Explaining What Web3 Is: A Succinct Breakdown


Explaining What Web3 Is: A Succinct Breakdown

Over the past few years, the internet has evolved from what it used to be into what we now interface with. Web3 has not only gained more attention, but it is in fact, a concept that focuses on ownership of the user, blockchain technology, and decentralization. There is no doubt that Web3 is changing the way users interact with the internet and ultimately what experience they get from their interactions.

Just in five years, searches for Web3 have largely increased by about 837%, indicating the interest of users around the world. If you are also seeking clarity as to what this whole idea of the internet means, then you’re at the right place at the right time.

We’ll be doing a bit of term definition in this article so you don’t get overwhelmed by a load of information. Brace yourself as we walk you through the new wave of innovation that promises to change the internet for good.

Why Does Web3 Matter?

Recent studies have revealed that a whopping 43% of website traffic today is controlled by industry-leading companies like Amazon, Google, Facebook, Netflix, and Apple. Why is there so much domination among fewer companies you may ask? This is due to the centrality of power that Web 1.0, especially Web 2.0 affords. Because of centralization, users are unaware of the extent to which their data is being used by these companies or websites.

While some conceive Web3 to be nothing more than a scheme that liberates web users from the claws of centralization, data suggest this to be a chance that empowers individual users on all sides. The concept of Web3 is bigger than just talking about cryptocurrencies, and the growth is more evident in the space of Decentralized Finance (DeFi).

Older Versions of the Web

Going back in time, about 20 years ago, some fewer start-ups and users understood the importance of building or maintaining a website. During this time, Web 1.0 flourished as a static source of information. Websites weren’t responsive and users were limited to certain web features that we have today. Fast forward to a few years later, Web 2.0 shifted the paradigm by introducing amazing drag-and-drop features, social media proliferation, and all of the cool stuff you see on the internet today.

While we’re still experiencing Web 2.0, it is believed we are at the brink of another internet breakthrough which is commonly known as Web3. Shortly, we will be going through some of the ideas behind the introduction of Web3.

The Idea Behind This Global Innovation

The jurisdiction of Web3 was defined by Gavin Wood – co-founder of Ethereum. Gavin Wood articulated a solution to the trust issue that abounds on the www.com network. He believes that the web requires more trust, than having users hope private companies act favorably. This precept is what laid the foundation of Web3.

Here are a few points of focus on Web3:

Users Share Ownership

Instead of having a web that is owned and controlled by companies that exercise central authority over them, Web3 evenly distributes ownership among users and builders. This is where the whole idea of decentralization comes into play.

No Permission Needed

The good part about Web3 is that no one is excluded from the experience. You need no special permission to access this version of the web.

Native Payment Method

Web3 adopts a unique payment system that is different from the older web version. The system pays users with cryptocurrency which is available for future transactions. This eliminates the delay and possible failed transactions with Web 2.0 payment processors.

You Can Still Hop on the Ride

Web3 is still young and developing. If there is any better time to join this train, now is that time. You too can be a part of the growing numbers of founders and end-users who would like to scale up their web experience in terms of identity, decentralization, and control.

Did you enjoy this article? Stick around for more educational posts on Web3.

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