The concept known as Web3 is at the center of an energetic debate around the future of the internet and how our online involvements will evolve.
So, what precisely is Web3, and how is it going to change our internet? And of course, these changes will matter a great deal.
The Evolution of the Web
The web has evolved enormously over the years, and its applications are virtually unrecognizable from its first phase. The evolution of the web is usually divided into three distinct phases: Web 1.0, Web 2.0, and Web 3.0.
The first iteration of the internet was Web 1.0 and it existed between 1991 and 2004. The internet was mostly decentralized and spread across many web pages, not very linked or interactive. And internet users did not generate their content for sharing online.
Web 2.0 is the present era of the internet. It is characterized by the centralization of things such as communication and commerce on corporate platforms. This has resulted in the generation of loads of data about internet users.
It is expected that the future of the internet will find users regain control, become part-owners of the web, share in the proceeds generated from their content and decentralize it once more.
This is where the concept of Web3 comes in.
What Is Web3?
There are some important differences between Web2 and Web3, but decentralization is at the core of web3.
Then again, Web3 enhances the internet as we see it today by including some novel features. More exactly, Web3 is:
Apps get generated with open-source software developed by an exposed and reachable group of developers, and they are in full observation of the public.
Partakers can interact privately or publicly on the network without the requirement for a trusted third party.
Anyone, counting users and suppliers, can participate without the permission of a governing body.
In Web3, developers seldom produce and use apps that operate on a single server or save their data in a single database, frequently hosted and controlled by a single cloud provider.
In its place, Web3 apps are created on blockchains, decentralized networks of many peer-to-peer nodes (servers), or a fusion of the two. These apps are often known as dApps or decentralized apps.
Developers are recompensed and strive to deliver the utmost quality services to everyone using the service to create a steady and safe decentralized network.
Besides, you will discover that cryptocurrency gets cited when talking over Web3. This reoccurring reference is because lots of these protocols depend profoundly on cryptocurrencies. Hence, anyone desiring to develop, govern, add to or get better one of the projects has a financial inducement in the shape of tokens.
These protocols may afford numerous services like computation, bandwidth, identification, storage, hosting, along with other online services previously presented by cloud providers.
When Will Web3 Be Here?
In some ways, the rudiments of Web3 are already shaping part of our existing internet, embracing systems that apply blockchain technology like cryptocurrencies, a few of the computer-generated worlds in the Metaverse, and non-fungible tokens (NFTs), which are tokens that allocate possession to things such as digital artwork.