Exploring Web 3
The web is a project in progress. In this article, we will talk about the next potential iteration of the Internet. The main reason behind the effort to redesign the current web is that the most-used Internet platforms these days are controlled by a small number of companies that profit from generated user data. Web 3 is a breakthrough approach, as one can use the Internet while preserving their privacy and valuable data.
In order to understand Web 3, it is necessary to learn about the previous versions of the Internet. The early phases of the Internet are defined by how people initially interacted with the web. The majority of users who interacted with the web at early stages were passive content consumers. Simply put, Web 1.0 was not about writing but reading, as it was static. With Web 2.0, this changed.
This phase of the Internet involved lots of interactivity. Users started to create content on Facebook, YouTube, and Twitter platforms. The Internet became more collaborative and social, although that came at a price. The disadvantage of the more participatory Internet was that users had to share their personal information with companies in control of these platforms.
The next phase of the Internet is Web 3. It is still in the process of being developed, but there is no established definition of what Web 3 is or will be. Generally speaking, Web 3 represents the Internet that exists thanks to such decentralized networks as Bitcoin and Ethereum. These networks are innovative as there are platforms that no single entity can control but everyone can trust. This is possible because every operator and user of these networks is required to follow the universal set of hard-coded rules called consensus protocols. Another breakthrough feature is that these networks allow money or value transfers between accounts. Decentralization and Internet money define Web 3.
The invention of Web 3
Similar to the preceding versions of the web, there was no single inventor of Web 3. It emerged as a collaboration of different people and organizations that contributed to the creation of Web 3. Overall, Web 3 revolves around blockchain smart-contract platforms like Ethereum, TRON, and EOS. Among the most used programming libraries implemented in writing Ethereum code is called web3.js. In addition, there is a Web3 Foundation that is fueled by the founders of the Polkadot network.
What makes Web 3 so special?
The most important advantage of Web 3 is that it addresses the issues resulting from Web 2.0, namely the collection of personal data by networks that is sold to advertisers. The network becomes decentralized with Web 3, which means that no entity can control it. The dApps that run on top of this network are open, and any user can build and connect without any permission.
Money is native on Web 3. Users no longer need to rely on the financial networks controlled by governments, making Web 3 global, instant, and permissionless. It also implies that cryptocurrencies and tokens can be used to design new economies and business models.
Web 3 will see increasing scalability, usage, and usability in the near future. For Web 3 to become a fully established version, many more people need to start using Web 3 dApps. In addition to an increasing number of dApps, these applications need to become easier to use and appeal to users without a tech background. Moreover, Web 3 networks will need to scale up and facilitate more transactions faster to compete with their Web 2.0 counterparts.
While Web 3 is still in its infancy, it is time to start developing new Web 3 projects such as dApps. This is where our blockchain marketing services will be of use to you.