What Is WEB 3.0
Updated: Jun 20, 2022
WHY IS WEB 3 THE FUTURE
Web 3 and blockchain have been the buzzwords for the year 2021-22. Venture capitalists, college students, and working professionals all are jumping into the space aiming to make the world decentralized. Somehow it just feels like the internet revolution of the 1990s as if the world is gonna change because of web3. Here’s an introduction to what some people are calling the internet of the future.
The Journey Of The Internet
To understand web 3.0, we must understand web 2.0 in brief. Web 2.0 is nothing but the internet of today. It refers to websites that emphasize user-generated content and participatory culture and interoperability (i.e., compatibility with other products, systems, and devices) for end-users. In simple words, platforms like Google, Facebook, and Amazon make up Web 2.0. It made it simpler for people to connect, interact, and transact using the internet. However, over time, these platforms/companies accumulated far too much power for the internet to remain a safe place. More than two-thirds of consumers in the United States feel that big tech companies wield too much power. This is where web 3.0 comes in!
What Is Web 3.0?
Web 3.0 is the future internet, a new iteration of the World Wide Web-based on blockchain technology that will have decentralized built into its core principles. It will facilitate the rise of new social platforms, search engines, and marketplaces that will be owned by the community, rather than by a corporation. It aims to provide a more personalized experience for all of us. End users would reclaim their power over their own data and would be able to move around from platform to platform on the internet using a single personalized account, rather than having to log into multiple different accounts for each respective company and platform. Web3 will be the pathway to cutting the middleman out of the internet, data, and information exchange itself. It would make the internet become a place that is run by the collective, using digital tokens. Web3 aims to:
Improve data security,
Increase scalability
Increase the privacy of users
combat the influence of large technology companies
Written By: Prajul Jain