Still confused about Web3? You're not alone ??

This article was co-authored by Lady Kay ?????? , Nancy-Olive Tamuno , and Oluwadamilare Aderinboye

Web3 is a term creating a lot of buzz in both the online and offline worlds of technology and social media. It refers to the future of the Internet and how it will function in the next decade. Web3 is an upgraded version of the Internet we've been using since the early 90s, known as Web2.

Web3 aims to give individuals more power and control instead of being controlled by big companies like Web2.

A big part of Web3 is a concept known as the blockchain (or blockchain technology). Think of the blockchain as a digital ledger or record book that keeps track of transactions and information. What makes the blockchain special is that it offers a secure, transparent platform that can't be changed easily.

Web3 is creating a lot of buzz in both the online and offline worlds of technology and social media. It refers to the future of the Internet and how it will function in the next decade. Web3 is an upgraded version of the Internet we've been using since the early 90s, known as Web2.

Web3 aims to give individuals more power and control instead of being controlled by big companies like Web2.

A big part of Web3 is a concept known as the blockchain– we talked about it in this video on our Instagram page. Think of the blockchain as a digital ledger or record book that keeps track of transactions and information. What makes the blockchain special is that it offers a secure, transparent platform that can't be changed easily.

Exciting stuff, right?

In the beginning, there was Web 1.0 ??

The development of the Internet can be traced back to Web 1.0, a static, read-only web page where information was mainly consumed. Later, we saw the emergence of Web 2.0, also known as the social web. Web 2.0 allowed users to actively contribute and interact with the content on the web.

Web3 represents the next stage of the Internet's evolution - combining the best of Web 1.0 and Web 2.0. Web3 is a decentralised and user-centric version of the Internet. Unlike Web2, which is dominated by centralised platforms such as Facebook, Snapchat, X, etc., Web3 empowers users by giving them control over their data and online interactions.

Web3 is built upon blockchain technology, which provides a transparent and secure record-keeping system. This technology enables decentralized applications (dApps) to run on a network of computers, eliminating the need for a central authority.

Name-drop these Web3 features at parties ????

• Blockchain Technology: A decentralized system that records transactions across many computers. This ensures that no single entity controls the entire network, promoting transparency and security.
• Cryptocurrencies and Tokens: Web3 uses digital currencies and assets (like Bitcoin and Ethereum) for transactions and incentives. These play a crucial role in facilitating commerce and governance within Web3 ecosystems.
• Decentralized Applications (DApps): Unlike traditional apps, which are hosted on a single server, DApps run on a blockchain or peer-to-peer network of computers, reducing the risk of censorship and downtime.
• Smart Contracts: These are self-executing contracts with the terms of the agreement directly written into code. They automatically enforce and verify the terms of a contract, reducing the need for intermediaries.

But don't forget these über-cool benefits of Web3

• Decentralization: This is one of the most significant benefits of Web3. Unlike traditional web platforms where power is concentrated in the hands of a few, Web3 distributes control among a network of users. Nobody has complete control over the network, making it easier to see what's happening and harder for anyone to control or change things unfairly.?
• Enhanced Privacy and Security: Using blockchain technology, Web3 ensures that personal data is encrypted and stored securely across a decentralized network. This reduces the risk of data breaches and gives users more control over how their information is accessed and used.?
• Transparent Transactions with Smart Contracts: Web3 introduces the concept of smart contracts – self-executing contracts with the terms of the agreement directly written into code. These contracts are stored on a blockchain, making transactions transparent, tamper-proof, and automatically executed when predefined conditions are met, reducing the need for middlemen and increasing efficiency.?
• Inclusive Financial Systems with DeFi: Through decentralized finance (DeFi) platforms, users have access and control over a wide range of financial services, like lending and borrowing or trading and asset management, without the need for traditional intermediaries like banks.?
• Empowering Content Creators with NFTs: Web3 introduces non-fungible tokens (NFTs), changing how we buy, sell, and own digital assets. NFTs allow content creators to tokenize their work, proving ownership and authenticity on the blockchain. This will enable creators to directly engage with their audiences, creating a more sustainable and equitable ecosystem for digital content.

Web3 represents a significant advancement in the evolution of the Internet. With its decentralized and user-centric approach, Web3 empowers users by giving them control over their data and online interactions. By leveraging blockchain technology, Web3 provides a more secure and transparent record-keeping system. As we continue to move towards a more digital world, embracing the benefits of Web3 and working towards creating a more open and decentralized Internet is essential.