If you’ve been browsing the web in the past few months, you’ve been bombarded by information about Web3 and the Metaverse and Web3 as the next technological revolution. It’s been proclaimed to be the most advanced version that has been created on web3 Internet. However, Web3 is a concept that some people love, while others are doubtful. What exactly is Web3 and how will it impact your life? If you’re confused and want to learn more, you’re in the right spot. This article will teach you everything you need to know about Web3. Get yourself a seat and let us get started.
What Is Web3
This explainer will inform you all you need to know about Web3. But I will also spend the time discussing some other related concepts, such as Web 1.0 and the Metaverse. If you’d prefer to skip straight to the definition, refer to the following table in order to help you do that.
What Are Web 1.0 and 2.0?
To comprehend the essence of Web3 actually means it is necessary to travel back in time and find out about the prior versions that comprised the Internet.
a. Web 1.0:
In its early days, the first phase of the Internet was known as web 1.0. From 1994 to 2004, Web 1.0 was basically a set that contained static HTML pages that users could access. Also referred to as the Read-Only Web, Web 1.0 could only be accessed, and did not contribute. If you didn’t have experience in coding or programming languages, you were able to browse web 1.0’s websites. And browse them like a massive Wikipedia directory.
b. Web 2.0:
However, changed that in an enormous way. The introduction of new technologies on the web in 2004 opened up opportunities for businesses to profit from this new technology. Web 2.0 ushered in a new era of companies such as Facebook, YouTube, and numerous others. In the beginning ever, the Internet transformed into a two-way conversation where users were not just able to view but create their own content as well as contribute to it. When it came to posting photos to Facebook and uploading videos to YouTube the possibilities began to open up. The same capabilities were also extended to mobile applications on these platforms, which slowly began to become available.
Privacy vs Convenience:
However, the advent of Web 2.0 came with some downsides. Still in use and often discussed and often, the most enduring of these are privacy issues and data misuse. When businesses on social networks acknowledged that users’ data could generate profits. And a world of third-party ads became more accessible. Data tracking of users became an element of the conversation and targeted advertising was introduced. From the exact journey that a person makes each day to the types of Google search queries a user performs every detail is recorded and used to create an advertising profile. The profile is used to show people like me and you targeted advertisements through social networks. Web 2.0 continues to this day, and remains its version that the Internet that I and you are using.
Web 2.0 – Big Technology:
Because Web 2.0 is the current version of the Internet, however, the issues mentioned above remain. Many people consider Web 2.0 to be centralized in a substantial manner. This means that, instead of allowing freedom to users who are online, all their data is kept. And managed by a small handful of companies called ‘ “Big Technology‘. The data is stored on specific servers and is subject to the control of the administrators who control the infrastructure.
In the case of targeted ads and cataloging of data, the majority of Internet users in 2022 are pondering the notion that users are the products. However, a large number of users have accepted the use of data as a necessity to use numerous applications like social media and Web 2.0. Because the Internet is a global level, there are some ways to prevent this. The most effective option is to avoid using the Internet entirely. Because that’s not feasible, the idea of Web3 is fascinating.
What Is Web3?
Notice: You may have noticed Web 3.0 is described as the semantic web, an idea conceived by the “father of the Internet Sir Tim Berners-Lee. The concept of Web3 is an entirely distinct concept created by Ethereum co-founder Gavin Wood in 2014.
It is also believed by many as the next future of the Internet. Web3 is a concept that is based on an Internet that is focused on decentralization, freedom, and security. The theory is that Web3’s base is based on blockchain technology and integrates distributed computing. One of the main reasons is that Web3 is thought to be a strategy that removes power from large corporations, thereby decentralizing it.
To take control away from a small few companies or members and spread it to the masses.
2. Distributed Computing:
It is the process that involves connecting multiple computers to serve as servers, allowing them to make use of processing power shared and optimize sharing of data.
A Decentralized Web
Today, in Web 2.0, almost all of the social media websites and applications we use are owned by big corporations and large corporations. For example, If you are a common user the use of social media may consist of browsing Instagram as well as Facebook. You must definitely utilize WhatsApp to make calls and messages. It gives companies the ability to control your data and how they use it. But, more importantly, this allows them to control the user. Although there are some aspects of your personal data that you can erase there isn’t a real assurance of its deletion.
Blockchain Technology is becoming increasingly popular as a different method to save information online. Based on the idea of distributed computing the data stored on blockchains is divided (Sharding) or copied and then stored on a variety of computers. Instead of your information being stored on a single server of your company, it could be distributed across many computers. This provides you with data privacy and security. How?
Security Via Encryption:
Because Blockchain is specifically focused on security via encryption The database is allocated a secure number. In the absence of these keys, anyone except the owner has access to the information. This includes all companies and even government. Therefore, even if a country would like access, it will not have the correct encryption keys.
Since the files themselves could be shared across hundreds of computer systems, not one person is able to delete or alter the file without permission or keys for the network in general. Also, if you lose a single computer or even a few computers are taken away and your data is copied. It will be safe within the network. A possible Web3 network will attempt to incorporate these two fundamental concepts in its infrastructure, and that is why blockchain technology is crucial to it. But, there’s more.
Trustless and Permissionless:
Other fundamental concepts of Web3 include trustless as well as permissionless.
A trustless network implies that two people involved in a transaction do not require trust from one another at the start of the transaction. This means that there is no need for a third party such as a bank with a good reputation to supervise the transaction. It isn’t the case on the current internet, since the majority of transactions are conducted via a third-party platform that could or may not is trustworthy. For instance, In a system that is trustless Users, A and B can directly transfer the Bitcoin payment to B without having to use an intermediary. Because the transaction is made through Blockchain which is a trustless system, User A does not have to trust User B to make it happen. This ensures that no other party is able to take advantage of this transaction because it’s being conducted through the Blockchain network.
The permissionless network will eliminate the need to obtain approval from any person prior to making transactions. It allows you to easily transfer or receive money across individuals without needing permission from any third party. This should allow for greater freedom on Web3 for its customers.
Making You the Owner
After having read this, you could be getting interested in the concept of Web3. These points point to Web3 seem as an advancement of the Internet that gives control back to the users. Instead of handing control over to one single entity or business The Internet as a whole is set to be increasingly democratic. In addition, as your data is in your hands, it could at least reduce or completely eliminate the misuse of your data. Users on Web3 are able to share their data online and choose who is able to access it. They will also remain in total control. Although this may sound amazing there are some drawbacks. I’ll discuss these in the next section. Let’s start by discussing another idea you’ve seen frequently these days: The Metaverse.
How Does the Metaverse Relate to Web3?
There are certain companies on the internet using the terms Metaverse and Web3 in conjunction. If you’re a person who has no notion of the Metaverse I would suggest checking our explanation of what’s The Metaverse prior to doing so. In the end, to put it in a nutshell the Metaverse is an online universe that will unite a range of technology into an online universe.
A lot of people online believe that Web3 with the metaverse, even when they’re completely different concepts. The idea behind incorporating the Metaverse within Web3 can be that the first can be utilized in creating experiences that can be layered with each other. Instead of simply surfing the web within Web3 you may be able to make use of technologies such as Virtual Reality to access the whole Web3 through your computer controllers or even your hands. The fundamental relationship that users form with both of these terms is the importance of digital currency within Web3. Because the Metaverse is set to become a completely different universe, it makes sense that cryptocurrencies such as Bitcoin are used within it.
But, even though lots of people misunderstand the two, it’s crucial to remember that Web3 exists in a different way than the Metaverse. However, this hasn’t stopped the Metaverse from exploding independently. In addition to basic experiences and experiences, the Metaverse is growing. Starting with access to the Metaverse through Quest 2 to NFT avatars and more, there’s a lot to offer. In terms of their existence web3 and Metaverse are both Web3 as well as Metaverse are still in the process of being developed at the moment. It will be interesting to see the validity and popularity of a combination of both emerges.
So all users are free and everything is perfect on Web3. However, what happens to all the existing companies? Where are they going to go? That’s where the idea of DAO is crucial. DAO is a short form for Decentralized autonomous organization, DAO is a concept within Web3. A DAO in its simplest form is a collective or company that is governed by an established set of rules via the use of a Smart Contract that is coded within the blockchain. This contract functions in a non-biased manner and is followed by everyone in the DAO. The code is also automated, and in theory should handle every aspect of the process, such as legal, social promotions, hiring, etc.
In addition to liberty, A DAO is not able to have any kind of centralization. This means that there are no Board of Directors or CEO members within the DAO. All aspects within the Organisation are altered on the basis of votes. Votes result in tokens which are then distributed at an amount when the DAO is established. The more tokens members have and the more votes they have. The holders of tokens have the ability to make suggestions for modifications to the DAO’s code to allow it to develop or be improved as time passes. Users are also able to offer their tokens to sell if they choose to. However, this isn’t similar thinking because those who have many tokens could influence the DAO’s rules to benefit their advantage.
There is no aspect of the DAO that can be altered without appropriate voting procedures. Additionally, all the financial information contained in the DAO can’t be taken away or destroyed because they are stored within the cryptocurrency blockchain. There are several examples of DAOs operating. DAOs such as MakerDAO as well as MetaCartel have been around for some time and are now.
Will Artificial Intelligence (A.I) Be Involved in Web3?
A large portion of users thinks that Artificial Intelligence could have a part playing a part in Web3. Because the idea of Web3 has some aspects which require automated decisions. We could possibly observe AI playing a role within the Web3 process.
Downsides of Web3
Although Web3 is a good idea in principle, however, there are some issues that have not been fully addressed. A few of the downsides are:
1. Bad Actors:
One of the primary concepts of Web3 is the level of freedom that each user enjoys. Complete control over one’s personal information to the point that it cannot be erased without consent sounds great. However, that same freedom could quickly turn into a double-edged sword. Because this freedom is available to all users and everyone. It creates a space for malicious individuals who want to share unsafe and illicit content on Web3.
a. Web3 – Odysee:
One good example is Odysee, an online video-sharing platform founded on blockchain technology. Users of Odysee are able to upload videos and share them with complete control over their videos. But, this also means that the site does not have any control over the type of content posted. If videos that are in unsavory content were to go on around the website, Odysee will not be in a position to take them down. Because the content itself is on the blockchain for a long time and is not able to be deleted without the permission of the entire network. Additionally, the same video could download and shared with an array of users with no consequences.
The same problem is encountered when you have too much privacy. The fundamental idea behind Web3 is the possibility to establish an identity online that is distinct from your actual identity. While this is fantastic for privacy, that same anonymity may also be utilized for illegal purposes. Furthermore, the absence of supervision when it comes to Web3 is troubling not only for individuals but also for the government as well. Because Web3 is nothing more than a term We will soon determine how much freedom it gets from both companies and governments.
2. Difficult To Regulate:
Given that the disadvantages listed above for Web3 could be an actual risk so it’s only natural that regulators and governments will seek to limit Web3’s use. With the absence of a particular mainframe controlling Web3 could be a challenge. This can result in a rise in cybercrimes like the ones mentioned above.
3. Who Will Own Web3?
Although the notions of independence of Big Tech and safety are prevalent in Web3 there are those who remain skeptical. The most notable is Twitter’s former CEO Jack Dorsey believes that Web3 is just another variation with different owners but similar issues. He made this clear in his tweet about Web3. What happens next in the future, however, only time will determine.
4. Higher Cost of Entry:
There is also doubt over the precise amount of data required to connect to Web3. Although there is no cost for logging in online, the blockchain requires a computer that is of a higher specification. Because PC configurations differ across the globe so it’s likely that there will be some issues for everyone to use Web3 effectively.
5. Tough for Existing Businesses:
If the introduction of Web3 is successful, then the world will slowly begin moving towards it. But, that could put pressure on companies who must shift their business towards Web3 as well as risk losing their profits. Since not all businesses will be able to accomplish this so it’s logical that the switch to Web3 is detrimental for certain businesses.
Examples of Web3 in Practice:
Although the global Web3 implementation isn’t here as of yet, we do have a number of full-fledged companies that operate in the Blockchain. You may have even seen some of these. The most well-known instances of Web3 are:
The most talked about instance on this list, Bitcoin has been described as a digital currency that has grown in popularity and is a well-defined cryptocurrency. Bitcoin is built on the blockchain and is not centralized. If you’ve ever done just a bit of research on crypto, you’ll be aware of the effects BTC has had on the market for cryptocurrency and the Metaverse.
The most well-known website in the crypto world, OpenSea (visit) is an online marketplace focused on the sale as well as the purchase of Non-Fungible Tokens (NFTs). If you find it difficult to comprehend, consider OpenSea as a huge Amazon and eBay to buy digital items. Users can search through numerous collections and then purchase NFTs that they feel are appropriate for them. OpenSea was built upon Ethereum, which is the Ethereum Blockchain, and remains very well-liked by the online community.
We’ve discussed the intrusive nature of social media, but what about one basing itself on Blockchain itself? diaspora (visit) is a non-profit, user-managed social media website where users have control over their personal information. With decentralization, the diaspora’s data is stored on servers that are independently operated, referred to as pods across the globe. Diaspora allows users to conceal their identity using an alias rather than their actual name. If you’re someone looking to learn more about the anonymity of social media that could be, you should go to the diaspora.
What Do You Think About Web3?
I hope that all your questions regarding Web3 have been addressed. Although the widespread implementation of Web3 isn’t there at the moment if all goes according to plan. We’ll someday be connected to Web3. But, if you’d like to prepare yourself for it, take a look at Opera’s Crypto Browser which offers deeper integration with web3’s Web3 ecosystem. Have any other questions you’d like to know the answer to? Let us know in the comments section below.