Web3 (also known as Web 3.0) is a concept of a version of the Internet based on decentralized and public blockchain. The concept gained widespread popularity in 2020 and 2021 with interest from cryptocurrency enthusiasts and investments from high-profile technologists and companies.
Now we can see how things unfold and what to expect on our journey to new frontiers.
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Web 3.0 has the potential to change the way we use the Internet. In this new age, navigating the web no longer means connecting with people by logging in to likes on Facebook, Google or Twitter. The web has been seen as a way to democratize access to information, but it has not always been a great way to navigate. It was quite chaotic and irresistible, and not with the endless information we have today.
What we know and describe as Web 2.0 came about in the mid-2000s. Platforms like Google, Amazon, Facebook and Twitter are emerging and creating a new way for the Internet to easily connect and transact online with anyone at any time.
In Web3, data is stored on multiple copies of a P2P network. The rules of management are formalized in the protocol and are protected by a majority consensus of all network participants, who are encouraged with a native network token for their activity. Blockchain will be the backbone of Web3, as it redefines the data structure at the backend of the web. It introduces a level of governance that runs over the current Internet, which allows two people who do not know or trust each other to reach and settle agreements on the web.
Bitcoin and similar blockchains have introduced a mechanism for each participant in a network to retain and transfer values in digital native format without the need for trusted intermediaries. Web 3.0 will probably be at least somewhat decentralized, and will be built on a system known as blockchain, which already undergarments Bitcoin and other cryptocurrencies. Imagine for a second you were transposed into the karmic driven world of Earl. It is managed collectively by users instead of a corporation Instead of platforms, there will be DAOs. People are given “tokens” to participate. Tokens can be used to vote on a decision, even gaining real value. Here are some of the potential features of Web 3.0:
It’s great for transacting and holding on to different wallets without having to worry about being tracked. This, along with the constant flow of personal data over Google, Facebook and the like, means that Web 3.0 can offer vast potential and still be a necessary shadow for transactions with privacy. Until then, over time we will learn more about Web 3.0.