What Is Web3?

Web 3.0 is a term that was first coined and introduced by Gavin Wood, one of the co-founders of Ethereum. The concept of web 3 is based on cryptocurrency and blockchains which are specifically decentralized. In order to understand the meaning of web 3, we must first take a look at web 1 and web 2 to clarify all the blind spots.

Web 1.0 is referred to World Wide Web in the 90’s. At that time, it was just websites and hyperlinks and users would click on links and were directed to next page. Yahoo.com was considered as one of the symbols of Web 1.

By advent of Google.com and emergence of Amazon.com platforms were introduced to the world of the Internet. Social media, networking services, blogs and wikis, are all small pieces that make the collage of Web 2.0.

Now that we are familiar with previous versions of Web, let’s focus on the idea of Web 3.0.

Gavin Wood contended that Web 2.0, despite all advantages, is being controlled by large companies and this issue, even unintentionally, might affect the security and privacy of the users. As discussed earlier, the main idea of the cryptocurrencies is being decentralized and it means that there must be no middle man to conduct any transactions. A Web 3 internet would hypothetically allow people to exchange information or digital assets without any third-party surveillance. Additionally, web 3 would be permissionless which means any user can apply it without being obliged to generate access credentials or ask for permission from a provider.

On the other hand, servers as the storage of data would be eliminated and blockchain network would keep all the information throughout the network. As a result, any changes to, or movement of, that data would be recorded on the blockchain, registering a record that would be authenticated by the entire network. In summary, it works peer to peer.

Finally, Web 3.0 is yet mainly theoretical. There are some issues such as anonymity, privacy, and politics. Undoubtedly, large companies such as Amazon and Google are not indeed fund of Web 3 and passing such obstacles is a huge step. Web3 would also have to deal with the challenge of crypto and NFT scams before it can be taken seriously.

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