The blockchain sphere has experienced a lot of adaptations as a result of the fast-growing Web3.0 space such as Defi, NFTs, etc.
A lot of people urged to dive into web3.0 without the knowledge of web3.0. But this article center around web3.0 and everything you need to know to become innovative in web3.0
Is Web3 the future? Let’s explore Web3.0 and all it entails.
What Is Web3.0?
Web3.0 is an evolution in the internet where data is processed by combining artificial intelligence and blockchain technology which enables data to be processed at a near human intelligence. Web3 provides its users with their choice of programs.
The web3.0 technology goes a lot further from Web1.0 and web2.0 by delivering trusted, open source, and permissionless networks.
Decentralization is also a major focus of the technology, removing the need for any form of centralization by big tech companies like Google, and Facebook (now meta).
The concept of Web3 was initially coined by a reporter for the New York Times, John Markoff in 2006 which denoted certain innovations and practices. The term was later recognized by Gavin Wood, Ethereum’s co-founder in 2014 and gained massive interest in 2021.
Since then, the Web3 space has continued to gain traction with numerous innovations and technologies created.
Differences between Web3, Web2 and Web1
A major difference between Web3.0 and its predecessors (Web2 and Web1) is Decentralization. In the Web2 scenario, cookies, which are files created by websites to give you a better user experience are employed to discover your preferences and continuously show you ads or content related to your preferences. This is considered an invasion of privacy which at times cannot be avoided as a Web2 user. In a decentralized system, there’s no need to accept any form of cookies as you’re in control of the information you have access to.
Smart contracts can be used to remove any form of third parties in transacting and thereby bringing about a permissionless network.
Use Cases of Web3.0
There are several use cases of Web3. Some of such use cases include:
DApps are decentralized apps which operate on the blockchain network or a peer-to-peer network. There are different kinds of DApps such as financial dApps, gaming dApps etc. DApps are similar to normal apps but offer decentralization to users. Uniswap is an example of a dApp.
DeFi simply means “decentralized finance”. Defi completely deals with finance on the blockchain which is mostly altcoins, stablecoins or Bitcoin. Defi removes power owned by central systems like banks and other financial organisations. A popular example of a Defi exchange is AAVE.
NFTs are Non-fungible tokens. NFTs can be used to store any kind of data by projects or anyone. Popular NFTs are mostly art, music, autographs etc, but NFTs can be used beyond their normally seen use cases. An NFT can never be replicated since they’re ” Non-fungible”. NFTs are majorly built on the Ethereum (ETH) blockchain and the Solana (SOL) blockchain. A very popular NFT in the space is the Bored Apes NFTs.
The metaverse is a unique 3D world designed to allow users to interact with their avatars. The metaverse is seen as a replica of our natural world with some slight differences. A lot of companies and projects are looking into the metaverse sphere as it can give users of their products a near feel of the real world without needing to leave their room. Snoop Dogg released one of his latest albums “House I built” in the metaverse.
Why is Web3 Seen As The Future?
According to Gavin Wood, the future of the internet will be based on decentralization. Meaning all data, and information of any sort will be stored on the blockchain and be public i.e owned by everyone. In Web2 technology, trust in the system has to be exercised by all users.
The Web3 space is already built on decentralization and continues to offer technology which will be widely embraced by internet users as time goes by.
A major reason the web3 space is seen as the future is the adoption of Facebook which upgraded to Meta in view of the future. Meta sounds more futuristic and opens the space for newer innovations by the company.
Currently, Web3 technology is recognised by crypto enthusiasts as the technology proffers solutions to numerous crypto complications.
As the Web3 space continues to experience development, technologies which would further simplify our everyday lives are created massively created by companies and individuals with the future in mind.
Downsides of Web3 Technology
Although Web3 technology possesses a lot of advantages, there are some downsides which are:
- The inability of devices with less advancement to use such technology as the web3 technology is built on powerful machine learning software and AI.
- Web3 technology will prove difficult to learn for new users. A lot of the technology utilized by Web3.0 is unfamiliar and requires a lot of learning.
- Users of Web3 are at risk of exposing their information and data shared to the network to cyber hackers as information and data are open to users.
- There may be a sudden feeling of being outdated if you do not use the web3 technology.
Web3.0 holds many advantages as well as disadvantages. Web3 would revolutionalize our use of the Internet and how we live our daily lives with technologies unseen presently.
Adoptions of the web3 technology keep increasing worldwide which shows that the space will most likely be a major aspect of our living.
Web3 is a vast scope of technology but with appropriate studies and research, the space would not be very complicated.