What does the new buzzword mean!
Web 3 seized social media. So, what’s this? Despite the fact that it’s the next generation of Web 2, what does it really mean?
Simply speaking, Web 2 is the Internet that we currently use.
Everybody around is talking nothing except Web 3. For sure, I was wondering and decided to figure out what Web 3 is.
It is obvious that cryptocurrencies, NFTs, and decentralization technologies are developing very fast and will be even in higher need in the future for the society. So, it absolutely deserves your attention to gain the understanding of how Web 3 works. Blockchain technologies has played a key role in Web 3 launching.
According to The Economist’ article, Bitcoin that jump-started in 2008 is not only about money as many people think.
What is Blockchain put simply?
- A digital journal consists of few blocks; each block relates to the date of a transaction
- When someone changes a piece of data, a request goes directly to the person to be approved
- You can see changes in the system when minimum 50% of the users approve the request
- In place of being in a storage each user gets his own copy
So, you can see that it has great advantages. It is a tamper-proof and reliable way to save and preserve information. So only users control the information, not the central database which can be changed by someone with access.
Now things that started as an exclusive Bitcoin for Web3 are growing into something wide scale. What does it mean? Millions of applications that are used by people all over the world. According to Albert Einstein:
If you can’t explain it simply, you don’t understand it well enough.
Ability to explain the subject with simple words is a key part of a learning process.
So, our main goal is to explain Web 3 with the simplest words. Ready! Steady! Go!
The most important things about Web 3:
- Web 3 is a way of using information, which is mainly ready to be spread peer-to peer.
- It’s a software package prepared to create interfaces, tools, and service.
- It is an absolutely new way to develop the Internet.
In conclusion, Web 3 is a decentralized system, which is based on blockchains in contradistinction to Web 2 which works on different servers.
Steps of Evolution.
We will definitely deal with Web 3, but now It’s time to look back to Web 1.
Web 1 was wide-spread from the end of the 20th century until the middle of 2000s, and it was one dimensional Internet. You could only see and read the information on the web page. That was the only one option. There was no opportunity to share or post information, because it hasn’t been created yet.
That was the era of reading.
Web 2, which was wide-spread after Web 1 became a two-dimensional Internet. A lot of websites and social media got many options. 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. Users got an opportunity to post their own information and share it with others.
That was the era of reading and writing.
Web3, which is wide-spread from 2020, is a three-dimensional Internet. But it is supposed to be multidimensional. Metaverse is an example.
NFT, Bitcoin and many others are great examples of such technologies. Don’t forget about one important thing about Web 3, it is based on decentralization. It means that there is no one main source. For example, modern banks. We won’t need it anymore with Web 3.
Web3 is the era of reading, writing, and owning.
Why is Web3 so influential?
First it gives power to users. You are safe. It becomes more about politics and philosophy, not about technologies.
As you can see Web 3 is the real way to change the whole world. That what will happen if people use it correctly.
Web 3 is already being used to create new applications. So, intermediaries are not needed anymore.
For example, because of one project we won’t need ride-hailing companies. Ride Market DApp has appeared.
One more project is removing brokerage companies by creating absolutely new stock exchanges based on Web 3.
Decentralized applications are being used everywhere, in every sphere, from entertainment to the environment.
The economists’ article also said that the immediate future will show us that blockchains can be used in different apps, not only about money and finance.
Big tech companies are becoming very vulnerable on the Internet because of decentralized services. Web 3 technologies will help to improve the digital economy.
In conclusion
Everything you have written above is the main idea of Web 3 and the technologies that can be created based on it. And obviously that is brand-new and life-changing technology for humanity.
Just imagine the Internet without servers! Web 3 can do it!
How? It uses computers from all the users, altogether.
It’s like the Internet was in the very beginning but completely new.
Web 3 will be much bigger than Web 2 because Web2 is all about companies using people, but Web 3 is all about people using communities.