Introduction
Web3 also referred to as Web3.0, is the third version of the Internet. The term “Web3” was introduced by Polkadot founder and Ethereum co-founder Gavin Wood in 2014, referring to a “decentralized online ecosystem based on blockchain.” This version of the internet grants users control over their own data and leverages blockchain technology. It extends web2 by offering transparency and permissionless features to users.
Web3 leverages blockchain technology, a public database that is continuously updated and distributed across multiple computers within a network, ensuring data decentralization. Unlike Web2, where data is stored on centralized servers controlled by organizations that can use it without user consent, Web3 empowers users by giving them ownership and control over their own data.
History Of The Internet
To understand this version of the web, let’s have a look at the history of the Web.
Web 1: This is the first version of the internet dated back to the !990s and early 2000s. Web1 featured static pages where users read only from the web pages. Users were mostly consumers and not producers of content on the internet. Berners-Lee pioneered the early development of the Internet in 1990. He is known as the inventor of the World Wide Web, HTML markup language, URL, and HTTP. Webpages in Web 1.0 were coded in HTML.
Web2: In the mid-2000s, the second version of the web was ushered in with the ability to interact with other users as well as create content. It gives users the ability to read and write. Web2 websites include e-commerce, and social media websites that we use today. Users get to create content on the web through certain platforms/organizations. For example, a social media manager gets to upload content on his/her page on Facebook. For this social media manager to be able to create content, he/she has to register her data and login each time to access his/her page on Facebook. The downside of this as earlier stated is that these organizations have control of this person’s data which can be lost or manipulated by the organization or a third party.
Web3: This is the new phase of the internet. Web3 brings about decentralization of user’s data (that is, user’s data is not stored in a central server/computer) with the use of blockchain technology. In web3, user’s data are distributed among computers in a blockchain network which agrees on the state of the blockchain.
Web3 facilitates peer-to-peer transactions, cutting out intermediaries and removing power from controlling entities thereby providing user privacy, transparency, and ownership.
Digital assets and tokens such as cryptocurrencies are used to transact, and reward users in web3.
How web3 differs from web2
Web3 differs from web2 in the following ways:
1. Decentralization (No Central Authority): Unlike Web2, where centralized entities control the data and infrastructure, Web3 operates on a decentralized network of nodes.
2. Trustless and Permissionless: This means anyone can participate in the network without needing approval from a central authority. The web3 networks allow participants to interact directly without going through a trusted intermediary
3. Transparency and Immutability: All transactions on a blockchain are visible to all participants, enhancing transparency and accountability. Once this transaction is recorded on the blockchain, it cannot be manipulated or deleted, ensuring a permanent and tamper-proof record.
4. Ownership and Control: Users have control over their data and can choose to share it on their terms.
5. Smart Contract: This is an automated, self-executing contract with the terms of the agreement directly written into code. They run on the blockchain and eliminate the need for intermediaries. This is one of the core features of web3.
6. Digital assets and tokens: Web3 uses cryptocurrencies like Bitcoin, Ethereum, and Solana and many more. These digital currencies and tokens are integrated into the network and can be used for various transactions.
Advantages and disadvantages of web3
Web3, as it is still evolving has its advantages and disadvantages.
As mentioned above let’s see more of these advantages:
1. Security: Blockchain technology uses cryptographic methods to secure data and transactions which makes it less vulnerable to hacks and failures than centralized systems.
2. Interoperability: Web3 technologies are often designed to be interoperable, allowing seamless interaction between different platforms and applications
3. Privacy: In Web3, user’s identity is secret i.e. unknown, only their activities on the blockchain and their public key are visible to other users.
Disadvantages
Despite the advantages web3 presents over web2, it also has its own disadvantages. Here are a few:
1. Complexity: Web3 applications can be complex and less user-friendly compared to traditional web applications.
2. Technical Barriers: Users need a basic understanding of blockchain, wallets, and other technical aspects to navigate Web3.
3. Cost: Blockchain technology is expensive and requires considerable amounts of energy to operate. Also, users participating in the blockchain consensus need higher equipment to participate in securing the blockchain which is expensive to get.
4. Scalability: Many blockchain networks struggle with scalability issues, leading to slower transaction speeds and higher fees though some blockchains are solving the transaction speeds and high transaction fees problem.
5. Regulation: The regulatory environment for Web3 is still evolving, leading to uncertainty and potential legal challenges.
Some core aspects of web3
1. DeFi (Decentralized Finance): DeFi are financial application built on blockchain technology that aims to democratize finance by eliminating intermediaries.
2. dApps (Decentralized Applications): dApps are applications that run on a decentralized network rather than a centralized server, leveraging blockchain for backend operations.
3. NFTs (Non-Fungible Tokens) NFTs are unique digital assets verified on the blockchain, representing ownership of a specific item or piece of content.
4. DAO (Decentralized Autonomous Organizations): DAOs are organizations governed by smart contracts and decentralized voting mechanisms, allowing stakeholders to participate in decision-making processes.
5. Digital assets and tokens
6. Gaming and virtual realities
Real-world examples of web3 projects
Here are a few of the projects built in web3: Opensea, Aave, MakerDAO, Brave Browser, Metamask, and many more.
How to get started in web3
1. Research about the different web3 paths that align with your career or the path you want to transition into. Examples include: Community manager, Marketer, Technical writer, web3 developer
2. Learn the skills you need in the selected career
3. Make frequent findings about the web3 ecosystem
Summary
It is okay to feel overwhelmed with a whole lot of things when getting started in the web3 space. Research makes things clearer.
Web3 is the new phase of the internet that facilitates ownership of data, and decentralization — removing central authorities while ensuring transparency. Web3 gives the user the ability to read, write, and own their data.
What is Web3? was originally published in The Dark Side on Medium, where people are continuing the conversation by highlighting and responding to this story.
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