Everything you need to know about the crypto buzzword Internet 3.0 (Web3) – common questions answered.
As you are most likely aware, the term Internet 3.0, otherwise called Web3, is a buzzword in the crypto sphere.
Despite the Ethereum co-founder Gavin Wood coining the term in 2014, the idea behind this type of web didn’t gain interest until 2021—following the rise of crypto and NFT projects.
Not just blockchain novices but also crypto enthusiasts, tech companies, venture capitalists, etc., still ask questions regarding the Internet 3.0 daily.
Some of the most common questions include:
- What is Web3?
- What are the differences between Web1, Web2 and Web3?
- What is decentralization?
- What are the key features of Web3?
- Which coding languages are necessary for creating Web3 applications?
- What are the best use cases of Web3?
So, let’s answer those all-important questions for you, making you knowledgeable Web3 champions.
Related Content: Everything You Need to Know for Web3
What is Web3?
In the simplest of terms, Web3 is a world wide web that incorporates concepts like blockchain technologies, decentralization, NFTs and other token-based economics.
Moreover, it is the third generation of the internet, after Web 1.0 and Web 2.0. But, unlike ever before, Web3 is a web that primarily focuses on technologies like blockchain, machine learning, big data, a decentralization ledger, and more.
Despite being the most tech-savvy version of the internet to exist thus far, it is also the most open. It gives people more of a say and more freedom than ever before due to not relying on centralized repositories like Web1 and Web2.
What are the Differences Between Web1, Web2 and Web3?
Although briefly touching upon the differences, there’s more to the differences between Web1, Web2 and Web3 than you may initially think.
Here’s a wider example:
- Web1: Web1 was the first internet to be created back in the 1990s. Although this web had little information and practically no user interaction, it was a reliable source of data back in the day because of having no other options. Although, algorithms weren’t a thing back then, making it hard for consumers to find exactly what they needed.
- Web3: Web3 is the evolution of the internet, and is more tech-savvy than ever, merging AI, machine learning, blockchain technology and more to provide consumers with more rights and intelligent apps. Now, each internet user can have personalized content without central intermediates.
What is decentralization?
The beauty of Web3 is decentralization. But what is it? Unlike Web1 and Web2, Web3 allows the distribution of power and authority away from central points. This means, shifting away from centralized platforms (large corporations) like Facebook, Google, Yahoo, etc. The same applies to governments. By issuing a distributed model where data is stored on individual users’ servers, so there’s no need for central authorities.
Advantages of decentralization include:
- More trustworthy data reconciliation. Data and the source is more precise due to coming from the correct source rather than intermediates.
- Trustworthy environments following sharing personal data (if wanting to).
- Reducement of bottlenecks. Meaning, less delays.
- Needed personal freedom without central authorities selling your data and taking a chunk of the change.
What are the key features of Web3?
Some of the key features Web3 includes, unlike Web1 and Web2, is:
- Improved search capabilities
- Data analytics accompanied by cutting-edge technology
- Improved search capabilities
- Safer user experiences
- Integration of virtual and augmented reality
- Enhancement of privacy and security
- Trustworthy data
- Better search capabilities and user experiences.
Which coding languages are necessary for creating Web3 apps?
What are the best use cases of Web3?
Some of the best use cases regarding Web3 include:
- Decentralized Finance (DeFi)
- Privacy and Digital Infrastructure
- Decentralized Autonomous Organizations (DAOs)
Related Content: The Differences Between Crypto and NFTs
The changes from Internet 1.0, to Internet 2.0, to now Internet 3.0 have all come with contrasting technological revolutions. All types of web incorporate different ways to improve consumer engagement and help users get the most out of their internet searches through technological advancements.
Unlike any other, Web3 bridges the gap between enabling copyright protection for organizations as a whole by giving people more personal freedom, as well as financial freedom.
Consequently, there’s no need for central authorities to take cuts out of people’s profits anymore.