Hello Guys, today I’m gonna give you a little bit idea about the upcoming major technology called Web3.
What is Web3 actually?
Web3 is a notion for a new generation of the World Wide Web-based on blockchain technology, which includes principles like decentralization and token-based economy.
Web3 is based on the concepts of Read-Write and Own. Web3 has become a catch-all phrase for the notion of a new and improved internet. At its heart, Web3 employs blockchains, cryptocurrencies, and NFTs to return power to people in the form of ownership.
Web3’s fundamental concepts
Although providing a formal definition of Web3 is difficult, a few basic concepts influence its development.
- Instead of significant swaths of the internet being managed and owned by centralized companies, ownership of Web3 is divided among its architects and users.
- Web3 is permissionless, which means that everyone has equal access to it and no one is excluded.
- Web3 is trustless: instead of relying on trusted third parties, it runs through incentives and economic systems.
What is the significance of Web3?
Although Web3’s killer features are not isolated and do not fit neatly into tidy categories, we have attempted to separate them for clarity.
Web3 provides you unprecedented control over your digital assets. Let’s suppose you’re playing a web2 game. When you buy an in-game item, it is linked to your account. You will lose these things if the game’s producers cancel your account. Alternatively, if you quit playing the game, you will lose the value you have put in your in-game things.
Resistance Against Censorship
The power dynamic between platforms and content providers is significantly skewed.
OnlyFans is a user-generated pornographic entertainment site with over a million content creators, many of whom rely on the platform for a living. OnlyFans stated intentions to prohibit sexually explicit content in August 2021. The statement provoked indignation among platform creators, who believed they were being cheated out of an income on a network they helped build. Following the criticism, the decision was swiftly reversed. Despite the fact that the artists won this struggle, it underlines an issue for Web 2.0 producers: if you leave a platform, you lose your reputation and following.
Your data is stored on the blockchain in Web3. When you decide to leave a platform, you may take your reputation with you, plugging it into another interface that better reflects your ideals.
Censorship resistance is a fundamental characteristic of a Web3 platform, whereas Web 2.0 needs content providers to trust platforms not to modify the rules.
Previously, you would establish an account for each platform you used. You may have a Twitter account, a YouTube account, and a Reddit account, for example. Would you want to alter your display name or profile picture? You must do this for each account. In certain circumstances, social sign-ins can be used, however, this brings up an old problem: censorship. These platforms may shut you out of your whole online existence with a simple click. Worse, in order to make an account, many platforms ask you to trust them with personally-identifying information.
Web3 overcomes these issues by giving you control over your digital identity via an Ethereum address and an ENS profile. Using an Ethereum address allows a secure, censorship-resistant, and anonymous single login across platforms.
Web2’s payment infrastructure is based on banks and payment processors, which excludes those who do not have bank accounts or who live inside the borders of the incorrect nation. Web3 sends money directly in the browser using tokens like as ETH and does not rely on a trusted third party.
Despite the obvious advantages of Web3 in its current state, the ecosystem still has significant constraints that must be addressed in order for it to thrive.
Important Web3 capabilities, such as Sign-in with Ethereum, are currently free to use for everyone. However, for many people, the transaction costs are still exorbitant. Because of the high transaction costs, Web3 is less likely to be used in underdeveloped countries. These issues are being addressed on Ethereum through network improvements and layer 2 scaling solutions. The technology is available, but higher levels of layer 2 adoptions are required to make Web3 accessible to everybody.
Currently, the technological barrier to entry for adopting Web3 is too high. Security considerations must be understood, sophisticated technical documents must be understood, and unintuitive user interfaces must be navigated. Wallet providers in particular are striving to address this, but more effort is required before Web3 is widely implemented.
Web3 presents new paradigms that necessitate the acquisition of mental models that differ from those employed in Web2.0. When Web1.0 became popular in the late 1990s, proponents of the internet employed a variety of teaching tactics to educate the public, ranging from simple metaphors (the information highway, browsers, and web surfing) to television broadcasts. Although Web3 is not tough, it is unique. Web2 users must be informed about these Web3 concepts through educational campaigns.
Our Translation Program, which aims to translate significant Ethereum information into as many languages as possible, helps Web3 education.
Web3 is a young ecosystem that is rapidly growing. As a result, it now mostly relies on centralized infrastructure (GitHub, Twitter, Discord, etc.). Many Web3 firms are trying to address these gaps, but it takes time to establish a high-quality, dependable infrastructure.
So, I hope you guys will get a basic idea about this technology.