What’s Web3? A Quick Look

Future of Industry

Blockchains and cryptocurrencies are a couple of the most popular terms in the tech world today. Although they go hand-in-hand, most don’t realise that blockchain technology can be used in a lot of other applications including secure financial services, games, supply chain, and healthcare.

But did you know that blockchains could also be used to change the way you browse the web? With Web3, we are set to experience this major change. Although it is a hazy topic, Web3 could just be the next big thing in technology. So, what is Web3? Read the article for more details!

Here’s what we’ll look at today

  • So, what exactly is Web3?
  • The tools to master
  • What could change?

So, what exactly is Web3?

Web 1.0 was the earliest version of the web – which was over 20 years ago. Great as that beginning was, it was hard to imagine content creators, extensive communication, and dynamic web pages since the technology was basically used for merely displaying information that was generally created by businesses and consumed by the users. Then came Web 2.0  – the current version of the web that we are all familiar with. It allows users to create content and interact on a much better scale than was previously possible with Web 1. Web 2.0 has mostly been data-centric, thanks to the colossal amount of data that gets generated every day in terms of videos, texts, audio, social media content, and blogs.

So, what’s Web3 or Web 3.0?

It’s the next step – and a leap in terms of technology since it’s been primarily designed on blockchain technology.

It is a decentralized version of the clunky web that we are so used to or have seen over the past couple of decades. Web3 promises to be more AI-centered and provide a robust user experience, thanks to the decentralization of the nodes involved in the technology. What it means is that it can allow users to control their own data and provide them personalized content based on their interests and choices. Currently, most of the web is controlled by a few large establishments including Google, Amazon, Facebook or Meta, and Apple. This large-scale monopoly over data could change with the decentralization that Web3 puts offers.

Web3’s fundamental aim is to address the problems related to ownership and control over one’s data.

The blockchain age

Blockchains, cryptocurrencies, and NFTs are set to take center stage when Web3 becomes a reality. In fact, blockchain technology, together with powerful AI systems can create intuitive processes and facilitate decentralized payments. We have seen many people make money out of these processes – selling NFTs, play-to-earn games, mining, and even offering other online services. This is precisely the outcome that Web3 aims to achieve – minus the overt control that is exerted by big tech. The advantages are manifold. No one can be banned on the Internet, servers won’t fail, transactions cannot be terminated by another entity, and private data is inaccessible to third parties.

Web3 enables collaboration rather than competition through its peer-to-peer, indiscriminate, and interoperable nature. It could allow consumers to become “shareholders” of the web by being able to participate in governance and operations. These shares are generally in the form of tokens or cryptocurrencies, that represent one’s ownership in “blockchains”, a collection of blocks. For example, if you want to see a design change in a game, you could invest in the game and vote for that change directly! People could become immutable owners of NFTs that they have purchased as part of games or others and this could even become their identity.

The tools to master

If you are interested in being a part of Web3 development, you’d need to learn programming Javascript, React, and Node while also learning HTML, XML, and CSS. A good understanding of data structures can also help you design robust data management systems. Concepts such as blockchain, smart contracts, AR/VR design and development, haptic technology, holographic projections, AI-based simulations, and user interface design are also set to see a lot of requirements in the near future.

What could change?

There has also been a bit of a catch where some of the most popular entrepreneurs such as Elon Musk have been very vocal about how Web3 is merely a fad that will quickly blow over. Web3 has enjoyed a large number of supporters and most of them want to see its power transferred to the commoners rather than be controlled by a few venture capitalists (VC) or other organizations. Not all agree. Jack Dorsey, the ex-CEO of Twitter, for instance, seems to be convinced that Web3 will end up being owned by VCs and will probably just be a product that will be made available under a “different label”. But this must not deter those who are strongly working towards creating an independent web.

On the positive side, many entrepreneurs have begun to work on the technologies that could potentially make up Web3. The beginning of the 2020s has seen NFTs, blockchains, metaverse, and cryptocurrencies take over the world. An example of how Web3 would work in an ideal scenario would be the implementation of the “metaverse”. It isn’t a product developed by one organization alone. It is a collaboration of expandable worlds that are designed by multiple organizations. The decentralized nature of Web3 will thus allow users to switch between these worlds seamlessly because there will no longer be a single entity controlling a website or an app in its entirety!

Sure, Web3 will definitely be a great improvement to the existing technology. And that is where the catch lies. It will be an improvement over what we currently enjoy rather than be a standalone entity. No matter how advanced or decentralized it may be, Web3 will essentially be an added layer on top of the existing technologies that have been around since Web 1.0.

Find out more about career in blockchain.

Date added
25.01.2022

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Future of Industry

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