What is Web 3.0: What’s Driving the Web 3 Buzz?
“What is Web 3.0?” is a question many people have asked lately. You are not alone. The concept is gaining traction in the crypto world. VC money, lobbying, and baffling corporate pronouncements are all indicators of that. So let’s give you answers to some of your questions:
What is Web 3.0?
Web 3.0 is a decentralized decentralized digital ecosystem founded on blockchain technology. Users will earn an ownership stake when they help to develop and maintain the platforms and apps. Thus, there’s no need for a central authority.
Web 3.0 may be the next step in developing the internet and society. From history, Web 1.0 was the era of decentralized and open codes. This was when most internet activities consisted of visiting single web pages.
Web 2.0, which we’re currently experiencing, is the era of centralization. A large part of communication and commerce takes place on closed platforms. But a small number of super-powerful corporations control them. For instance, Google, Facebook, and Amazon—are regulated by centralized government systems.
The goal of Web 3 is to liberate the world from this monopolistic control.
Real Comparisons Between Web 2.0 and Web 3.0
|Web 2.0||Web 3.0|
|Twitter can block any account or tweet.||Because control goes around, Web 3 tweets would be uncensorable.|
|Payment services may disallow payments for certain types of work.||Their payment apps don’t ask for personal information and can’t stop you from buying stuff.|
|Gig-economy app servers may go down, affecting workers’ earnings.||Their servers will not get affected by outages. Why? Because its back-end is Ethereum, a decentralized network of thousands of machines.|
The above doesn’t mean converting every service to a decentralized app is necessary. These examples illustrate the key distinctions between web 2.0 and web 3.0 services.
Perks of Web 3.0
Due to Ethereum’s decentralization, many Web 3 developers have chosen to construct Dapps:
- Anyone on the network has the authorization to use the service.
- Nobody can prevent you from using the service or deny you access.
- The native token, ether, helps to make payments (ETH).
- Because Ethereum is Turing-complete, you can program almost anything with it.
Right now, Web 3 has a few drawbacks:
- Web 3’s decentralization causes slower transactions. A miner must process and send state changes, such as a payment.
- Interacting with web 3 apps may cause more procedures, software, and training. These technicalities may hinder adoption.
- It is less accessible to most consumers due to a lack of integration in modern web browsers.
- Putting code on the blockchain is expensive. This cost discourages successful dapps from putting out their codes.
Blockchain technology is at the heart of Web 3.0. As a result, it has become associated with all things cryptographical in some quarters. It’s sometimes used as a general term for anything related to cryptocurrencies.