Do you know how the internet world-transforming these days? You have heard about web1 and web2. Web3 is emerging these days, so you would think that what is web3? First, you must know a little bit about web1 or web2; then, you will read more about web3 in this article.
Transformation of Web1 and Web2
There was the internet with the physical wires that enabled people and computers to communicate with each other in the past. During the 90s, HTML and URLs have made it possible, easy, and convenient for the users and clients to navigate between different pages. This was the web1.
Later, almost in the 2000s, changes occurred. Users were able to read and write the web. Social media was in existence in the era of web2. Facebook, Twitter, and a few other social media explain the importance of an online world. YouTube, Google, and Wikipedia have given the option to their users to give feedback, remarks, and comments on the uploaded content on the websites. This was the era when users could search, read, learn, communicate, and sort out the content. The companies have won the mind-blowing effects and profits during the emergence of the web2. Web2 is the source of new ways and opportunities for people to create greater sales, output, and profits. People made money and enjoyed success during the web2 era.
Criticism in Web2
Companies realized that they were not getting control over their data and felt many privacy and secrecy issues due to this system. Businesses and people are growing at a rapid speed. Web pages are now centralized and becoming corporates. Many people want to have a better version of the web1 or web2. This is the reason for bringing web3 into existence. Web3 will overcome the concerning issues of web2. It will protect your online identity.
What is Web3?
Web3 is the future of the internet. It is something that will change everything and includes cryptocurrencies, NFTs, decentralized finance, DAOs, and much more. It is an extension of cryptocurrency, and it uses blockchain in new ways and forms. A blockchain can store the number of tokens and needs commands and permissions. Web3 is a permissionless blockchain with no centralized control over it. It does not require users to trust. It offers its clients the ability to read, write, and own the web. Through full ownership, users and clients have the full right to control the web community they are linked with. The basic objective of Web3 is to transform and change the experience of the online world. It is risky because of the fraudulent activities. Blockchain is a solution for the secrecy and privacy issues. It offers centralization and deals with financial concerns. At the same time, it has created many similar problems for the clients and users. It is recommended that companies, organizations, and businesses must consider both the benefits and risks associated with the blockchain, web3, and the online world before adapting to it.
Difference between Web2 and Web3
Web2 is the old version that we already know these days. Web3 is the decentralized version of the internet.
In web2, Twitter can censor any account or tweet, but web3 can never because of its decentralized control. Payments for certain jobs and tasks are not allowed, but web3 allows payments and needs no personal data. Web2 can affect the money and income generated by workers working for specific applications; however, web3 servers cannot go down. It uses a decentralized network of thousands of computers, PCs, and networks as its backend.
Uses and Benefits
Blockchain is used to change how the information on the web is stored, shared, and owned. A blockchain handles the controlling problems of who will control the information given on the web. It looks forward to who is making money and how the networks, communities, businesses, and companies work. There is a huge hope that web3 will create new products, opportunities, services, doors to the online world, and new economies. It will be best in the future as it will return to the democracy of the web. This will give a new era to the online world and the internet.
What is in Web3 Projects?
No one can deny that the online world is growing rapidly. Everything is included in the web3 projects these days: energy, talent, and money. The blockchain faces great technical, ethical, environmental, and other hurdles in managing these projects. Many businesses are trying to get Benefits From Web3. They have introduced web3 in their businesses and enjoyed success. Most people, businesses, and customers do not even know what web3 is? According to the study, it has been researched that almost 70% of people do not know about the term web3.
Limitations to Web3
Web3 is giving a lot of benefits to its users and clients. It has some limitations too. Transactions are slower on the web3 because of decentralization. It needs extra steps to interact with the web3 applications. It needs proper software and education for smooth functioning as the web3 is not integrated, so most users cannot access it. Most decentralized applications cannot properly put the code on the blockchain as it is expensive.
Web1 was the first interaction of the web. The creators of the web1 were the developers who built the websites. It is not compulsory that you become a developer to create the web in the web2 system. Web3 is an updated version and is a decentralized system providing a lot of benefits to its users.