Web3 is one of the buzzwords that inspires the tech community. Crypto bros sings praise throughout Twitterverse, but often touts its own solutions that seem essential for that. But it doesn’t explain what Web3 is. But don’t worry. We are covering you.
Basically, Web3 is on the internet Blockchain.. It is advertised as a solution to the current solution where a few companies manage their online interactions. These companies (Google and Facebook around the world) collect our data and sell our attention as a product to other companies for profit.
Full of photos, videos, and user-generated content, Web 2 now costs little, except for time, attention, and perhaps mental health.At least it’s a meta whistleblower Frances Haugen I repeatedly said to lawmakers who were willing to listen.
Some Crypto Brothers believe this needs to be changed. They preach that controls need to be redistributed and decentralized. That’s where Web3 comes in.
So what is Web3? In essence, Web3 is an ideology born of a rejection of the idea that Big Tech must be the guardian of web-online interactions. Web3 enthusiasts advocate overhauling Internet infrastructure built on blockchain, reducing Web2’s reliance on intermediaries and returning control to users. In Utopia’s Web3, Big Tech is no longer the gatekeeper for the Web and all user-generated data.It may be basically Another kind of internet..
With that description, it may be easy to confuse Web3 with cryptocurrencies or the Metaverse. So are they the same?No, but they All duplicates..
yes What is a cryptocurrency?? This phrase is usually an abbreviation for various digital assets that leverage blockchain technology. Bitcoin is the most well-known cryptocurrency in the world. By their nature, they are decentralized, meaning they are not controlled by a central bank.
Web3 is similar to cryptocurrencies in that it is decentralized. However, Web3 isn’t just about decentralized digital assets, it’s about the decentralized Internet. Both use blockchain technology.
In contrast, the Metaverse is a virtual world where users gather in real-time simulated scenarios and share their experiences. Some metaverses may contain blockchain and Web3 elements.There is also Web5Built on Bitcoin, but leave it for now.
What does Web3 look like?
It’s hard to say exactly what Web3 will look like. It is building rapidly and many companies on the market today may not exist within 10 years.
As a result in progress Cryptographic crash As with the dot-com boom, industry shakeouts will be widespread. Companies with solid use cases and well-thought-out project plans will probably do their best, but there is no guarantee.
Web1 was originally known as the Information Superhighway and probably signaled the democratization of information. The laissez-faire attitude of sharing content defined this period of equality for all users, whether individual bloggers, the press, or the nuts of conspiracy.
Web2 is the second phase of the evolution of the Internet, brought about by the advent of image sharing and user interaction. Few early internet builders thought that users could access endless video streaming on their mobile devices anytime, anywhere.
This is a time when big tech companies have swooped in to dominate the user experience. Social media platforms like Facebook and search engines like Google have become the face of the Internet. The user experience was infused through the service.
These platforms were free, but tracked each web surfer’s journey over the internet. That way, you can sell targeted ads. The downside is that it has had a huge impact on how people experience the Internet. If you think about how Google search results affect what you see online, you understand that idea.
Criticism of the highly centralized nature of Web 2 has grown over the years. As you can see, Web3 is a kind of backlash against Web2.
So what is Web3? It’s hard to say exactly what Web3 will look like in 2030. The only thing that is certain is that it can look very different from the current format.
The bet is probably to include the payment of cryptocurrencies and the myriad use of DeFi. Non-substitutable token – Or NFT – and various decentralized apps (also known as dApps) for almost everything you can think of.
Some of these Web3 features have already spilled over into the world of Web2, and we could be out of control of this Web2.5 for years.
Who is building Web3?
The Web3 philosophy was created from the desire to decentralize and reduce reliance on Web2 mediators, many of which are built primarily by people with this attitude who are part of Decentralized Autonomous Organizations (“DAO).
Many startups have emerged and many Web3s are running on the Ethereum blockchain. New ventures of this generation include thousands of companies such as Binance, Opensea, BlockFi and Coinbase.
Many are funded by venture capitalAndreessen Horowitz, in particular, has not escaped the attention of Elon Musk and Jack Dorsey.
Google also has a Web3 division, primarily to help developers build future iterations of the Internet. Of course, this is shifting around the focus of centralization, not true decentralization.
What is Web3? Why do you need to care?verdict
Source link What is Web3? Why do you need to care?verdict