The internet is enormous, and its potential has significantly affected billions of lives across the globe. It is a series of devices that connect worldwide using wires, cables, radio waves, and other networking infrastructure.
There are more than five billion internet users in the world. That is about 63% of the entire world population utilizing the services provided through the internet, such as social media, e-commerce, and more.
Internet is an extensive term as many breakthrough technologies are built upon the world wide web. Web1 and Web2 have already shown their potential, giving us a web experience that, 30 years ago, many thought of as a dream.
And now, it’s time for the next iteration of the world wide web, Web3. So let’s delve deeper and understand +what and how web3 works along with its examples.
What Web3 means?
Web3 is the idea of a new iteration of the world wide web. It incorporates concepts such as blockchains, tokenization, and decentralization and returns the power and ownership to the users through its essence.
Web1 is Read-Only, Web2 is Read-Write, but Web3 meaning is Read-Write-Own or Read-Write-Execute. The web3 idea is steadily developing as a significant change in how people view, understand, and use the internet.
Web1 is the first phase of the world wide web, used only to display static pages hosted on the internet so that the users can access them, only to read information from those pages. Web 2 is the second phase; the best example is social media.
Web3 applications are a creative reinterpretation of traditional applications with new value additions, as web3 is essentially a new set of guidelines for building the essential framework for enabling internet services and transactions.
Along with the traits of web3 such as Decentralization, Interoperability, and Secure-Network also ensures that the web3 applications are easy to access and can be used by many worldwide without any considerable difficulties.
Gavin Wood, the founder of Polkadot and a co-founder of Ethereum, first used the term “Web3” in 2014 to describe a “decentralized online ecosystem based on blockchain.” Web3-enabled internet can support decentralized interaction and communication between users and applications.
The idea of Web3 became more well-known in 2021. A surge in interest occurred toward the end of 2021, mainly due to investments made by well-known companies and technologists and interest from cryptocurrency enthusiasts.
Even after defining web3, it can still be very confusing to understand. Here are some examples that will help you understand the potential of web3 in real-world cases.
What are examples of Web3?
Everledger, the distributed global digital registry, would be one of the first entries in the list of web3 example. Each user is given a unique record, and users can store data in the cloud with flexible access options. Everledger’s main uses center on establishing reliable fraud protections.
With the help of web3 services, web 3 crypto, such as Helium, Chainlink, Filecoin, and Theta, aims to provide a unique way for individuals or organizations to control and make transactions of their crypto investments without the need for third parties.
Web3 metamask, trust wallet, and Coinbase are wallets under the DeFi web3 ecosystem. These web3 wallets will often have a pleasant and friendly user interface and connect and interact with other decentralized applications (dApps) on various blockchains, just like web3 modal.
Brave browser is one of the most well-liked open-source browsers as it aims to provide users with ad blocking and other privacy-enhancing features and web 3.0 capabilities. Brave is one of the most popular substitutes for other widely used browsers like Mozilla Firefox and Google Chrome.
Beaker Browser is the next option among web3 browsers. Although discontinued, the beaker browser is an open-source and cost-free web 3.0 browser developed by Blue Link Labs. The peer-to-peer web browser enables users to publish websites and web applications directly from the browser.
DogeArtClub, Cosmos, Ironfish, and Crypto Crime Club are some prime examples of web3 sites. These web3 websites utilize many services like fullpage.js plugins and web3api, and more. Web3api gives us access to an API that we can use to interact with the web3 blockchain.
Sola is a decentralized social media platform that uses distributed nodes, IPFS storage, and the Ethereum blockchain. Sola combines social networks using blockchain technology and artificial intelligence. The web3 social media platform uses AI algorithms to distribute pertinent information based on user preferences.
What is Web3 and why is it important?
There are a couple of reasons why web3 is essential for the next generation of the world wide web. Web3 has the potential to significantly improve many aspects of business with some features like Ownership, Censorship resistance, and more.
To understand ownership, let’s take a real-world example. If a web2 game requires buying an in-game item, it is linked to your account. If the game developer decides to delete your account and all your in-game items, they can do so.
This simple yet powerful example is what web3 aims to resolve. Web3 aims to provide you with ownership of your digital assets in an unprecedented way. Therefore, if you decide not to play the game anymore, you can sell or trade the item since it is your asset that you control.
Another significant benefit, thanks to web3, is censorship resistance. The web3 trait of decentralization backs this up since your data lives on the blockchain. Solidity Web3 is the most popular web3 language. More than four thousand developers actively use the Ethereum blockchain language.
Web3 also strongly emphasizes creating an open, equal network where everyone can participate with the same rights. Additionally, web3 eliminates privacy and security worries and guarantees customer participation and feedback.
What is web2 centralization?
Web2 centralization means that big tech companies like Twitter, Facebook, and Google can censor, delete and control your accounts on their platform. You can appeal if the decision they take is wrong, but most users have to agree to their terms and conditions, without which they cannot use their services.
This centralized nature of web2 is what web3 aims to resolve. Moreover, centralized are more prone to malicious attacks that might try to steal users’ personal information stored on their networks.
Is Web3 a metaverse?
Although web3 and metaverse are different, their purpose is different as well. The fact is that metaverse would not exist if it weren’t for web 3.0 engines. While web 3.0 focuses on who will gain data ownership, metaverse methodology is a unified virtual world focusing on social connections.
Web3 relies on mainly one technology: blockchain. Metaverse may use more technologies such as augmented and virtual reality, blockchain, and more. However, Web3 and Metaverse use identical blockchain and artificial intelligence technology.
Which crypto is Web3?
As mentioned before, there are many web3 tokens in the market. Polkadot DOT, Chain Link LINK, Filecoin FIL, Internet Computer ICP, and Theta network THETA, along with more, are just a few out of many web3 coins.
Web3 has native payments as it uses cryptocurrencies for spending and sending money online. Web3 0 crypto also gives power back to the users in the form of ownership.
How to invest in web3?
The approach to investing in web3 depends upon your financial development goals and availability, But generally, there are two ways, passive and active ways, to invest in web3. The active investment would be your time and skills working towards developing the web3 infrastructure.
Passive investment means holding your virtual assets for the long term. This would help companies trying to build infrastructure that can create blockchains for the next generation of the world wide web.
Conclusion
With the internet, many individuals and businesses have gained massive reputations, profits, and more. Without the internet, these things would’ve been challenging to achieve. Anyone can make calls around the globe and take it for granted, but 30 years ago, it was nearly impossible.
With the internet came many advantages and breakthrough technologies. Web 3.0 is another one that is supposed to take a new approach towards a more decentralized network open for everyone around the globe to use and contribute.
Web3 is still in its early stages with its young and evolving ecosystem, but progress is being made. In the next decade, more applications will utilize the features and advantages of web3 in general.
