What Is Web3 And Why It Is Popular?

Web3 buzz has been in the crypto space for the past few years. Introducing new Web3 projects also contributes to the crypto industry’s development and adoption.

Web3 provides its users an opportunity to earn for their time and effort. For example, you can participate in Web3 games and receive NFTs and other cryptocurrencies for your gaming skill and time. Gaming is just one of the use cases of Web3; the potential of Web3 doesn’t stop there.  

Before getting to Web3 in detail, it is important to understand how the web evolved. Stay tuned!

Evolution Of Web

In two decades, there has been a great change in web development. Let’s get into the different web versions:

Web 1.0

The term web 1.0 was coined by web designer and author Darci DiNucci in 1999. This initial web version consists of static HTML pages. Simply put, you can only read the information displayed. For example, it is similar to reading an online newspaper. All you can do is just read the news. 

In the case of web 1.0, users had no option to interact with the available web pages. Also, there were no features to upload our thoughts or ideas. Online social interaction was far from reality during the early 1990s. 

Web 2.0

Things started to change toward the late 1990s. The users were able to have a more dynamic web experience. Social media websites began to appear, providing users with an opportunity for online social interactions. Hence, Web 2.0 was born. 

Unlike Web 1.0, the growth and potential of Web 2.0 were massive. Web 2.0 played a crucial role in transforming our lives. By all means, Web 2.0 was responsible for the technological advancement that we enjoy today.

Online platforms like Twitter, Instagram, YouTube, and LinkedIn are a few examples of the impact. Web 2.0 has been made in our daily lives. Other examples include online booking websites and apps. Look how the evolution of the web transformed our lives. 

Web 2.0 is incredible, so why should we consider Web 3.0 or Web3? We’ll get there right away!

What Is Web3?

Web3 can be considered the next evolutionary version of web 2.0. Blockchain technology is regarded as the backbone of Web3. This latest web version aims to make the internet world more user-centric. In addition, users can benefit from the advantages of blockchain technology. 

The name Web3 was coined by Gavin Wood, co-founder of Ethereum. He believed in a better web version that an organization did not control. Web3 will play a prominent part in the increased trustworthiness among web users. 

Web 2.0 works based on the read-write mechanism, whereas Web3 functions based on the read-write-own mechanism. Here it empowers its users by providing ownership of their data. In addition, users can benefit by monetizing their data for token rewards or NFTs.

Features Of Web3

Decentralization

Decentralization is the core of Web3. This feature helps users to protect their data from third parties. The ownership of the data is also distributed among the users and builders. 

Web 2.0 platforms like Google, Instagram, YouTube, and others use their users’ data for marketing and advertising purposes. But still, the users don’t benefit from their valuable data. That’s what makes Web3 unique.

Unlike Web 2.0, the users of Web3 platforms can decide whether to provide their data or keep it private. For example, the Web3 browser rewards its users with crypto tokens for watching ads. In addition, you can also choose not to watch ads. Impressive right? 

Virtual World

Advanced technological development has made way for more realistic virtual spaces. Web3 will act to provide its users with a more immersive visual experience. More gaming projects are built based on this virtual world.

A concept like Metaverse is a perfect example of how the virtual world can transform industries like health care, real estate, gaming, education, and more. In addition, Augmented Reality (AR) and Virtual Reality (VR) devices can enhance the user experience to the next level.

Artificial intelligence (AI)

Artificial intelligence plays a crucial role in the development of Web3. This technology helps convert human-readable content to data machines can read and process. A lot of technological progress is needed to utilize the potential of Web3, and AI helps create valuable tools to support Web3 development.

As you know the features of Web3, let’s look at its use cases.

Also Read: Near Project’s Octopus Network Cuts 40% Of Its Workers In Crypto Winter

Use Cases Of Web3

The major use cases of Web3 are:

GameFi

GameFi is nothing but blockchain-powered Web3 games. You can play such games and earn rewards in return. The rewards are mainly provided in the form of crypto tokens. 

Another major feature of GameFi is that the gaming avatars, tools, and accessories can be purchased as NFTs. Suppose you are playing a game that is based on motorcycle racing. In that case, you can buy a motorcycle as an NFT. You can also sell this NFT to other gamers. 

Decentralized Browsers

The basic function of a decentralized browser is similar to that of a traditional web2 browser. But a web3 user can enjoy the additional benefits of blockchain technology. The major benefits include security, transparency, data protection, and data ownership. 

Unlike centralized browsers like Chrome or Firefox, Web3 also comes with inbuilt crypto wallets. This feature will help in faster crypto transactions. For example, the Web3 browser Brave comes with its inbuilt crypto wallet.

Not interested in seeing ads? Then Web3 browsers come in handy. You can go to settings and turn off receiving ads. However, if you wish to receive ads, you’ll get rewarded with tokens. 

Decentralized Storage

Data is the new oil and the amount of data that needs to be stored increases with time. Storage and management of data with a centralized organization is a risky option. Before the introduction of decentralized storage, there was no option but to trust a third-party website or app. Thanks to Web3, now you don’t need to risk your data in someone’s hands.

With the help of blockchain technology, decentralized data ensures safety of the data and prevents others from accessing the data. Moreover, your data gets stored in multiple cloud locations to prevent hacking. 

Creator Economy

The consumption of digital content has led to the growth of the creator economy. The centralized platforms put forward many restrictions on the content and its publications. These strict regulations can limit the publication of lots of creative ideas. Here also, Web3 comes as a savior for the creator community.

Creators can now create and publish their content with complete freedom. Moreover, Web3 platforms also provide rewards in the form of crypto tokens. Here you also don’t need to worry about getting blocked. Creators can now provide their fans with ad-free content without a mediator between them. 

Final Thoughts

Web3 will disrupt the traditional Web 2.0 functions with the help of advanced technologies such as blockchain, artificial intelligence, machine learning, augmented reality, and virtual reality. You can use Web3 to safeguard your data from getting misused.

Web3 has a long way to reach its total potential. With the larger adoption and more projects and benefits, the future is bright for this disruptive web version. You can see the implementation of new Web3 projects in the coming years.