TL;DR
Millions of people around the world use Web2, the current version of the Internet. However, there are certain issues with Web2 as well as questions surrounding data ownership, censorship, and security.
In response to these issues and the rise of blockchain technology, Web3 has emerged as a new version of Web2. Among the key components of this new Internet are blockchain technology, artificial intelligence (AI), augmented reality (AR), token-based economies, and decentralization.
In addition to data ownership and greater interoperability, Web3 offers security. Let's see why Web3 is the second coming of the Internet.
Introduction
There have been many changes to the World Wide Web since its invention. As technology advanced, Web1 was transformed into Web2, the current version of the web.
During Web1, a simple interaction was introduced as well as content consumption. Emerging technologies such as smartphones and Internet access shaped Web2
Consequently, users were able to create their own content online. In Web3, people are not only able to create and consume content, but they can also own it.
History of the web
The web has evolved over the years. So far, it has evolved into three stages: Web1, Web2, and Web3.
Web1 (1990s-2004)
Web1 was the original form of the Internet. Remember those static Internet pages that displayed information?
That's where it all began. These pages were formatted using HTML. People were able to host servers, make applications, and publish content online during this time. Decentralized infrastructure made it possible for people to post things without worrying about censorship.
Problems with Web1
While the Internet had a decentralized structure that allowed people to post things without fear of censorship, end users had very little control over how they interacted with content. There were several forums where people could chat online, but most users couldn't interact with the content. This paved the way for Web2.
Web2 (2004-Present)
In contrast to Web1, Web2 is centralized. Large tech companies dominate the creation and administration of content.
This massive transformation was largely driven by emerging technologies such as smartphones and wide-scale internet access. Furthermore, databases, social media sites, and forums contributed to a more interactive Internet. Thus, photographers, bloggers, etc., could showcase their work on the web.
It is no surprise that Google, Facebook, and WordPress have become giants in the space.
Problems with Web2
This new evolution of the internet has some flaws, of course. There have been major concerns about the centralization of data among a few companies. Therefore, censorship, tracking, and ownership of data have been major ethical concerns.
In addition, platforms like Google and Facebook may delete accounts if a user violates their community guidelines unknowingly, which leads to concerns about content ownership.
What is Web3
Web3 is an idea for a new internet that encompasses decentralization, blockchain technology, and token based economies. Web3 seems to be the logical next step in improving the Internet. There are currently issues with Web2 that Web3 hopes to resolve.
Web3 could give users ownership and control over their data by using peer-to-peer (P2P) technologies like blockchain, augmented reality (AR), and virtual reality (VR), open source software, and token economies.
Features of Web3
Decentralized
Web3 is based on decentralization. User has complete control over their data and content thanks to this feature.
With Web3, websites and applications can be distributed across hundreds of devices around the world. As a result, big companies like Facebook and Google won't have a monopoly over user data.
Artificial intelligence
Using artificial intelligence, programs can make their own decisions and execute on their own. Natural language processing will also be included in artificial intelligence. In this way, computer programs will be able to discern information on Web3 in a similar manner to how people do.
Trustless
Because of the way the network is set up, the middleman is effectively eliminated. It is only necessary for users to trust the code itself and not anyone else on the network.
Benefits of Web3
Censorship resistant
Web3 is also praised for its resistance to censorship. Users are not at risk of being unfairly censored since there is no central authority controlling the network. As a result, no entity will be able to control a discourse's narrative.
Financial freedom
Users will control, create, and own content, as well as monetize it. Furthermore, they will have access to decentralized platforms like decentralized finance (DeFi).
Increased Security
An attack on centralized data could easily happen. For it to be compromised, hackers need to target one central storage system. Unlike a centralized system, a decentralized system stores data across multiple computers making it impossible for it to be breached.
Final Thoughts
Web3 builds on Web2 while offering additional features. Web3 allows you to own your data, have greater interoperability, and have greater security, among other benefits. We will have to wait and see if Web3 is a success.
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