Learn About Web3 And How it Seeks To Change Internet Services At Cryptopedia


The initial iteration of the internet, known as Web1, ran from 1991 to 2003. DuMont referred to Web1 users as only “consumers of content,” and it involved static, read-only HTML web pages with a straightforward design.

On the other hand, Web2 introduced innovations like pictures, movies, software, games, and advertisements. The second iteration of the internet developed a centralised social ecosystem and depended on the sharing of information between businesses and users.

Gavin Wood, one of the Ethereum founders, coined the term “Web3” for the first time in 2014. He described this web as decentralized, blockchain-based, and equipped with technologies that use different protocols to verify the information.

Web3 paves the way for a more decentralised and secure version of the internet in the future, with Web1 representing the past and Web2 the present. Web3 is a “read, write, and own” phase of the internet, according to DuMont.

The current iteration of the so-called third generation of the web is criticised for being centralised and owned by venture capitalists rather than the people, despite the fact that Web3 is described as being decentralised and owned by the people for e.g best web 3 services company. Former Twitter CEO and co-founder Jack Dorsey issued a warning in 2021 that businesses control Web3. He wrote, “You don’t own Web3.”

Companies still construct and invest money in the development of Web3 infrastructures in spite of the criticism. To hasten the creation of an open metaverse, Web3 juggernaut Animoca Brands began to focus on social media moguls in March. For a Web3 fund, however, investor Katie Haun also just recently raised $1.5 billion.

About the Concept Of Web3

Numerous opponents of Web3 claim that it is neither feasible nor feasible. As envisioned by Web3, critics like Moxie Marlinspike (creator of sslstrip and Signal/TextSecure) cannot imagine a day when users run their own servers. In a piece that garnered a lot of discussion in early January, he claimed that protocols are more difficult to develop than platforms.

While that may be the case, some projects, such as the file storage protocol IPFS, allow users to choose which jurisdictions to share their data with.

Web3 history is Driven by the Some Failures of Web2

This is a tale about how the Internet was turned completely inside out.

There ws the vision first. Everyone has access to it and it is free to create content. Decentralized open-source proponents like Tim Berners-Lee, who created the internet, helped make it more well-known.

Then there was the fact that data had to be traded off for access and was expensive when creating content.

Web1 resembled a giant Wikipedia page that had been married to a gigantic Craig’s List. Its website pages are private and have no ads or logins. The current Web 2 era is characterised by algorithmically targeted advertising, free usage, and data and privacy waivers.

Initially, Web3 Uses Decentralised Data Storage

The new Web3 tech stack’s foundational element is decentralised data storage. In Web2, closed databases are managed by businesses. Large corporations like Facebook, Google, and the other standard suspects go to great lengths to hold onto, control, and profit from the data they collect. Web3 aims to change that.

Decentralization entails strengthening those hierarchies of power by distributing some of the network’s ownership to its users. Users’ data is their own in Web3 on open, encrypted networks. In this area, numerous projects are underway.

Applications for P2P file storage and sharing that can withstand censorship, like Filecoin and IPFS, have taken the lead. Data replication across multiple nodes on the network is a common feature of Web3 storage providers like Filecoin.

However, there are still a lot of unanswered questions regarding the new tech stack and ideology.

Giving Users Control Over their Own Data

How will Web3 make the internet more equitable by empowering the individual to exercise sovereignty? It is a challenging request, admits Kris, who has decades of experience in the fields of blockchain consulting, cyber security, and telecommunications.

The viability of Web3 raises some excellent business questions, he adds. How can users regain control over their personal data that is locked on centralized platforms? How are startups motivated to create the tools and products needed for this transition? In order to compete with the current market leaders, how are second or third-tier Web2 companies motivated to switch to a Web3 business model?

Each project has a different degree of decentralization. DApps are no longer regarded by the diehards as “Web3” companies if they make use of centralized storage. However, developing fully decentralised technology is very challenging.

Will tokenomics promote the uptake of Web3?

Web3 consumer adoption is a distinct area. The average user may not be interested in all of this talk about decentralization. The pressing issue of the day is how much privacy people value over convenience. Can tokenomics solve the problem of privacy vs. convenience?

Jonathan Hooker, managing director at Holon Global Investments, tells Magazine that there will be a change in how people use the internet. Do you own Bitcoin? He begins his Web3 explanation by posing this query. How would you feel if you owned and managed your own self-sovereign wealth?

According to him, “the business model must identify the thing that is important to that person.” Is that person wary of the government or putting their own medical information on centralized databases they don’t manage?

How crucial are those medical records for that person to have at a crucial moment anywhere in the world? These data concerns can be resolved with Filecoin and IPFS.

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Will Web3 become popular in 2022?

Before Web3 is accepted by the general public, it must first address a number of issues. Importantly, it must outperform Web2.5 in terms of quality and cost, or offer other noteworthy benefits.

Web3 continues to have a clear focus on scalability without sacrificing decentralization protocols. Decentralization is challenging, however, and centralized services are often more user-friendly.

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