Web3 is the third generation of the World Wide Web. It is a vision of a decentralized and open Web with greater utility for its users.

What is Web3?

Crypto is just the tip of the spear. The underlying technology, blockchain, is what’s called a “distributed ledger”, a database hosted by a network of computers instead of a single server.

That offers users an immutable and transparent way to store information. Blockchain is now being deployed to new ends: for instance, to create “digital deed” ownership records of unique digital objects — or nonfungible tokens.

NFTs have exploded in 2022, conjuring a $41 billion market seemingly out of thin air. Beeple, for example, caused a sensation last year when an NFT of his artwork sold for $69 million at Christie’s.

DAOs

Even more esoteric cousins, such as DAOs, or “decentralized autonomous organizations,” operate like headless corporations: They raise and spend money, but all decisions are voted on by members and executed by encoded rules.

One DAO recently raised $47 million in an attempt to buy a rare copy of the U.S. Constitution. Advocates of DeFi (or “decentralized finance,” which aims to remake the global financial system) are lobbying Congress and pitching a future without banks.

The totality of these efforts is called “Web3.” The moniker is a convenient shorthand for the project of rewiring how the web works, using blockchain to change how information is stored, shared, and owned.

In theory, a blockchain-based web could shatter the monopolies on who controls information, who makes money, and even how networks and corporations work.

Advocates argue that Web3 will create new economies, new classes of products, and new services online; that it will return democracy to the web; and that is going to define the next era of the Internet.

Web3 is Inevitable

The term “Web3” was coined in 2014 by Ethereum co-founder Gavin Wood and the idea gained interest in 2021 from cryptocurrency enthusiasts, larger technology companies, and venture capital firms.

 By now, you’ve undoubtedly at least heard of it. The next stage is the evolution of the internet. However, most people are unaware of its importance and why we should move from Web2 to Web3.

Web2 to Web3

Web2 and Web3 are two different iterations of the web, with the latter being still largely theoretical.

It mainly exists with specific companies and organizations offering novel solutions based on decentralization, openness, and greater utility. The staples of Web3.

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Web 2

It has grown with innovations like smartphones, social networks, and broad mobile internet access. It’s based on interactivity, connectivity, and, most of all, user-generated content.

This is how it differs from Web1, the initial iteration of the web, where webpages were few and static.

The Web2 technologies have brought us large Web2-centric organizations and businesses like Meta, Apple, Google, Amazon, and many others.

As for Web3, it was born out of technologies like blockchain, cryptocurrency, NFT, AI, machine learning, and others.

What they have in common is much greater user utility, trustless and permissionless attributes, openness, and above all, decentralization.

Even though it’s not here yet, thanks to the disruptiveness of these technologies, it’s almost inevitable to come.

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Is Web3 a solution?

Is a solution for this. It’s a fundamentally different approach to the internet, largely based on the premise that users don’t have to be exploited for companies to make money.

That’s why the organizations within the space are striving to offer open platforms that create value for users.

Instead of relying on centralized solutions that are increasingly only being used to make money.

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Web3 is going great

1.Users are the ones holding their data, making them free to potentially move to another solution. If they so please. Even though it sounds like a bad solution for the companies themselves.

it’s not. That’s because the model enables value to be rewarded, and the many companies in this space are proving this assertion.

2. On top of that, Web3’s openness allows companies to quickly enter another network where they can find more users. For instance, thanks to blockchain technology, a Web3-based business doesn’t have to require users to upload a file.

For example, they can tap into existing files already on the blockchain.

3. This openness and interoperability are also available to Web2 companies. They only need to adapt technologies to get the chance to enter a new market.

This is evident from major companies starting to use crypto, incorporating NFTs into their platforms.

Or even banks using blockchain solutions to improve their security.

Technology

It makes the proliferation of cooperative governance structures for once-centralized products possible. Anything at all can be tokenized. Whether it’s a meme, a piece of art, a person’s social media output, etc.

A great example of the paradigm shift is in the gaming industry.

Gamers can now invest in the game itself and vote on how things should be run. Large Web 2 companies, like Meta and Ubisoft, are creating virtual worlds powered in part by Web 3.

Non-fungible tokens (NFTs) will also play a huge role in reshaping the gaming industry by allowing players to become the immutable owners of the items they accrue.

When you hear about it you will notice that cryptocurrency is often part of the conversation.

This is because crypto plays a big role in many of these protocols.

Bottom Line

It has great potential. Whether it is too idealistic to put into practice will be something that everyday users will discover over the next decade.

Crypto wallets like Metamask and Torus enable you to integrate easy, anonymous, and secure international payments and transactions into Web 3 applications.

The benefits are great, to say the least. Building trust becomes much easier and less costly. Entering new markets becomes seamless, and launching a new product or service in the space is much easier.

FAQs

Why would people use Web3?

Under Web3, users could potentially own and monetize their own data. Or receive payment for contributing to the platform. Web 3 could also see fungible tokens (NFTs), become parts of our daily life.

What does it mean for users?

The big focus of Web 3 meaning is decentralization . Making online communities owned by everyone. With transparent information sharing.

Instead of strong information through database giants such as Google. Information will be freely shared and stored in many locations.

How do I access Web3?

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The only way to connect to DApps on Web 3 is with a crypto wallet. And it’s up to you to decide whether that crypto wallet is an extension of a browser like Chrome.

Or a built-in wallet on a privacy browser like Brave.

What are examples of Web 3?

a.Everledger b. Storj

c. Beaker Browser

d. Decentraland

e. Steemit f. Ethlance

Is Google on Web3?

Google has been active in the Web 3 sector . Regarding business development. Previously Google partnered with Near Protocol to provide technical support for the latter’s grant recipients.

What Language is Web3?

Java works as the popular language in Web 3 programming with the influences of C-syntax. Developers can use Java to create smart contracts featuring extensive libraries. Object-oriented programming support and direct memory cleaning.