What Is Web 3?
Web 3.0 is more likely to be the future of the internet and is expected to give users more control over their personal data. This technology is all about decentralization. While Web 1.0 is the internet we commonly know, Web 2.0 is the second generation and an improved version of Web 1.0 that has more user-generated content. Web 3.0 is something that everyone is talking about and is likely to be a huge evolutionary jump forward.
While Web 1 and Web 2 have already happened, Web 3 is yet to happen. Web 3 is all about decentralization and it is more like a theory of how the internet could transform in the future. It is more like a vague idea of how the internet might evolve and it does not mean the internet will definitely change like what the theory claims.
Web 3.0 is expected to decentralize the internet and let users store their data in their wallets and not on the platforms they visit. It will let users create and own the content they create. Web 3 will be underpinned by blockchain technology and will take power away from tech giants like Google, Amazon, etc. That is because Web 3.0 will not require users to hand over their personal details to these tech companies to use their services. Web 3 would be an internet powered by blockchain and all information would be made available on the blockchain’s public ledger.
Web 3 believes it will democratize the internet and let everyone share and receive information without being controlled by top monopolies. This concept will let users create products and services online and make money.
This blockchain-based internet will not have moderators and censorship. The blockchain’s public ledger will keep adding blocks to a chain and record transactions. No one will be responsible for approving or disapproving a block. The blocks the ledger adds will remain there permanently and no one can delete them.
We use Google, YouTube, or Facebook on a regular basis and whenever we use one such platform, these tech companies will store and own our data. But, in Web 3, users can store their data in their crypto wallets and can use apps on the web through their wallets. When they do so, their personal details will not be stored anywhere on the internet, and they will remove their data when they log off. Since they own their data, it will not be controlled by any tech company and users can decide whether or not to monetize it.
The crypto wallet will be the users’ identity, but it will not be their real identity. This means that even if someone sees your wallet activity, they will not know that you own the wallet. Your personal information will remain hidden.
Decentralized autonomous organizations (DAO) will be responsible for running apps in Web 3.0. In this case, a central administration will not make decisions and users with governance tokens will make decisions. Users can get these tokens by purchasing a decentralized app or participating in the upkeep of the app. Similar to how stakeholders vote to implement changes in businesses, the users who hold governance tokens will be able to vote on changes made to the DAO’s code.
Web 3 is a new concept, and it has not yet been implemented. It also is not expected to replace everything in Web 2. It could likely run alongside Web 2.0. This means people can use Google or Facebook if they wish to or if they look forward to making money; they can choose the decentralized internet.