Web
III: The Next Generation of the Internet
Web 3.0,
better known as Web3 too many people, is the concept-developed state of the
next stage in the internet revolutionizing process.
Web3 is the
new and improved version of Web 2.0, which brought user-generated content as
well as social media; except that now instead of Tech giants or any other
corporate controlling everything from their infrastructure to applications
in-between, it wants this space to be decentralized so you own more than just bits
soon (tm).
Medium behind Web 3.0
Decentralization:
placing an emphasis on a collective network as opposed to centralized platforms
we have seen in Web 2.0 (think Google, Facebook, and Amazon) with control or
ownership being more evenly distributed across the user base of that network.
To develop this, they have created a record of transactions through blockchain
technology that is transparent and immutable.
•
Openness: Web3 envisions an
Internet where anyone can participate and contribute without intermediaries.
This promotes innovation, competition, and accessibility.
•
Based on the User: In Web3, users wield
control over their own data and digital identity. Einstein described such a
shift in power dynamics as occurring in an era prior to the present, where individuals
would gain more influence and rely much less on centralized entities.
•
Web3 Space: That's obvious, but
another important aspect of Web3 is the token economy (many Web 2 applications
have it worded differently), where all tokens and cryptocurrencies are being
used as an incentive for users to participate in the system. Binding between
user actions and rewards creates a strong connection with any ecosystem.
How does Web 3.0 work?
Web3 is at its
heart about blockchain technology, which is shared record keeping across lots
of computers. It adds transparency, security, and immutability. Smart contracts
are the equivalent of a self-executing contract, with the terms directly
written into lines of code that automatically execute and enforce themselves when
certain conditions are met.
These cater to
a wide range of functionalities, as do the decentralized applications (dApps)
that any blockchain platform houses around itself.
Such dApps can
vary from decentralized finance (DeFI) use cases to gaming platforms all the
way through social apps and more.
Potential Benefits of Web 3.0
•
Increased Privacy: Web3 is built on
giving users control over their data (and other assets), so privacy and
security are expected to be improved.
•
Economic Empowerment: Web3 could easily
lead to new economic prosperity, particularly in underdeveloped markets, due to
enabling peer-to-peer transactions as well as the further removal of
unnecessary intermediaries.
•
Censorship: Censoring content and
attempts to control the flow of information for governments or companies become
more difficult.
•
Innovation: Web3 can drive more
people to create and build apps on the Web.
Challenges and criticisms
But even with
its game-changing potential, Web3 is facing several challenges. The biggest
challenges are in market entry, scaling, and regulatory uncertainty. Other
critics are skeptical that the excitement around Web3 is overblown, citing it
has failed to deliver other promised features—such as privacy or security,
interoperability between different blockchains.
The Future of Web 3.0
We are still
in the early days of the journey to Web3. We should begin to slowly see a
decentralized Internet becoming the standard as technology matures and adoption
increases. The exact timeline is hard to predict, but the impact that Web3
could have on various industries and society at large is ever more convincing.
In simple
terms, Web 3.0 is a new form the Internet will be taking, and it represents how
we change paradigms in interaction with this wonderful World Wide Web of ours.
This, in turn, can revolutionize the digital world as open, decentralized, and
still user-centric, able to create equilibrium options within online.
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