Introduction
Web3 is an idea for a future version of the World Wide Web that integrates ideas like blockchains, decentralized apps, and token-based economies. The web1 and web2 phases came before the web3. These periods in the history of the world wide web's advancement through various technologies.
Web1 was a read-only version of the internet that existed from 1991 to 2004. It marked the beginning of the World Wide Web revolution. It is the Content Delivery Network (CDN). Websites like MySpace and LiveJournal are a couple of the most well-known instances of Web 1.
Web2 was first introduced in 2004 and is still based on the concept of the web platform. It is the second phase of the global web revolution, also known as the read-write web, and includes sites like Facebook, Twitter, YouTube, Flickr, Mashup, and others. Compared to his early version, the internet is currently more user-generated information and accessible for end users.
Founder of Web3
Dr. Gavin Wood, the founder of Polkadot and a co-founder of Ethereum, first used the phrase "web3" in 2014 to describe a decentralized online ecosystem built on blockchain. Web3 rose to prominence in 2021. Some Web3 visions also contain concepts from the semantic web. According to Gavin Wood, he believes decentralized technologies are the only hope of preserving liberal democracy.
What Is Web3
Decentralization is something that Web3 embraces, and its users develop, control, and own it. Instead of giving organizations authority, Web3 gave people that control. It is a read, write, and own web. According to Techtarget, Web3 will have a strong emphasis on decentralized applications and make extensive use of blockchain-based technologies. In summary, Web3 is a new edition of the World Wide Web that hosts decentralized apps that run on blockchain technologies.
Keyword Decentralized
As stated by the Blockchain Council One of the most enticing characteristics of Web 3.0 is decentralization. Unlike Web 2.0, the decentralized web infrastructure talks about distributing power and control amongst its creators and users. The technology aims to remove the centralization of power where the Internet is owned by large entities, leading to monopolies in a system that is expected to be free and liberal for all.
The Difference Between Web2 and Web3
Remember Web2 is a read-and-write only, while Web3 is a read, write and Own web. Web2 refers to the current version of the internet that the majority of us use. The internet is controlled by businesses that offer services in return for your personal information. As previously said, Web3 refers to decentralized applications that utilize blockchain.
Technologies Web3 Rely on
To give individuals their ownership rights back, Web 3.0 uses non-fungible tokens, cryptocurrencies, and blockchain platforms.
Blockchain: The development of decentralized applications and services is made possible by blockchain technology. In contrast to centralized database infrastructure, blockchain uses a distributed method to disseminate data and connections across services.
Cryptocurrency: The use of cryptocurrencies, which essentially replace fiat currency, is a basic element of Web 3.0 services.
Non-Fungible Tokens: A blockchain-based distributed ledger called a "non-fungible token" is a type of financial security made up of digital data. NFTs can be bought, sold, and traded because the ownership of each one is tracked in the blockchain and transferable by the owner.
Decentralized Finance: Using decentralized blockchain as the foundation to provide financial services outside of the constraints of a conventional centralized banking infrastructure, decentralized finance (DeFi) is a new application case for Web 3.
Web3 Projects
Theta: A decentralized ledger designed to support the video streaming industry is the Theta blockchain system.
Brave Browser: Brave is one of the top browsers on the list moving towards Web 3, it just gained support for blockchain technology and has its cryptocurrency called BAT.
Ocean Protocol: In a marketplace built on blockchain technology, Ocean Protocol links data suppliers and consumers. Tokenizing datasets and data services is the foundation of this company's ground-breaking business model, which enables data providers to quickly and effectively monetize their data while giving customers access to a wealth of useful data in one location.
Conclusion
In summary, Web3, a next-generation internet structure, is being developed by a large number of independent developers, nonprofit organizations, and commercial businesses. The objective of this new internet is to give common internet users control away from centralized online corporations.
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