The term Web3 was first used by Ethereum cofounder Gavin Wood in 2014. The Web3 is the name given to decentralized internet built upon blockchain.
Web3 is the internet for the future. It is going to give all the control back to users by using decentralized blockchain as the foundation. This means that no one would be able to change, use or remove your data without your explicit permission.
Web3 takes the concept of cryptocurrencies to the next level. Cryptocurrencies offered users the ability to use independent decentralized currencies; Web3 expands this concept to the whole internet.
Difference between Web3 and Web 2
The current version of the internet – known as Web 2.0 – is centralized where all the power lies with major platforms like Google, Amazon, and Facebook that provide the basic infrastructure to make the internet function.
Therefore, these ‘Big Tech’ companies act as middlemen essentially controlling the internet and using the data of normal users who use their platforms to make money.What is Web3? Click To Tweet
Because Web3 is decentralized, all the power on it lies with users. Every user controls what information can be given and how it is to be used. Every aspect of users’ own data is under their control – they can even monetize their data if they want to.
On Web 2.0 we have to use unique usernames and passwords for identification purposes. But on Web3, your identity is linked to the encrypted cryptographic validation and it will be the same for every platform on Web3.
Another important aspect of Web3 is that it will be built upon permissionless and trustless platforms using open-source applications. Trustless is a term that means that users don’t have to trust any third party for transactions or information sharing – blockchain takes care of it on its own.
When will Web3 happen?
First off, nobody knows the exact point when Web3 will take over from Web 2.0. Most experts believe that the transition from Web 2.0 to Web3 will be subtle and gradual.
There is a lot of development and experimentation going on right now but the technology needed to build the Web3 is still in the early stage of development. However, one thing we can say with certainty is that Web3 is going to be the next evolution of the internet.
If you are interested in learning more about Web3 and its development, listen to our podcast here.
Suleman is a part-time crypto writer and full-time book addict. He holds a master’s degree in Chemical Engineering. Nothing excites Suleman like a well-organized fundamental analysis for long-term investment.