The internet is the technology that has turned our lives around, allowing us to share information, shop, find work and connect with people around the world in real time. But have you ever thought about how this giant mechanism is controlled? Who controls the data we upload and how is our personal information protected? It is these questions that underlie the concept of Web3 – the future of the Internet, where power passes from corporations to users!
To understand what Web3 is, you first need to understand a little about what the previous versions of Web1 and Web 2 were.
• Web1 is the first stage in the development of the Internet. In the 90s and early 2000s, the Internet was mostly static: sites were a set of pages with text and images that could simply be viewed, but not interact with them.
• Web2 is the Internet as we know it today. It has become interactive: users can not only consume, but also create content, share it, comment and interact with each other. Social networks, platforms for posting videos and photos of content, blogs and forums have appeared. But there is one caveat: most of these platforms are owned by large corporations such as Google, Facebook, Amazon. And along with this came the other side of the coin: large corporations began to centrally manage our data and monetize it.
What is Web3?
Web3 is a concept that combines technologies and ideas aimed at creating an internet where the power and control over data is in the hands of users, not centralized companies. At the heart of this idea are blockchain and smart contracts – technologies that provide transparency, security and decentralization.
If the Web2 we’re used to can be thought of as a web dominated by giants like Google, Facebook and Amazon, then the Web3 offers us a world where every user has full control over their data and interacts with the Internet directly, without intermediaries.
How does it work?
Web3 is based on blockchain and decentralized applications (dApps).
Web3 is based on blockchain – a technology that allows you to store data as a chain of blocks. Each block contains transaction information, and to change the data in one block, you have to change all subsequent blocks, which makes forgery of information almost impossible. This is the foundation of decentralization.
A dApps are apps that work on the basis of a blockchain. They are not controlled by any one company, but belong to their users. An example is a decentralized social network where the user decides what information to disclose about himself, and can even be rewarded for participating in a community.
Web3 also uses smart contracts – programs that automatically fulfill the terms of agreements. For example, if you have agreed to a deal with someone on the internet, the smart contract will automatically close the deal as soon as both parties meet their obligations. This eliminates the need for intermediaries and makes transactions quick and cheap.
What is the significance?
As part of Web2, our data is often collected and sold to third parties without our knowledge. This gives companies enormous power and revenue, but at the same time deprives us of control over our own information. In Web3, this problem is solved: users themselves control their data and can decide who can use it and how.
Web3 also offers new earning opportunities. For example, instead of companies earning money from ads, users can earn rewards themselves for viewing content or participating in community activities.
Advantages of Web3
Control over data
Users manage their own data and decide who can use it. Corporations and governments will not be able to monopolize data or censor information.
Transparency
All transactions and actions in Web3 are recorded in the blockchain, which makes them available for verification and excludes the possibility of falsification. All network members can see what is happening in the systеm. This makes processes more transparent and fraud-proof.
New economic opportunities
In Web3, content makers can directly receive remuneration for their work without intermediaries. This could lead to new forms of earning and platform independence.
Reducing dependence on intermediaries
Blockchain and smart contracts eliminate the need for intermediaries, which speeds up and reduces the cost of many processes.
Challenges to Web3
Of course, the transition to Web3 will not be easy. Blockchain technologies are still quite difficult for ordinary users to understand and use. The problem of scalability also remains unresolved: current blockchain systems are not always able to cope with a large number of transactions at the same time.
However, Web3 is more than just a new technology. This is the idea that the Internet can be a free, safe and fair space for everyone. Although there are still many questions to be resolved, the future of the Internet, managed by users, not corporations, looks very exciting!