Web3 (also known as Web 3.0) is an idea of a decentralized Internet version based on a public blockchain. The concept is very popular in 2020 and 2021, arousing the interest of cryptocurrency enthusiasts and investment from well-known technical experts and companies.
Now we can see how things unfold and what will happen in our journey in new areas.
Web 3.0 may change the way we use the Internet. In this new era, browsing the web no longer means logging in to sites like Facebook, Google, or Twitter to connect with people. The Internet has always been seen as a way to democratize information access, but there is not always a good way to navigate. It is very messy and overwhelmed, instead of having endless information at hand today.
Web 2.0 as we know and describe it appeared approximately in the mid-2000s. Platforms such as Google, Amazon, Facebook, and Twitter began to appear and opened up a new avenue for the Internet by allowing anyone to easily connect and transact online anytime, anywhere.
In Web3, data is stored in multiple copies of the P2P network. The management rules are formalized in the protocol and protected by a majority consensus of all network participants, whose activities are motivated by local network tokens. Blockchain will become the backbone of Web3 because it redefines the data structure of the Web backend. It introduces a governance layer running on the current Internet, allowing two people who do not know or trust each other to reach and resolve agreements through the Web.
Bitcoin and similar blockchains introduce a method for each participant in the network to hold and transfer value in a digital native format, without the need for a trusted intermediary. Web 3.0 may be decentralized at least to some extent and built on a system called a blockchain, which already supports Bitcoin and other cryptocurrencies. Think of it as a kind of bookkeeping, in which multiple computers simultaneously host data that anyone can search. It is operated collectively by users, not a company. There will be DAOs instead of platforms. People will receive “tokens” for participation. Tokens can be used to vote on decisions and even generate actual value. These are some of the potential features of Web 3.0 in its full form.
This is very useful for making transactions and holding different wallets without worrying about being tracked. In addition to the constant flow of personal data to Google, Facebook, etc., this means that Web 3.0 can provide great potential and remains a shadow required for private transactions. Before that, as time goes on, we will learn more about Web 3.0.