You’ve probably been uncovered to the term “Web3” quite a few times by this point in time. It could have been brought up at your place of employment, at the gym, or even over dinner during a friend’s ten-minute rant about why “Dogecoin is taking SpaceX to the Moon.”
The constant discussion of Web3 may make some people feel apprehensive. The majority of us are still getting used to the new socio-political reality that was brought about by social media, which is why the idea of a new version of the internet can be quite overwhelming.
But that’s not why we’re here; we’re here to unpack Web3, the next stage of the internet, and define the necessary terms.
Before we get started, it is essential to emphasize that Web3 is, by all accounts, still in its infancy. As a result of this, it is undergoing rapid change, and this rate of change is expected to persist for a considerable amount of time. However, despite the fact that the full effects of Web3 and its ultimate form won’t be realized any time soon, we do have a solid understanding of the principles that underpin it. There are many best web 3 services companies providing the best experience for any web3-related services.
To be more specific, it is based on an ecosystem of technological projects, specifically those that are:
Taking a trip down memory lane can be helpful when attempting to explain exactly what each of these ideas means and why they are so important to the Web3 platform. When we talk about the past of the internet, it makes the path that we are going to take much more clear.
What Exactly Was The Web 1.0?
There have been two previous iterations of the internet so far, and they are referred to as Web 1.0 and Web 2.0. Web 1.0, which lasted from the middle of the 1980s until the early 2000s, is considered to be the internet’s “dinosaur age.” It was developed as a result of work that had been going on since 1973 when the Defense Advanced Research Projects Agency (DARPA) of the United States began research on protocols that would enable computers to communicate with one another over a distributed network.
Protocols are standardized, predetermined rules that allow connected devices to communicate with each other over the course of a network. For those who aren’t familiar with the term, protocols can be defined as follows:
Decentralization refers to the fact that the original version of the World Wide Web was constructed on top of a set of open protocols that were available without charge to users.
Open protocols, in contrast to proprietary protocols, are neither owned by a centralized authority nor are they restricted to the products of a single company.
The majority of the early web protocols, such as HTTP (which stands for “web”), SMTP (which stands for “email”), and FTP (which stands for “file transfer”), serve as the basis for the modern internet applications that we are all familiar with and adore.
What Exactly Is The Web 2.0?
Web 2.0 has become ingrained in our daily lives over the course of the past two decades. There has not been a change in the underlying technology. Instead, it is the result of a shift in the manner in which we utilize the internet.
The term “Web 2.0” refers to an updated version of the internet that gives regular users the ability to create, share, and publish their own content. Today’s average person is no longer content to merely observe events from a distance. Instead, they are actively contributing to the development of the internet.
To give you a better idea of what this entails, an online store during the time of Web 1.0 consisted of nothing more than a long list of product names and prices. The readers quickly skimmed through them, and then they proceeded to make their purchases at the physical store. Web 2.0 users can use e-commerce websites to pay, track orders, post reviews, and request refunds.
In point of fact, Web 2.0 sites make it very easy for users to participate and increase the amount of time they spend engaged.
What Exactly Is Web3 And Why Should You Care About It?
Gavin Wood named Web 3.0 after Web 2.0 in 2014. Web3 what? Web3 aims to fix all Web 2.0 issues.
The next generation of the internet will give users more control over their online experience, rather than tech companies.
Web3 is a trustless, permissionless, decentralized, interoperable ecosystem of technology products. Let’s break down what Web3 is and why you should care.
What Exactly Does “Trustless” And “Decentralisation” Mean?
Web3 uses blockchain-powered crypto networks to store data on distributed devices (called “nodes”) around the world. This eliminates the need to rely on a single centralized server for the storage of data. In the end, these widely dispersed devices could be anything, including desktop computers, portable computers, or even larger servers.
They communicate to store, spread, and preserve data without a trusted third party.
Because of these nodes, the blockchain is able to provide an immutable record; it is a decentralized proof of ownership mechanism that is unlike anything else that we have encountered in the past.
What is the Nature of Web3’s Relationship To the Metaverse?
Even though “Web3” and “metaverse” are frequently used synonymously, this is not the correct usage of either term. They are not equivalent in any way.
Metaverse combines the physical and digital worlds. Metaverse proponents argue that humans will spend most of their waking hours in an augmented world.
They believe that this will happen in the not-too-distant future. Mark Zuckerberg, the founder of Facebook, bet big on the metaverse by renaming his company “Meta.”
The Web3 network is a decentralized version of the internet that has nothing to do with augmenting users’ perceptions of their physical surroundings.
Web3 is not the metaverse, even though many Web3 protocols, such as peer-to-peer cryptocurrency transactions and non-fungible tokens (NFTs), may be used in the future metaverse.
Metaverse and NFTs are closely linked in this way because of digital assets and the monetary value they are assigned. NFTs will price content and prove ownership in the metaverse, allowing creators to exhibit digital art and property. NFT can be used for memes, games, nft mining websites, etc.
Web3 is expected to be the next internet stage. The internet has evolved into a decentralised, privacy-first age, where users own their data and creators and their communities profit. There is a chance that we can succeed if the developers working on the current issues can solve them.