The blockchain industry is constantly evolving, much like every other sector of technology. Web3 has been getting a lot of attention recently, but what is it, and how does it vary from Web2? In order to fully grasp Web3, it is necessary first to examine the Web’s humble beginnings with Web1.
The Birth of the Web: Web1
1990–2005 constitute Web1, commonly known as the first stage of the World Wide Web. At the time, visitors could only read the information presented on websites without being able to add their commentary. Popular websites like Google, Yahoo, and MySpace used this business model, charging customers depending on the number of pages they saw.
The Rise of User Participation: Web2
As Web2 is built on user participation, it enables people all around the world to collaborate on and distribute media using platforms like Facebook, Instagram, Twitter, and YouTube.
Introducing the Future of the Web: Web3
Nevertheless, Web3, also known as the Semantic Web, is now the hottest issue. Web3 uses sophisticated software and AI to power the internet. Its primary goal is to provide a reliable and data-driven user interface that meets the requirements of each user. To that end, Web3 is anticipated to make use of blockchain technology, metaverses, and the Semantic Web.
The term “Web3” has been elevated by its advocates above its original meaning of “Semantic Web” to include much more. Included in Web3 are the Metaverse, digital currencies, and NFTs.
Comparing Web2 and Web3
Web3 and Web2 use comparable technology, but their approaches to problems are distinct. Web3 unites this data in meaning, and increases trust thanks to decentralization, whereas Web2 attempts to connect people.
The Web2 model is centralized, with a few organizations controlling and managing everything from application delivery to cloud services and platforms. As a counterpoint, Web3 is decentralized, with edge computing, peer-to-peer, and distributed consensus becoming the norm.
On a second point, the US dollar and other government-issued currencies are used for all Web2 purchases and exchanges. On the other hand, Web3 relies on digital currencies like Bitcoin and Ethereum.
Web2 transmissions are also much quicker than Web3 ones. By contrast, Web3 provides ownership to many different people, leading to decentralization, whereas Web2 searches for information in a central area.
Web3’s Distributed Nature: Safety, Privacy, and Accessibility
The distributed nature of Web3 is its greatest strength since it provides enhanced safety, privacy, and accessibility. Users may decide for themselves what information about themselves to share and with whom.
Web3 is more secure than previous Web versions because it employs a new blockchain technology and has an independent structure. In addition, data is intrinsic to Web3, leading to an enhanced user experience that takes the connection to a new level by using any available data.
The Future of the Web: Web3 and Beyond
With the advent of Web3, we expect to see the birth of decentralized apps that use blockchain and smart contracts to provide distributed applications throughout the Web3 environment.
Play-to-earn (P2E) gaming, where users may earn real money by completing in-game tasks, is one of the fascinating new trends on Web 3. Games like Axie Infinity have already shown the promise of this new concept.
Web3’s decentralized, data-driven approach and use of blockchain technology is transforming the internet as we know it, enabling new possibilities such as P2E gaming and decentralized apps.