What is web3? Beginner guide to understanding web3 technology.

Secured and trusted web always comes up to emphasize the term internet to reach user’s expectation. Web3.0 or web3 fills the space of an open internet with web3 technologies.

Web3 is looking the way where developed technologies are permitted to go with a decentralized platform. In contrast, web2 users are going with centralization or authorized by big entities. Further, You may have heard about bitcoins or cryptocurrencies, these digital assets also work with web3 protocols. But how does web3 work?

Find all about web3 below the article. But before starting, understand where it started from. How do web1 and web2 work, and What is web3? Beginner guide to understanding web3 technology.

Web 1.0- Read-only web

Web1.0 was the first-ever web to run the companies with centralization. It was invented in 1989 approximately to 2004 by Tim Berners- Lee with the intention of a decentralized?web.

Users were consuming content in the form of images and texts with the integration of static content instead of dynamic HTML. Sites served data and a piece of content from a static file system rather than a database technology.

It was the read-only web because of the sense of centralization. Entities didn’t work with algorithms and databases to ensure alignment with the user’s experience.

Users were not authorized to share thoughts on content due to the less interactive documentation.

Web 2.0-

[Image credit Pixabay]

Web2.0 was a read-and-write web, instead of just consuming content, companies encouraged people to share their own content with user-to-user interactions. It began in 2004 and brought the world of creators by accessing a chance to share and earn from the content.

Social media served the chances to access sharing comments and thoughts with everyone everywhere. Many sites allowed to creation of a creator account to give a lead to interact with other people.

It was the revenue-generated model. The big tech companies like Google, Facebook, Youtube, and all have led to creating user accounts in exchange for their personal data and their wishlist priority. It is about showing favorite content as per the user’s experience data and making money from their shared data by showing ads.

Web3.0- (Democratic version of the internet)

[Image credit iStock]

It is the newest iteration of the internet in the term of web3.0 or web3. It emphasizes the decentralized environment with algorithms after 2014. Web3 is based on decentralization that relies on the key features of blockchain space.

Web3 technology works on a decentralized system in the term of blockchain where people can use featured access that they couldn’t get in web 1.0 and 2.0. Not only just on a blockchain, but web3 applications can also run on any decentralized networks or?crypto-economy protocols called Dapps.

In an episode of?beyond the valley, Gavin wood (Co-founder of Ethereum) says Algorithms and other web3 technologies will help to engage with the internet properly. He also says, what if the server of a centralized platform gets down? Then web3 will be the priority to use because it is not controlled by a single corporation.

How does web3 work?

Definition of web3 remain always different because of its works. Every technology like Decentralisation, Artificial intelligence, and permissionless invent a new definition of web3. It works with these factors to make the users protective. But how?

Decentralization-

[Image credit BLOCKTAK]

As Web3 lies on a blockchain that works on a decentralized structure enables it to be with the core tenet. Participants of a single blockchain can get access without getting locked by big companies.

In contrast, information and data on a centralized based-platforms are stored in particular cloud companies like- Amazon web services, Google Cloud, Microsoft Azure, and more. Computers search with HTTPS to find a fixed location to land people on a web page.

It’s an?open-source?that allows users to be on a platform that is free from a governing body or single entity. It means, there is no single company to get access to user’s data without their consent and follows the revenue-generated model by selling data.

Artificial intelligence(AI)-

Artificial intelligence can understand information with?natural language processing. It can imitate the data and information the human wants with the help of algorithms.

The main idea of using artificial intelligence is to work behind web databases. People often search for authentic reviews in the sense of right-thinking about services or products. So, Artificial intelligence indicates authentic reviews instead of showing all reviews and pages that people click.

Corporations on the internet offer People to write online reviews on?online reviews platforms?like Trustpilot.

Permissionless

Web3 works in a permissionless body mean everyone can participate in it without taking any authentification from governing authority or body.

What are the advantages of web3?

Web3 is a new iteration of the internet and rapidly developing technology. In the term of servicing people, It wouldn’t be eased down, but some potential and unique benefits of web3 are as follows:

Ownership-

The web3 user can regain ownership of their data by having the security of encryption. Web3 allows the term ownership by providing blockchain, cryptocurrency, and NFTs to give the powers of users for their data.

Web3 technology works on a blockchain i.e. on a decentralized network that eliminates the middle man. Every participant of a blockchain can access their data without getting a disturbance. Your all data exists on a blockchain, so you don’t need to worry about losing that.

A decentralized network makes the entire control of the user’s to their account. In the contrast, entities that work on web 2.0 technology hold the user’s accounts.

Identity-

The decentralized web makes the term identity more secure by accessing digital identity. Individuals can control what data they have to share or which one is not.

A blockchain-based system makes the identity more user-friendly by providing a?decentralized identity. People can access some advantages of sharing data and information with the help of a decentralized identity.

In web2, Each company requires to create a new identity in the form of an account to allow further. Users have to create a new account for each platform or service, but in contrast, web3 provides an?ENS profile?to use services. Web3 technology solves the holding of multiple accounts problem by giving access to the?Ethereum address?or ENS profile to the end-users.

With that, the ENS profile provides single login across all the platforms and services that will be more secure and censorship-resistant than web2.

Data flexibility-

[Image credit SDTimes]

Decentralization accesses an environment to activate the data for individuals from anywhere. It allows you to keep the data safe and secure until you don’t change it.

Blockchain creates a flexible environment for the users who buy the asset in any game application. Web3 allows the people to reconnect with the prior account or offer to sell the purchased premium items through NFTs in an open world.

In contrast web2, users can make or buy premium items in-game applications with just a limited advantage. A centralized platform offers to take premium advantages within the games, it doesn’t allow to use that outside the game world.

This means a centralized platform user can’t rebate the money of purchased premiums. NFTs allow the web3 users to bring the money back from purchased items by selling them through a decentralized platform or cryptocurrency protocols.

But still having a lot of advantages of web3, it makes some negative senses.

Disadvantages of web3

Web3 offers some new services and protections in developed technologies that web1.0 and 2.0 didn’t to the end-users of the platforms. Instead of some developed technologies, Web3 also comes up with some cons. These disadvantages of web3 add some skepticism to web3 technology.

Web3 consists of advanced or developed technologies like Artificial intelligence, Machine learning, Semantic web, and more these technologies are likely to consider hard to understand as a beginner. Further, Devices that have the above specifications to handle web3 technology- can work with peer-to-peer networks better than other lower specifications devices.

As a result, the Technical barriers of web3 are too high. Users must have understood security concerns, technical documentation, and user interfaces to enter in web3 or any decentralized networks.

Every decentralized network works with blockchain. As a result, native payments create on blockchain that consists of a token to transact with each other. However, Web3 makes the payment procedure easy with?Etherium. Signup in Ethereum is easy for everyone without any cost, but the transaction fee is too high to transact with each other due to developing nations.

Web3 is based on centralization. Web3 applications like?Metamask,?Opensea, and more are based on a blockchain as web3 applications do, but they also work on a central platform. However, it looks a bit different from web1.0 and 2.0, but some say?it is centralized?with just an upgraded version of technologies called web3 development or technologies.

What are web3 tokens?

Web3 based on tokens. Any platform that works with web3 requires to follow web3 protocols technically or nontechnically. Further, they need to issue utility tokens for their stakeholders and buyers. In that case, web3 tokens play a major role in a decentralized network or cryptocurrency protocols.

Tokens are the piece of nonsensitive data of a decentralized platform. Companies that follow web3 protocols convert sensitive data into a form of token to ensure the security and protection of data called?tokenization. However, a token can be a blueprint or contain certain elements of converted data, and the original data stays outside the organization’s internal system.

Tokens like?Filecoin,?Livepeer,?Arweave,?The graph, and more include the term tokenization which eases the participation process in a company. A decentralized platform-based company issues a number of tokens for its stakeholders and contributors to collect digital money in the form of investment. They also consist of some resting tokens for future projects or contributions. Furthermore, people can sell their holdings if the company works beyond anticipations. And stakeholders can use their holding to make changes in a project because of the web3 token (decentralized protocols).

What are web3 wallets?

[Image credit dev. to]

Web3 or any decentralized protocols use digital wallets to store all digital assets. Web3 wallets store all accessed digital tokens including?Non-fungible tokens (NFTs)?of a user. Any digital wallet is a gateway to enter or exist in the crypto space that runs on blockchain.

These non-custodial wallets, ensure the full control of a user of their stored tokens in wallets. This means nobody can get access to digital assets without the user’s consent. By contrast, People need to take over all the data to the big centralized company to use their services or platforms. Web3 wallets open the door to running the tokens with?dapps (decentralized apps)?on various blockchains to access secured web3 developments.

These Digital wallets like?Metamask,?Trust,?Coinbase, and more enable to swap or send tokens with everyone everywhere.

What are DAOs (Decentralized autonomous organizations)

A decentralized platform that works and manages by a group of members. It’s like a native internet business that builds in treasuries of members, but no one has access to make changes without the consent of other members. People can raise their voices to vote for changes regarding future projects under guidelines that exist in DAOs via its code.

These platforms offer a way to participate in a term of a contributor to building a DAOs-based platform. Tokens create a big role to exist in DAOs protocols by providing access to voting in a group of members. Like other tokens that follow decentralized protocols,?MakerDAO?is available to grant access to vote in DAOs-based platforms or maker protocols future within decentralized protocols.

Native internet business protocols such as DAOs allows investments from developers, capital firms, and more to build and ensure investments in term of security. In the same,?Friendswithbenefits?is a DAO of web3 builders, it got a?10 million dollars?investment from?a16z?for build-up.

As a consecutive, the DAOs platform works with transparency by providing rights and assurance of tokens to the treasurers.

Conclusion

Web3 is a new iteration of the internet that brings a lot of technologies in the term of web3 technologies to make the users secure with their data. Artificial intelligence, machine learning, and semantic web-enable a door to work in web3 technology more efficiently. But, how does it work in real life?

Decentralized autonomous organizations (DAOs), Decentralized apps (dapps), and Web3 wallets are the working incentives of web3 in real life. However, these web3 developments also bring some complexity to understanding at a beginner level. But in contrast to web2, these features allow for a permissionless, secure, and trustless web.

Frequently Asked Questions

1. Is web3 better than web2?

Web3.0 or web3 is far better than web2. It includes featured technologies like Artificial intelligence, Machine learning, Semantic web, and more in terms of web3 technology that relies upon people to work with web3.

2. How can we use web3 applications?

Anyone can use web3 applications, but it is a must to ensure that you have a digital token to enter into web3. Digital tokens are the passes to cross the gateway of web3 or decentralized protocols.

3. What are the problems with web3?

However, web3 has a lot of benefits for its users. But it is creating complexity in some portions like web3 is hard to develop and understand because of complex technical barriers. And a beginner user cannot use it easily.