The internet is about to enter its next phase: What you should know about Web3 is as follows.

12 Mar 2023

The world has seen cryptocurrencies and virtual non-fungible tokens expand quickly in recent years. Although these well-known applications have dominated news coverage, few people are aware of how they work together to form Web3, which some experts claim will be the next evolution of the internet.

Unfortunately, there are a lot of misunderstandings about this popular (and, to be honest, nebulous) word, including the confusion between Web3 and Web 3.0. To better assist you in understanding these concepts, we'll give a brief explanation of them in this post.
Web3: What is it?
Experts disagree on how to define Web3, as the movement is still in its early stages. Web3 intends to be a "decentralized online environment," which will enable consumers to get around internet gatekeepers and keep control of their data.

The blockchain technology will be used to do this. Web3 employs a public ledger to store data on a network of connected computers rather than using separate servers and centralized databases. The operation of the internet would be substantially changed by a decentralized Web3 because technological firms and financial institutions would no longer be required to act as middlemen for our online interactions.
According to one journalist:
"People in a Web 3 world have ownership over their data and may switch between social media, email, and commerce with a single, individualized account. In the blockchain, they provide a public record of all transactions made through a single account."
The blockchain-based architecture of Web3 would enable fascinating opportunities related to the "token economy." By rewarding users with tokens for their online behaviors, this economy would let users to monetize their data. These tokens would provide users the ability to take part in online communities or contribute to content hosting services.
One has to go back and think about how the internet developed to its current condition in order to properly understand Web3.
The "read-only" web in Web 1.0
The web, which enabled users to link static pages of information to websites accessible through internet browsers, was developed in 1989 by computer scientist Tim Berners-Lee.

Berners-Lee was looking at better ways for scholars to exchange knowledge. He developed the first global website with internet usage instructions in 1991. Basic operations on these "read-only" websites were managed by webmasters who were also in responsible of keeping users informed and maintaining the data. Just 10 websites existed in 1992, but by 1994, when the internet was made accessible to the general public, there were over 3,000.
In 1996, there were 2 million individuals in the world. There were over 1.2 billion websites last year, but just 17 percent of those are thought to still be active.
Web 2.0: A social network
A "read-only web" was replaced by the internet's present state, a "read-write web," as a result of the considerable development that came after. Websites become more interactive and dynamic. Via hosted sites like Wikipedia, Blogger, Flickr, and Tumblr, individuals contributed to a group effort to produce content.
Once technology columnist Tim O'Reilly popularized the term in 2004, the idea of "Web 2.0" gained prominence.
Later on, unprecedented connectedness was made possible through several platforms thanks to social media sites like Facebook, YouTube, Twitter, and Instagram as well as the growth of mobile applications. Since their parent corporations have a strong influence over what users may do on these platforms and because there is no contact between businesses that are in direct competition, they are known as contained gardens. Every facet of our life is strongly impacted by tech firms like Amazon, Google, and Apple, from how we store and pay for our material to the specific data we provide. Many people are attempting to take back control of the internet from the main entities that have come to rule it as we look to the future of the medium.
Web3 and Web3.0 are two names that are frequently used in this context but have distinct definitions.
The Web3 movement advocates for a decentralized internet that is based on blockchain technology. The Web 3.0 initiative, on the other hand, is a return to Tim Berners-original Lee's vision for the internet as a network of websites that meaningfully link data.
One may see the modern internet as a big document library. Although they can obtain information for us, computers are unable to understand the underlying meaning of our queries. Moreover, information is kept on several servers in various silos. Yet, improvements in programming, NLP, machine learning, and AI will make it possible for machines to comprehend and utilise information in a more "human" manner. The "semantic web" or "read-write-execute" web is what is meant by these terms.
Information would be kept in databases called Solid capsules, which would be controlled by certain individuals, according to Berners-concept Lee's of Web3.0. Although this method is more centralized than Web3's usage of blockchain, since the data is not dispersed across several sites, it would allow for faster modifications to the data. A user's social media profiles, for instance, might be connected such that changing information on one would also update the others.
Both Web3 and Web3.0 components, such as linked data, blockchain-based economies, and semantic web technologies, are anticipated to be present on the internet of the future. The development of legislation for digital asset taxes, consumer protection, and privacy issues relating to connected data are a few of the important logistical and legal obstacles that must be addressed.

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