What's Web3? Explained in few steps.
Even if you don't love blockchain technologies like Bitcoin and NFT, you've probably heard of Web3 (or Web 3.0). If you want to make your mark in this new world, NFT Media Boost is the place to do it.
At the begin, what's web3?
At a basic level, the idea behind Web3 is to take the World Wide Web as we know it and add blockchain, the technology behind cryptocurrencies like Bitcoin, to everything. Web3 uses a number of technologies based on decentralized blockchains that enable the creation of new business and social models. Web3 combines :
- decentralization
- interactivity
...to create a new Internet model where users can interact directly, without Internet intermediaries.
A decentralized world.
The internet that Web3 promises will be far less dependent on big companies like Google or Facebook and more on a decentralized web. The idea behind Web3 is the democratization of the Internet, not the corporatization we see today, where the Internet is largely controlled by these giant conglomerates. Proponents envision Web3 as an internet that doesn't require the transfer of personal information to companies like :
...to use its services. Web 3.0 is the label applied to a decentralized version of the internet that will be owned by both users and developers.
AI will be a big part of it!
Web3 will rely on blockchain technology and artificial intelligence to get rid of the shackles of large Internet companies and let the Internet return to ordinary people. Web3 proponents believe that a blockchain-based internet will improve the existing internet in a number of ways. Web3 is said to replace large corporations with open protocols and a community-driven decentralized web, combining the open infrastructure of Web1 with the public participation of Web2. Web3 provides a decentralized protocol and technology stack that can be used to build part of Metaverse and the new communities and economies it will enable.
What's the purpose of web3?
The technologies that make up Web3 allow people to create and participate in financial protocols, providing unprecedented access, security and transparency to the new economic environment now commonly known as Decentralized Finance (DeFi). While the new financial applications offered by DeFi is one of the most important aspects of Web3 right now, the Web3 model goes far beyond financial transactions to encompass all areas of the internet, from entertainment and social media to browser software. With the key decentralization features of Web 3.0, Web 3.0 is suitable for technologies such as blockchain, distributed ledgers, and DeFi.
What's the difference between web2 and web3?
Web 2.0 is the current version of the Internet (a term often used interchangeably with "Web") that we're all familiar with, and Web 3.0 is its next phase. In a sense, Web3 marks a return to the Web 1.0 era, but extends it beyond the browser web into the wider Internet, including mobile devices, connected TVs, game consoles, and, yes, virtual reality headsets. The third iteration of the Internet is slowly but surely becoming a reality, so GOBankingRates asked experts to help understand the Internet3 and predict the future.
For now, just know that you will hear the word web3 a lot in the next few years as people try to understand the world of new experiences, platforms, and income opportunities that cryptocurrency and NFT enthusiasts are trying to create. The first step for business and IT leaders is to understand the main differences between Web3 and Web 2.0, early use cases for Web3 and related technologies. Web3 is still largely theoretical and has a pretty steep learning curve.
The blockchain power in web3 tec.
Some argue that Web3 is different because it's built on blockchain and other types of encryption and is inherently open and decentralized. Web3 is actually a description of the infrastructure built using blockchain technology, which in turn acts as the backbone of Metaverse and the foundation upon which the Metaverse platform is built. About web3 (or sometimes the term "metaverse" covers the next iteration of the web interface - the user interface through which we interact with the online world, communicate with other users, and manipulate data. (Metaverse in its current form and in the future in iterative development) consists of multiple platforms, such as Roblox, Metas Horizon, and Fortnite, each of which uses the Internet to support multiple platforms The technology required to connect your users to each other and to other platforms .
It's been a long time we talk about web3 emergence!
According to Wired's interview with Gavin Wood, the term "Web3" was first coined in 2014 by Gavin Wood, co-founder of the Ethereum blockchain, when he referred to the concept of a blockchain-based decentralized internet. Web3 is the name given to some technologists' idea for a new type of internet service built using a decentralized blockchain, the general ledger system used by cryptocurrencies like Bitcoin and Ethereum. Blockchain introduces a layer of governance on top of the modern internet, allowing two people who do not know or trust each other to reach and come to an agreement on the internet. Its proponents argue that their view of the internet as a whole could cut out the intermediaries from big tech and completely decentralize the internet, just as cryptocurrencies try to wrest control of global finance from major financial institutions and governments.
The most prominent example so far is Jack Dorsey's tirade on Twitter, in which he emphasized his belief that Web3 is nothing more than a way for venture capitalists to replace companies like Google and Facebook as dictators of the entire internet. Zoe Skaman said that while the web infrastructure is nominally decentralized, in reality most of the internet runs on servers hosted by multiple companies like Amazon, and the same thing happens with Web3 because people run multiple Provider-hosted decentralized applications.