿Why is it so important? Web3, also known as “Web 3.0” represents the next generation of the Internet, which will be focused on the transfer of power from large companies to individual users..
So if there is a Web3, should there be a Web1 and a Web2? Yes, and it is necessary to understand them before focusing on this last generation.
Web1
As is evident, Web 1 is the first version of the Internet to arrive in the late 1990s.Web 1 in particular refers to the internet generation before the Dotcom rush.
This generation was comprised of static websites. At that time, the Internet could only read basic content, but not interact with it, therefore, users were passive consumers of content.
Web2
As servers were upgraded, average connection speeds increased, and developers learned new skills and techniques, the transition from Web 1 to Web 2 occurred. In fact, The term Web2 was invented at the same time as Web1 in 1999 by Darcy DiNucci with the aim of comparing one generation with another.
The fundamental difference between these two generations of the Internet lies in how users consume the content. Previously, it was passively, but, con Web2, they focused on interactivity and users. Now users not only consume content, they also create their own and publish it on blogs like Tumblr, YouTube or Twitter.
This age of the Internet is also known to be the age of centralization, in which a handful of large private companies, such as Google or Facebook (now Meta), acquired a relevant power on the Internet. Over time, this power became more and more apparent as the public realized that these companies collect their personal data and use it for their own benefit.
But, in addition, Web2 experiences a problem associated with data portability and the ability to carry your information with you. For example, if you buy an app through one platform, it may not work on others.
The move to the Web3
The term Web3 gives way to the “read / write / own” phase of the Internet. Unlike Web2, this generation focuses on the ownership of content found on the Internet.
Some characteristics of the Web3 are:
- Verifiable.
- Autonomous
- Distributed
- Without permission.
In this way, instead of using monetarily free platforms in exchange for personal data, users can participate in the governance and operation of the protocols.
And how is this accomplished? Well Web3 refers to a decentralized online ecosystem that is based on blockchain technology; which implies that it is in a decentralized network of many peer-to-peer nodes.
Crypto-Web3 relationship
Web3 applications are known as DApps, or decentralized applications and is one of the key terms to understand this new generation of the Internet.
Cryptocurrencies play a key role in many of these protocols by providing a financial incentive (tokens) for anyone who wants to participate in the network: from its creation to its government. Therefore, ownership of the protocol is granted through tokens or cryptocurrencies. If a user has enough tokens, they will have a voice and vote within the blockchain, that is, they have decision-making power over the network.
But, in addition, since the blockchain data is generally completely public and open, buyers have full transparency about what happens. This is key when compared to, for example, the purchase of shares in private or centralized companies in which there is asymmetric information.
An important aspect is that Web3 encompasses a series of key terms, from non-fungible tokens to the metaverse.
Importance of the Web3
The Web3 represents a new Internet revolution where the power is held by the people. This new generation enables the proliferation of cooperative governance structures.
In the end, anything can become a token: A work of art, a message on Twitter, anything. But, in addition, money is different on Web3. Instead of relying on traditional financial networks, money on the Web3 is instant, global, and permissionless.
Although cryptocurrencies emerged much earlier, it was in 2014 that Gavin Wood, one of Ethereum’s developers, coined the term, in fact, currently Wood runs the Web3 Foundation that supports decentralized technology projects.
Does the Web3 already exist?
Some might even think that the Web3 It is a concept that is far from reality and that has not yet been applied. However, the reality is that it is already in use.
For example, Reddit is working on Web3 trying to come up with a way to use tokens to allow users to own part of the communities in which they participate.
Likewise, the video game industry has been impacted by these advances since now players will be able to invest in their favorite games and vote on how certain actions should be executed. In fact, companies like Meta and Ubisoft are already working on creating virtual worlds powered in part by Web3.
What are the concerns regarding Web3?
In general the idea of decentralization on the Web3 has been widely debated. Many really wonder if decentralization really occurs or is it an illusion.
In particular, although itself the goal of blockchain technology is decentralizationThis is also concentrated in the hands of early adopters and venture capitalists, so concerns regarding this new generation of the Internet are essentially focused on whether or not it achieves its ideals.
According to Ethereum, Web3 has some limitations:
- It presents a scalability problem since, by achieving decentralization, transactions are slower.
- The user interface is not necessarily user-friendly, so interacting with Web3 applications may require additional steps and education.
- There is low accessibility.
The path to creating Web3 is being laid. Are you ready to be a part?
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