Table of contents
Can you imagine a world where you have total control over your resources like never before? Just like Batman, the fictional superhero whose superpower is his ability to control. That feeling of control that cannot be taken from you because you are the boss?
That’s right! Web3 has come to save the day!
At the end of this article, you will gain a simplified understanding of what Web3 means, its usefulness, and its future in the years to come.
Now, let’s delve into what Web3 means and why it is considered important.
Understanding Web3?
The World Wide Web 3 is the third version of the web. It is significant in bringing about a shift in how the internet is to be used. Before the coming of Web3, there was Web 1 and the present Web 2.
Web1 was the first version of the Web to be created. It was created so that its contents should be read-only, like the encyclopedia.
With Web2, users cannot only read but also write. Thus, Web2 creates an opportunity for all users to connect. Through platforms like Facebook, YouTube, TikTok, etc., users experienced some level of inclusiveness.
Web2 recognized user's interests, and they became more active in generating content that benefits all users.
However, one loophole in Web2 is that a centralized body controls the internet. This body does the following:
• It acts as a middleman and, in turn, dictates how the Internet is used.
• It is responsible for all the decisions regarding the Internet and the various platforms that users are involved with.
• It is in charge of the user’s assets and sets the rules that users are to follow. An example is a financial institution, such as a bank
The coming of the future web (Web3) seeks to eliminate the role of the middleman. We can illustrate this using the food supply chain. Here, the producer produces goods to distribute them to the wholesaler, who will retail them to consumers.
Removing the role of the middleman has the following advantages:
• It will result in the producer sending its products directly to consumers.
• The consumers will be delighted because they can communicate directly with the producers, and their voices will be heard.
• This idea of the producer working hand-in-hand with the consumers gives the consumers certain rights that they can take advantage of to their satisfaction.
With this illustration, you can see the many benefits Web3 offers you as a user.
Below is a summary of all versions of the web:
1. Web1: read-only basis
2. Web2: read and write (create)
3. Web3: read, write, and own
Web3 has no universal definition. It is often associated with the term blockchain. This is because blockchain is highly decentralized, and as such, Web3 is also decentralized.
Importance of Web3
The following are the benefits Web3 offers users:
• Ownership: This is a feature that distinguishes Web3 from other versions of the web. Users have a right to own and control their personal data and digital assets. Web3 makes users directly accountable to other systems (users) on the same network.
• Permissionless: This means without authorization. That is, no permission is required to join. It is free for all.
• Privacy: The removal of the middleman allows users privacy and protection of their own data and digital assets. As a result, it eliminates the fear of some personal information falling into the wrong hands of a third party.
• Security: Web3 is decentralized and operates on a peer-to-peer basis. That is, a network connects multiple users, and they make decisions through consensus. Hence, the users cannot tamper with any data without a consensus being reached.
To this end, the internet is for and controlled by everyone. This way, all nodes (computers) connected to that network are kept secure and free from hackers.
The Future of Web3
Web3, the next generation of the internet, continues to grow at a fast pace. Individuals have full possession and control of assets that they can decide to store or sell.
It is so beneficial that it cuts across geographical locations. Users from different parts of the world connect to the same peer network. The data is protected so that no one outside the peer network can access it.
Web3 also becomes beneficial to businesses and individuals who engage in trade anywhere in the world faster, without restriction, and at a cheap rate.
Conclusion
In this article, we have introduced readers to what this future web is all about. However, there is a need to know that Web3 is not static but dynamic. As the world continues to evolve, researchers and inventors have begun to see the need for machines to be an alternative to human power. Humans introduce concepts like artificial intelligence and machine learning as they seek ways to make the world better.
With Web3, users will be more in control of what goes on around them and the world at large. But it’s important to note that this version of the web is not without its flaws. However, its advantages outweigh its disadvantages.
Further Reading